lyf one-north Singapore
TRENDING
Ascott bullish
ON CO-LIVING BRAND , LYF
WITH 19 PROPERTIES AND 3,600 UNITS OPEN ACROSS NINE COUNTRIES , THE SINGAPORE- BASED OWNER-OPERATOR HOPES TO SIGN 150 MORE PROPERTIES WITH MORE THAN 30,000 UNITS BY 2030 .
By KATHAKALI NANDI
In an age where COVID-19 has created new ways to work , live and travel , an increasing number of existing hotels have been transforming into co-living spaces . While hotels stand to benefit from higher rental growth potential and favorable tax rates in several cities , for travelers and global nomads these spaces foster communal living and face-to-face connections with like-minded people .
Singapore , along with Hong Kong , has seen a sharp increase in co-living spaces . Lower tax rates on the purchase of hospitality assets compared to residential assets , which are subject to higher transaction taxes that decrease investment returns , have made hotels the best option for asset conversions . Losses incurred by underperforming hotels during the pandemic , coupled with a steep rise in residential rents have also helped co-living spaces rise in popularity .
In response to this emerging trend , Singapore-based lodging
24 hotelsmag . com October 2022