Ascott’s brand lyf is gaining traction in the market with six new properties signed for across China, the Philippines and Australia.
CapitaLand’s wholly owned lodging business unit, The Ascott Limited (Ascott) continues to see strong demand for its coliving brand ‘lyf’, which caters to a growing segment of millennials who seek flexibility, value and enriching community experiences. Ascott is adding over 1,000 units across six new lyf properties secured in Melbourne, Australia; Beijing, Hangzhou, Shanghai and Xi’an, China; and Manila, the Philippines.
Amongst 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.
Mr Kevin Goh, CapitaLand’s CEO for Lodging and Ascott’s CEO, said: “Despite Covid-19 and challenges in the global hospitality industry, Ascott’s diverse portfolio of brands continues to be supported by a strong base of long-stay guests comprising locals, expatriates and corporates. Our guests appreciate the comfort of our apartments where they can live and work. 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. The relevance and demand for coliving remains strong as demonstrated by the signing of these six new lyf coliving properties and the opening of our second lyf property in Bangkok. It is not only a strong testament to Ascott’s operational resilience, but also shows the confidence that property owners have on the unique positioning of our lyf coliving product.”
