Ascott strives to sign 150 properties with over 30,000 units within its lyf co-living brand by 2030, Singapore’s lodging firm, stated the CapitaLand Investment unit on April 11th (Monday).
Five of Ascott’s lyf properties will unlock their doors in 2022 in Cebu, Bangkok, Kuala Lumpur, Melbourne, and Xi’an territories, with five more pre-planned to open in Beijing, Danang, Ho Chi Minh City, Paris, and Manila by 2025.
Ascott to expand the lyf co-living brand
Ascott declared these strategies at the official launch of lyf one-north Singapore on Monday. The 324-unit property, which includes serviced residences, hotels, and co-living services, is possessed by the Ascott Residence Trust.
Ascott currently possesses 17 lyf co-living properties, with over 3,200 units in 14 cities. These comprise lyf Farrer Park Singapore, which unbolted in February, and lyf Funan Singapore, the firm’s star property within the brand.
Additionally, lyf one-north Singapore received its foremost guest in November and has already accomplished an occupancy rate of over 85%.
Long-term occupancies of a month or more comprise 75% of all visits, and the property possesses an approximately equal mix of regional and foreign guests. Rooms go for up to USD 175 a night for short stays or up to USD 3,200 a month at the present rates.
Mr Kevin Goh, CapitaLand Investment’s chief executive for lodging, stated that alongside growing the lyf brand through management contracts, the firm was also witnessing attractive prospects for their private funds and Ascott Residence Trust to position increased investments into this product class.
He stated that people now preferred to work remotely and experience exciting opportunities to connect owing to the ongoing pandemic. He told reporters that several guests at the one-north property were in their late 30s and arrived from the media and tech sectors and higher learning institutes (guests in their late 20s).
Ascott’s lyf has witnessed an uptrend in enquiries from international guests as tourism flourished, Goh added.
Alvin Tan, the Minister of State for Trade and Industry, who was the guest of honour at the launch, stated that lyf has incorporated both the virtual world and sustainability by arming the one-north property with a bicycle facility.
Ascott’s lyf’s other amenities comprise an outdoor amphitheatre and lawn space for events, along with a seven-storey-high mural – the highest on a private development – by Singapore-based graffiti artist Didier Mathieu.
The one-north property spans amenities like a communal lounge, an outdoor amphitheatre, and meeting rooms.
Ascott also unveiled the lyf Innovation Lab – a venture with Temasek Polytechnic’s School of Informatics & IT – on April 11th. The space strives to be a test-bed for virtual reality technologies and augmented reality experiences for Ascott’s lyf brand.
Ascott stated that its foremost pilot that intends to harness these technologies to mix lyf’s physical environment with the virtual space is underway.
The lodging firm cited research by Gartner, a consulting company, notes that 1/4th of the globe’s population is estimated to disburse at least one hour daily in the metaverse by 2026.
Ascott stated that solutions would be tested at lyf one-north Singapore, and effective pilots will ultimately be executed throughout other lyf properties worldwide.