In Singapore, there is currently only lyf Funan Singapore available for lease, with plans to open lyf one-north Singapore later this year. Source: Lyf by Ascott
The Ascott, the lodging business unit of CapitaLand Investment (CLI), has expanded its co-living portfolio under the lyf brand to a total of 17 properties with more than 3,000 units across 13 cities and nine countries.
The expanded portfolio includes the newly opened lyf Mid-Town Hangzhou, which is the company’s first lyf-branded co-living property within China. Ascott also clinched a management contract for lyf Riverside Bangkok, its second lyf property in Thailand.
This follows its recent acquisition of livelyfhere Gambetta Paris, which is its first lyf property in Europe, via its private fund Ascott Serviced Residence Global Fund (ASRGF) in June.
lyf properties offer apartments, experiential programmes and social spaces that are designed for guests to forge connections as well as to foster a strong sense of community.
To date, four lyf properties has been opened by Ascott in Singapore, Fukuoka, Hangzhou and Bangkok.
Three more are set to be opened later this year in Shanghai, Xi’an and Singapore – namely lyf Hongqiao Shanghai and lyf Dayanta Xi’an in China as well as lyf one-north Singapore.
Ascott is also set to open ten more lyf properties in Beijing, Bangkok, Cebu, Kuala Lumpur, Danang, Manila, Paris, Melbourne, Shanghai and Singapore between 2022 and 2025.
“Ascott constantly innovates to position us for the future, designing products that not only provide unique experiences to customers, but also create greater value for our business partners and investors. Our award-winning brands including lyf demonstrate our capabilities and commitment to deliver quality real estate assets that our sponsored hospitality trust, Ascott Residence Trust (ART); and our private fund, ASRGF, can invest in,” said Kevin Goh, Chief Executive Officer for Lodging of CLI.
“We see the potential for more co-living investments by our existing trust and fund, or even a dedicated co-living lodging fund with like-minded capital partners to accelerate our growth. This will enable us to leverage a capital-efficient business model to expand our capital partner base while achieving fee-related earnings (FRE) and funds under management (FUM) growth.”
The opening of its first lyf property in China saw Ascott open a total of over 5,000 units in more than 20 properties globally this year.
“This is more than double the number of units opened for the same period last year,” said Tan Bee Leng, Managing Director for Brand & Marketing at Ascott.
Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: firstname.lastname@example.org.