Singapore: The Ascott Limited (Ascott) has set a target to sign 150 properties with more than 30,000 units under its lyf coliving brand by 2030.
lyf is described as a lodging concept designed for next-generation guests. The apartments, social spaces and experiential programmes at lyf properties are designed “for guests to forge connections and nurture a strong sense of community”. Ascott currently has 17 lyf coliving properties with more than 3,200 units in 14 cities and nine countries. In Europe, lyf Gambetta Paris, Ascott’s first lyf-branded property in Europe is scheduled to open in 2023.
Kevin Goh, CEO for lodging at Ascott’s parent company CapitaLand Investment Limited (CLI), said: “A unique lodging product in a class of its own, Ascott developed lyf as a solution that combines the best of serviced residences, hotels and coliving apartments. We have opened seven lyf properties in Singapore, China, Japan and Thailand to date. Our first lyf property – lyf Funan Singapore achieved an 80 per cent occupancy level within three months of opening in September 2019. We see the potential to expand our lyf portfolio to 150 properties by 2030. In addition to growing the lyf brand via management contracts, we also see attractive opportunities for our private funds and Ascott Residence Trust to deploy more investments into this product class.”
Goh added: “lyf as a digitally enabled coliving concept continues to resonate well with our guests and partners across the world with new signings and property openings on track despite COVID-19. The pandemic has created a new way to live and work. We see more digital nomads and self-starters preferring to work remotely, demanding novel experiences and opportunities to connect. The lyf brand, with its co-living spaces and innovative in-house activities, offers a community of like-minded individuals at one’s doorstep and social interactions with one’s neighbours. From its fully furnished apartments, welcoming environment and genuine connection amongst guests, lyf is thoughtfully designed and curated to meet the needs of the next-generation guests.”
In 2022, five lyf properties are scheduled to open in gateway cities such as Bangkok, Cebu, Kuala Lumpur, Melbourne and Xi’an. Five other lyf properties are scheduled to open in Beijing, Danang, Ho Chi Minh City, Manila and Paris by 2025.
