(12 Apr 2022, 11:48 +07)
Ascott has set an ambitious target of signing
150 properties with over 30,000 units under its lyf coliving brand
by 2030.
The lyf (pronounced ‘life’) lodging concept
comprises apartments, social spaces and experiential programmes 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, “An 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.”
Room at lyf one-north Singapore
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.
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.
“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,” Mr Goh added.
Ascott is also empowering lyf as a coliving
concept through digital technology. The service model of lyf is
anchored upon the Discover ASR mobile app which enables
functionalities from room bookings, check-in and check-out, keyless room access, management of social spaces and
community events, communication board with guests to cashless
payment.
Created in collaboration with Temasek Polytechnic’s
School of Informatics & IT, the lyf Innovation Lab explores,
designs and testbeds immersive virtual reality (VR) and augmented
reality (AR) technologies and digital experiences for lyf.
lyf
one-north Singapore will serve as a living lab for field testing
those digital innovations, with successful pilots eventually being
implemented across other lyf properties worldwide.
Ms Tan Bee Leng, Ascott’s Managing Director for
Brand & Marketing, said, “Creative coinnovation with industry
partners, domain experts and institutes of higher learning will be
a key focus for Ascott in our brand development 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. Guest usage
patterns and preferences can then be translated into actionable
insights to improve and expand Ascott’s hospitality product and
service offerings. It will also shore up Ascott’s competitiveness
through the upskilling of staff and the honing of our innovation
capabilities.”
This year, five lyf properties are slated to open across the globe 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 (Saigon), Manila and
Paris by 2025.
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