The Ascott Limited (Ascott) continues to see strong demand for its coliving brand ‘lyf’, which caters to a growing segment of millennials who seek flexibility, value and enriching community experiences.
Ascott is adding over 1,000 units across six new lyf properties secured in Melbourne, Australia; Beijing, Hangzhou, Shanghai and Xi’an, China; and Manila, the Philippines.
Amongst the six new properties, Ascott has secured contracts for lyf Malate Manila, its second lyf property in the Philippines and four new lyf properties across China – lyf Shougang Park Beijing, lyf Midtown Hangzhou, lyf Zhangjiang Shanghai and lyf Dayanta Xi’an. It has also secured its first lyf property in Australia, lyf Collingwood Melbourne.
Mr Kevin Goh, CapitaLand’s Chief Executive Officer for Lodging and Ascott’s Chief Executive Officer, said: “Despite COVID-19 and challenges in the global hospitality industry, Ascott’s diverse portfolio of brands continues to be supported by a strong base of long-stay guests comprising locals, expatriates and corporates. Our guests appreciate the comfort of our apartments where they can live and work. lyf is a hybrid lodging solution that combines the best of serviced residences, hotels and coliving apartments. It is designed for guests on long stay with the flexibility to take in short stay. The relevance and demand for coliving remains strong as demonstrated by the signing of these six new lyf coliving properties and the opening of our second lyf property in Bangkok. It is not only a strong testament to Ascott’s operational resilience, but also shows the confidence that property owners have on the unique positioning of our lyf coliving product.”
Mr Goh added: “The value and demand for lyf is evident in the performance of our first operating lyf property, lyf Funan Singapore, where guests could stay with us safely and comfortably throughout the COVID-19 period. It achieved a robust average occupancy rate of 86% from April to June 2020. Many guests made lyf Funan Singapore their home away from home, extending their stays at the property. In May 2020, 95% of its guests were on long stay of between one and six months. Ascott has already taken steps to enhance our operational strength, technical capabilities and service delivery in a post COVID-19 landscape. We will continue to evolve our lodging business and product offerings to cement Ascott’s position as a dominant lodging player and deliver more value for our guests and business partners.”
With the addition of six new lyf properties, Ascott has a total of 14 lyf properties with over 2,700 units. Thirteen of these properties are slated to be opened between 2020 and 2024 in Bangkok, Beijing, Cebu, Fukuoka, Hangzhou, Kuala Lumpur, Manila, Melbourne, Shanghai, Singapore and Xi’an. Six lyf properties are expected to open in 2021. They are lyf Farrer Park Singapore, lyf one-north Singapore, lyf Tenjin Fukuoka in Japan, lyf Raja Chulan Kuala Lumpur in Malaysia, lyf Midtown Hangzhou and lyf Zhangjiang Shanghai in China. Besides expanding in these markets, Ascott is also looking out for opportunities to introduce lyf to key gateway cities in France, Germany, Indonesia, Netherlands, South Korea, United Kingdom and Vietnam.
Mr Joel Oei, Ascott’s Head of lyf brand, said: “During COVID-19, the safety and well-being of our guests remain our top priority. Our guests found a strong network of support within a close-knit community. Leveraging lyf’s strong social presence and technology capabilities, we took our community engagement activities online and conducted virtual tours and digital-first marketing campaigns to expand our reach. Creatively designed and multi-functional living spaces at lyf offer more flexibility and efficiency for our guests, many of whom were expected to work remotely. lyf apartments can be easily adapted into private work suites with flexible tenures. lyf’s well-designed and colourful apartments provide a conducive and creative environment for work, while its spacious work and meeting areas coupled with amenities such as smart screens and high-speed WiFi can further aid productivity.”
lyf Sukhumvit 8 Bangkok (Opening 31 July 2020)
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Ascott is also gearing up for the opening of its first lyf property in Thailand, lyf Sukhumvit 8 Bangkok on 31 July 2020. This follows the successful opening of lyf Funan Singapore, Southeast Asia’s largest coliving property, in September 2019.
Located in one of the trendiest shopping and entertainment hotspots in the city, the 196-unit lyf Sukhumvit 8 Bangkok is surrounded by a plethora of cafes, bars and restaurants, and is within walking distance to one of the most popular shopping belts in Bangkok. lyf Sukhumvit 8 Bangkok is within walking distance to the Nana BTS Skytrain station and one train stop from Terminal 21, one of the most well-known shopping destinations in Bangkok. It is also three BTS stations away from Siam, the city’s main lifestyle hub for retail, dining and coworking.
lyf Sukhumvit 8 Bangkok offers ‘One of a Kind’ studios as well as social facilities and spaces such as the ‘Connect’ coworking and lounge zone, a ‘Bond’ social kitchen, a ‘Wash & Hang’ laundromat, an outdoor terrace and ‘Burn’, a rooftop fitness area.
lyf Collingwood Melbourne (Opening 2022)
lyf Collingwood Melbourne is Ascott’s first lyf property in Australia. It is nestled in the heart of Collingwood, one of Melbourne’s hippest neighbourhoods and home to many offices, galleries, cafés and shops. lyf Collingwood Melbourne is part of a mixed-use development with a retail component. Located on Oxford Street, the coliving property is a five-minute ride to the east of Melbourne’s Central Business District (CBD) and is close to many local and international corporations. It is also within a short walking distance to medical facilities, several tram-stops, a bus interchange, and railway stations. Guests can explore and unwind at the many restaurants, lively bars, cafés, galleries and retail options nearby.
