Ascott's coliving brand lyf is gaining more momentum in Asia Pacific, as it opens lyf Sukhumvit 8 Bangkok on July 31 and signs six new lyf properties representing over 1,000 units in Melbourne, Beijing, Hangzhou, Shanghai, Xi’an and Manila.
The newly secured contracts include lyf Malate Manila, Ascott's second lyf property in the Philippines; four new lyf properties across China – lyf Shougang Park Beijing, lyf Midtown Hangzhou, lyf Zhangjiang Shanghai and lyf Dayanta Xi’an – and its first lyf property in Australia, lyf Collingwood Melbourne.
With the addition of six new lyf properties, Ascott now has a total of 14 lyf properties with over 2,700 units spread across Bangkok, Beijing, Cebu, Fukuoka, Hangzhou, Kuala Lumpur, Manila, Melbourne, Shanghai, Singapore and Xi’an.
Six lyf properties are expected to open in 2021, including 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.
Kevin Goh, CapitaLand's CEO for lodging and Ascott’s CEO, says the serviced residence operator continues to see strong demand for its coliving brand lyf, a "hybrid lodging solution that combines the best of serviced residences, hotels and coliving apartments".
The value and demand for lyf can be seen in the performance of the brand's first operating lyf property, lyf Funan Singapore, which achieved a robust average occupancy rate of 86% from April to June 2020, according to Goh. As of May 2020, 95% of its guests were on long stay of between one and six months, he added.
Meanwhile, Ascott is also seeking opportunities to introduce lyf to key gateway cities in France, Germany, Indonesia, Netherlands, South Korea, the UK and Vietnam.