company Ascott Ltd . launched lyf (‘ live your freedom ’), a hybrid lodging solution and co-living brand designed for next-generation travelers . lyf combines serviced residences , hotels and co-living apartments and is designed for guests on long-stay , with the flexibility to opt for shorter stays . Since the brand opened its first property , lyf Funan Singapore , in 2019 , it has grown to 19 properties with over 3,600 units across nine countries and 16 cities . This includes 11 properties currently under development . Properties are slated to open in Beijing , Cebu , Danang , Ho Chi Minh City , Manila , Paris and Sydney by 2025 .
After the success of its inaugural venture in Singapore , lyf aims to widen its global footprint and sign 150 more properties with more than 30,000 units by 2030 .
“ The pandemic spurred a new way to live and work . The lyf brand showcases its innovative and curated experiential programs , welldesigned co-living spaces and digital offerings and how we provide opportunities for social interactions with neighbors at doorstep , engaging next-generation guests who travel for business and leisure ,” Norman Cross , head of lyf brand , tells HOTELS .
As a digitally enabled co-living concept , the brand has resonated well among guests and partners globally with new signings and property openings on track despite the pandemic . With Ascott ’ s 1H 2022 revenue increasing by 45 %, most of the contributions were attributed to higher revenue from its expanded portfolio of longer-stay assets comprising rental housing properties and student accommodations .
Three of the brand ’ s properties in Singapore — lyf Funan , lyf onenorth ( which opened in 2021 ) and the new lyf Farrer Park ( opened in March 2022 ) have maintained strong occupancy throughout the pandemic , leveraging on Ascott ’ s robust base of corporate guests on extended stays .
“ With the easing of international travel restrictions , we have also seen an increase in demand for our co-living apartments in Singapore from both corporate and leisure guests . Occupancy at the three lyf properties is averaging at more than 85 %,” Cross says .
As lyf strengthens its presence across Singapore , the brand is also preparing to open in gateway cities of Bangkok , Thailand ; Kuala Lumpur , Malaysia ; and Xi ’ an , China . The latest lyf property to open this year was in Australia , the brand ’ s first in the continent ‚ lyf Collingwood Melbourne .
In addition to the expanding lyf brand management contracts , Cross says there are attractive opportunities to invest in the product class . Ascott recently announced the acquisition of its first lyfbranded property in Tokyo through the Ascott Serviced Residence Global Fund , Ascott ’ s private equity fund with Qatar Investment Authority .
The property will be refurbished to debut lyf in Tokyo and is scheduled to open in June 2023 as lyf Ginza Tokyo . Ascott also
Rendering of the lyf Ginza Tokyo
acquired the first lyf property in Sydney , lyf Bondi Junction Sydney , through the global fund .
EXPANDING THE EXPERIENCE Besides fostering communal living , lyf also curates experiential programs and offerings to encourage social interactions . Through # lyfgoeslocal , guests can plug into the community and experience local culture through programs and events . It includes partnerships with other businesses in the neighborhoods or events to help connect guests with local businesses , entrepreneurs , art , fashion and music .
With the # lyfxart initiative , guests will be surrounded by artworks created by local and overseas artists , specially curated to
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