lyf Collingwood Melbourne will offer 105 units comprising ‘One of a Kind’ studios and ‘Two of a Kind’ apartments, with social facilities and spaces such as the ‘Bond’ social kitchen, ‘Wash & Hang’ laundromat, ‘Connect’ coworking and lounge zone and an alfresco dining terrace.
lyf Zhangjiang Shanghai (Opening 2021)
lyf Zhangjiang Shanghai is set within Zhangjiang Hi-tech Park, an innovative business park located in the heart of Zhangjiang that is often regarded as China’s Silicon and Medical Valley. The 100-unit coliving property is in close proximity to Fudan University, research & development centres, corporate office headquarters and shopping malls such as Shengda Mall and Greenland Plaza. lyf Zhangjiang Shanghai is also within walking distance to both Xuelin Road and Zhongke Road metro stations which provide easy access to the Xintiandi entertainment district and the renowned shopping belt at Nanjing Road. Shanghai Pudong International Airport is a 20-minute drive away.
The coliving property features ‘One of a Kind’ studios, ‘lyf Style’ thematic studios and ‘All Together’ apartments as well as social facilities and spaces such as the ‘Bond’ social kitchen, ‘Connect’ coworking and lounge zone, ‘Burn’ social gym and ‘Wash & Hang’ laundromat.
lyf Midtown Hangzhou (Opening 2021)
The 109-unit lyf Midtown Hangzhou is located in the Gongshu district, near the Grand Canal, a popular UNESCO World Heritage site noted for its historical relics. It is also situated near a shopping mall and directly opposite the Hangzhou International Convention and Exhibition Centre. A short walk away, guests can easily access a future train station, opening in 1Q 2022 along line 10 of Hangzhou’s metro network. Slated to open in 2021, the coliving property will be part of an integrated development comprising commercial and education components. Famed tourist spot, West Lake and its surrounding vibrant retail, dining and nightlife options are about a 30-minute drive away. The Hangzhou International Airport and the Hangzhou East train station are about a 45-minute and 30-minute drive away respectively.
lyf Midtown Hangzhou offers 109 units comprising ‘One of a Kind’ studios as well as ‘Two of a Kind’ and ‘All Together’ apartments. Its social facilities and spaces include the ‘Bond’ social kitchen, the ‘Connect’ coworking and lounge zone, Burn’ social gym and ‘Wash & Hang’ laundromat.
lyf Dayanta Xi’an (Opening 2021)
lyf Dayanta Xi’an has an excellent location within the commercial district of Great Tang Avenue, one of the most popular city centres in Xi’an. The coliving property is part of a mixed-use development that also comprises a shopping mall. It is situated within the Grand Tang Dynasty Everbright City, a 1,500-metre pedestrian street lined with heritage buildings of the Tang Dynasty. lyf Dayanta Xi’an is surrounded by an array of recreational and dining options, and is near to attractions such as the Wild Goose Pagoda and Tang Paradise. Guests will also be able to immerse in the arts at the nearby Xi’an Art Gallery or cultural performances at the Xi’an Concert Hall and Shaanxi Theatre. The coliving property is a 10-minute walk to the Datang Furongyuan metro station and a 40-minute drive to Xi’an North railway station. Xi’an Xianyang International Airport is a 50-minute drive away.
lyf Dayanta Xi’an offers 175 units comprising ‘One of a Kind’ studios, ‘lyf Style’ thematic studios, as well as ‘Two of a Kind’ and ‘All Together’ apartments. Its social facilities and spaces include the ‘Bond’ social kitchen, ‘Connect’ coworking and lounge zone, ‘Burn’ social gym and ‘Wash & Hang’ laundromat.
lyf Shougang Park Beijing (Opening 2024)
lyf Shougang Park Beijing is located within the Shougang Industrial Park. The park is a landmark of urban redevelopment in the city and will host the 2022 Winter Olympic Games. The coliving property is part of a mixed-use development that comprises a shopping mall. It will be surrounded by many prominent local and international corporations with an array of dining and retail options in the immediate vicinity. The coliving property is close to the city’s CBD and nearby attractions include Xiangshan Park, Badachu Park and Shijingshan amusement park. It is also a 15-minute walk to Jin’anqiao metro station and an hour’s drive to Beijing Capital International Airport.
lyf Shougang Park Beijing offers 370 units comprising ‘One of a Kind’ studios, ‘Two of a Kind’ and ‘All Together’ apartments, with social facilities and spaces such as the ‘Bond’ social kitchen, ‘Burn’ social gym, ‘Wash & Hang’ laundromat, ‘Connect’ coworking and lounge zone and a café.
lyf Malate Manila (Opening 2023)
lyf Malate Manila is located in the heart of Malate, a financial and historical hotspot in Manila, and is surrounded by cafés and upscale restaurants. It is a five-minute walk to Robinsons Place Manila, the largest shopping mall in Malate. lyf Malate Manila is a 15-minute drive to the SM Mall of Asia, the largest shopping mall in Manila, and Ninoy Aquino International Airport. The property is also in close proximity to Makati’s CBD, a university and medical facilities. The walled city of Intramuros, Rizal Park, Chinatown, United States Embassy and the iconic Manila Bay are in the vicinity as well.
lyf Malate Manila offers 202 units comprising ‘One of a Kind’ studios, ‘Two of a Kind’ and ‘All Together’ apartments. There will be social facilities and spaces such as a restaurant, ‘Wash & Hang’ laundromat, ‘Burn’ social gym, ‘Bond’ social kitchen, ‘Connect’ coworking and lounge zone and ‘Collab & Meet’ meeting rooms.