CapitaLand’s wholly-owned lodging business unit The Ascott Limited says its co-living brand, lyf, has added over 1,000 units across six properties in Australia, China, and the Philippines on Thursday (July 30).
This brings the total number of properties under lyf to 14. Thirteen of these properties are slated to be opened between 2020 and 2024. The co-living brand is also set to open its first property in Bangkok, Thailand, on July 31.
Among the six new properties, Ascott has secured contracts for lyf Malate Manila, its second lyf property in the Philippines and four new lyf properties across China - lyf Shougang Park Beijing, lyf Midtown Hangzhou, lyf Zhangjiang Shanghai and lyf Dayanta Xi’an. It has also secured its first lyf property in Australia, lyf Collingwood Melbourne.
“lyf is a hybrid lodging solution that combines the best of serviced residences, hotels and coliving apartments. It is designed for guests on long stay with the flexibility to take in short stay,” says Kevin Goh, CEO for Lodging at CapitaLand, and Ascott CEO.
“The value and demand for lyf is evident in the performance of our first operating lyf property, lyf Funan Singapore, where guests could stay with us safely and comfortably throughout the COVID-19 period. It achieved a robust average occupancy rate of 86% from April to June 2020... In May 2020, 95% of its guests were on long stay of between one and six months,” he adds.
“Creatively designed and multi-functional living spaces at lyf offer more flexibility and efficiency for our guests, many of whom were expected to work remotely. lyf apartments can be easily adapted into private work suites with flexible tenures,” says Joel Oel, Head of lyf.
Shares in CapitaLand closed 2 cents lower, or 0.7% down, at $2.76 on Wednesday (July 29).
