Ascott targets 150 lyf properties by 2030

A meeting space within lyf one north

CapitaLand Investment Limited’s (CLI) wholly owned lodging business unit, The Ascott Limited (Ascott) has set a target to sign 150 properties with over 30,000 units under its lyf coliving brand by 2030.

The announcement was made at the official opening of lyf one-north on Monday, which was the second lyf property to open in Singapore.

A meeting space within lyf one-north

The 324-key property aims to meet the coliving needs of innovative start-ups, research and development firms as well as high-tech and media enterprises located nearby, while injecting vibrancy into the district through its experiential programmes and placemaking activities.

Lyf or ‘live your freedom’ is a lodging concept designed for next-generation guests. The apartments, social spaces and experiential programmes at lyf properties are designed for guests to forge connections and nurture a strong sense of community.

Kevin Goh, CLI’s CEO for lodging, said that lyf “combines the best of serviced residences, hotels and coliving apartments”.

“Our first lyf property – lyf Funan Singapore achieved an 80 per cent occupancy level within three months of its opening in September 2019. lyf one-north Singapore welcomed our first guest in November 2021, and we have already achieved a strong occupancy rate of above 85 per cent today,” he added.

At the opening ceremony, Ascott also announced the launch of the lyf Innovation Lab to power up its digital-enabled offerings. Created in collaboration with Temasek Polytechnic’s School of Informatics & IT, the lyf Innovation Lab will explore, design and testbed immersive virtual reality (VR) and augmented reality (AR) technologies and digital experiences for lyf. Lyf one-north Singapore will serve as a living lab for field testing these digital innovations, and successful pilots will eventually be implemented across other lyf properties worldwide.

Tan Bee Leng, Ascott’s managing director for brand & marketing, elaborated: “Tapping on VR and AR technologies, lyf is aiming to offer a borderless experience to our guests in the virtual realm. For example, our lyf Champions can host virtual property tours live or our Ambassadors of Buzzcan offer custom lyf tote bag design workshops where guests can then purchase their own creations in the metaverse as non-fungible tokens, or as actual merchandise in the real life. Guests looking for a workout can even spar over a game of virtual tennis and connect with other guests.”

Moving forward “creative co-innovation with industry partners, domain experts and institutes of higher learning” will be a key focus for Ascott, Tan added.

“We are in talks to set up more innovation labs for our other brands to field test new lodging concepts and hospitality programming. These living labs will enable us to rapidly prototype anything from eco-gyms to the latest cutting-edge technology. Guest usage patterns and preferences can then be translated into actionable insights to improve and expand Ascott’s hospitality product and service offerings. It will also shore up Ascott’s competitiveness through the upskilling of staff and the honing of our innovation capabilities,” Tan added.

Ascott currently has 17 lyf coliving properties with over 3,200 units in 14 cities and nine countries.

In 2022, five lyf properties are slated to open across the globe in cities such as Bangkok, Cebu, Kuala Lumpur, Melbourne and Xi’an. Five other lyf properties are scheduled to open in Beijing, Danang, Ho Chi Minh City, Manila and Paris by 2025.

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