Ascott launches lyf co-living space in one-north; will sign 150 properties under lyf by 2030

SINGAPORE – Lodging firm Ascott goals to sign 150 properties with greater than 30,000 models under its lyf co-living model by 2030, mentioned the CapitaLand Investment unit on Monday (April 11).

Five lyf properties are slated to open this 12 months in Bangkok, Cebu, Kuala Lumpur, Melbourne and Xi’an, with 5 extra scheduled to open in Beijing, Danang, Ho Chi Minh City, Manila and Paris by 2025.

Ascott introduced these plans on the official launch of lyf one-north Singapore on Monday. The 324-unit property, which mixes lodge, serviced residences and co-living companies, is owned by Ascott Residence Trust.

“The property serves to meet the co-living 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,” mentioned Ascott.

Ascott presently has 17 lyf co-living properties, with greater than 3,200 models in 14 cities. These embrace lyf Funan Singapore, the corporate’s first property under the model, and lyf Farrer Park Singapore, which opened in February.

Mr Kevin Goh, CapitaLand Investment’s chief govt for lodging, mentioned lyf Funan Singapore achieved 80 per cent occupancy degree inside three months of its opening in September 2019.

Meanwhile, lyf one-north Singapore welcomed its first visitor in November and has already achieved an occupancy price of above 85 per cent, mentioned Mr Goh.

Long-term stays of a month or extra make up 75 per cent of all visits, and the property has a roughly equal mixture of native and international visitors. Rooms go for $130 to $175 an evening for short-term stays, or $2,800 to $3,200 a month, at present charges. 

“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,” added Mr Goh.

He mentioned folks now favor to work remotely and demand new experiences and alternatives to attach as a result of Covid-19 pandemic. He instructed reporters that many visitors on the one-north property are in their late 20s and 30s, and are available from the tech and media industries, in addition to from institutes of upper studying. 

lyf has seen an uptick in enquiries from abroad visitors as journey picks up, he added. 

Minister of State for Trade and Industry Alvin Tan, who was visitor of honour on the launch, mentioned lyf has embraced each the digital world and sustainability, corresponding to by equipping the one-north property with an end-of-trip bicycle facility.

Its different facilities embrace an out of doors amphitheatre and garden space the place occasions will be held, in addition to a seven-storey-high mural – the tallest on a non-public growth right here – by Singapore-based Colombian graffiti artist Didier “Jaba” Mathieu. 

The one-north property options facilities corresponding to a communal lounge, assembly rooms and an out of doors amphitheatre the place occasions will be held.

Ascott additionally launched the lyf Innovation Lab – a collaboration with Temasek Polytechnic’s School of Informatics & IT – on Monday. The space goals to be a test-bed for digital and augmented actuality applied sciences and digital experiences for the lyf model.

Its first pilot that goals to harness these applied sciences to merge lyf’s bodily setting with the digital space is presently under manner, mentioned Ascott.

It cited analysis by consulting agency Gartner that notes {that a} quarter of individuals are anticipated to spend a minimum of one hour per day in the metaverse by 2026.

Solutions will be examined at lyf one-north Singapore and profitable pilots will ultimately be carried out throughout different lyf properties worldwide, mentioned Ascott.

Ms Tan Bee Leng, Ascott’s managing director for model and advertising and marketing, mentioned co-innovation with trade companions, area consultants and institutes of upper studying will be a key focus in the corporate’s model growth work.

“We are in talks to set up more innovation labs for our other brands to field-test new lodging concepts and hospitality programming. These living labs will enable us to rapidly prototype anything from eco-gyms to the latest cutting-edge technology,” she mentioned.

She added that insights from visitor utilization patterns and preferences can then be used to enhance and increase Ascott’s hospitality product and repair choices, and upskill workers.

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