Singapore, Singapore, April 14, 2022 –(PR.com)– CapitaLand Investment Limited’s (CLI) wholly owned lodging business unit, The Ascott Limited (Ascott) has set a target to sign 150 properties with over 30,000 units under its lyf coliving brand by 2030. The announcement was made at the official opening of lyf one-north Singapore today. The opening ceremony was officiated by the Guest-of-Honour Mr Alvin Tan, Singapore’s Minister of State for the Ministry of Culture, Community and Youth, and Ministry of Trade and Industry.
Owned by Ascott’s sponsored hospitality trust, Ascott Residence Trust (ART), the 324-unit lyf one-north Singapore will be an integral part of one-north, Singapore’s research and innovation hub. The property serves to meet the coliving needs of many innovative start-ups, research and development firms as well as high-tech and media enterprises located nearby, while injecting more vibrancy into the district through its experiential programmes and placemaking activities.
lyf (pronounced ‘life’) or ‘live your freedom’ is 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 over 3,200 units in 14 cities and nine countries.
Mr Kevin Goh, CLI’s Chief Executive Officer for Lodging, 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% occupancy level within three months of its opening in September 2019. lyf one-north Singapore welcomed our first guest in November 2021, and we have already achieved a strong occupancy rate of above 85% today. 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.”
The Ascott Serviced Residence Global Fund currently owns two lyf-branded coliving properties – lyf Funan Singapore as well as lyf Gambetta Paris, Ascott’s first lyf-branded property in Europe that is slated to open in 2023.
Mr 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 being on track despite COVID-19. The pandemic has spurred 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 coliving spaces and innovative in-house activities, offers something that is hard to quantify – the community of like-minded individuals at one’s doorstep and social interactions with one’s neighbours. From its fully-furnished apartments, the welcoming environment to the genuine connection shared amongst our guests, lyf is thoughtfully designed and curated to meet the needs of these next-generation guests.”