Ascott lyf brand expands with 8 new city hotels meeting demand for social living

Tuesday, January 9, 2024

The lodging division of CapitaLand Investment (CLI), The Ascott Limited (Ascott), has revealed an expansion plan for its acclaimed lyf brand, announcing the signing of eight new properties. These new additions extend the brand’s reach into various resort and city destinations like Bali, Penang, Sydney, and Frankfurt. Originating as a coliving concept, lyf (pronounced ‘life’) has evolved significantly from its inception, capitalizing on the surging demand for experiential social living. It now encompasses a diverse spectrum of hospitality experiences, offering flexible accommodation options spanning coliving spaces, city hotels, and full-service resorts. Presently, the brand operates in 21 cities worldwide, with over 5,500 units in operation or development.

Tailored for the modern traveler demographic, including digital nomads, entrepreneurs, creatives, and self-starters, lyf provides an unconventional stay experience. Whether for a short visit, an extended stay, or a permanent residence, lyf aims to establish itself as the go-to accommodation brand that fosters connections between guests, the city, its people, and culture. Leveraging the brand’s global success, Ascott aims to continue delivering its signature experience-led social living concept to its growing base of loyal patrons.

Mr. Kevin Goh, Chief Executive Officer for Ascott and CLI Lodging, highlighted, “In today’s travel landscape, where the focus is not solely on reaching a destination but immersing in a city’s pulse, lyf spearheads a new hospitality era. Since its launch with lyf Funan Singapore in 2019, lyf has resonated strongly with the next-gen traveler, showing significant growth. There’s immense potential to expand lyf into various hospitality segments, whether as a full-service hotel or resort, given the remarkable pace of growth observed. With over 30 operational and upcoming lyf properties, Ascott aims to introduce lyf to more destinations, targeting 150 properties and over 30,000 units by 2030.”

Mr. Goh added, “Travelers’ evolving preferences for unique experiences have prompted us to strategically adapt our brands across diverse geographical markets. Operating with a flex-hybrid model allows Ascott to maneuver opportunistically across serviced residences, coliving spaces, and hotels. This flexibility enables us to customize and enhance the relevance and attractiveness of our brands in different locations. Our vision for lyf, among our other brands, is to expand globally while reinforcing our local presence in existing and new locations.”

Ascott’s signing of eight new lyf properties, comprising nearly 1,500 units, represents a signing pace that almost doubled compared to 2022. These properties include lyf Bugis Singapore; lyf Brickfields Kuala Lumpur and lyf Georgetown Penang in Malaysia; lyf Canggu Bali in Indonesia; lyf on Sussex Sydney in Australia; lyf Shibuya Tokyo in Japan; lyf Frankfurt in Germany, and an additional property in Shanghai, China. Illustrating lyf’s global brand presence, these properties are scheduled to open within the next four years.

Ms. Serena Lim, Chief Growth Officer at Ascott, emphasized, “The market has been captivated by lyf’s dynamic designs, adaptable spaces, and curated community-centric programming. Owners and investors recognize the resilience and sustained demand for experience-driven social living, a trend accentuated post-pandemic and expected to endure. lyf is well-positioned to cater to this growing demand, offering a brand that is conversion-friendly for owners and meets the evolving needs of travelers seeking a blend of privacy and social living, combining workspace, residence, and leisure. The brand’s momentum is stronger than ever, with plans underway to expand into key destinations, including the United Kingdom.”

In Singapore, where lyf was conceived and initially launched, the addition of lyf Bugis Singapore will expand the brand’s presence to four properties, including the award-winning developments lyf one-north Singapore, lyf Funan Singapore, and lyf Farrer Park Singapore.

lyf Bugis Singapore, set to open in mid-2024, will be located in the downtown core, within walking distance of Bugis and Bencoolen MRT train stations. Boasting 308 units, the property provides convenient access to local shopping areas like Bugis Street and the arts and heritage district of Bugis, housing various bars and dining outlets along Arab Street and Haji Lane. Designed to support social interaction and active wellness, the property will offer an array of amenities, including shared spaces and fitness facilities.

Ascott witnessed a record number of lyf property openings in 2023, almost doubling the count from 2022. These include lyf Schönbrunn Vienna in Austria, marking the brand’s European debut; lyf Dayanta Xi’an in China; lyf Ginza Tokyo in Japan; lyf Chinatown Kuala Lumpur in Malaysia; and lyf Malate Manila in the Philippines.

These properties feature intelligently designed communal spaces like the ‘Connect’ coworking lounge, ‘Burn’ gymnasium, ‘Wash & Hang’ laundrette, and ‘Bond’ social kitchen. Each property’s Ambassador of Buzz curates a suite of programs to engage guests meaningfully, embodying lyf’s essence of experience-driven social living.

The newly operational properties have demonstrated strong performance since their launch, notably lyf Ginza Tokyo, surpassing anticipated occupancy rates and achieving higher-than-expected average daily rates. Public reviews across various platforms underscore the brand’s relevance in the market.

Aligned with the brand’s expansion roadmap, Ms. Adeline Phua assumes the role of Managing lyf Partner, tasked with spearheading and advancing lyf’s forthcoming evolution. Reporting directly to Ms. Serena Lim, she will navigate the brand’s trajectory. Adeline’s responsibilities encompass supervising global brand advancement, fostering collaborations and partnerships, and steering the commercial and operational strategies of lyf properties. Armed with nearly two decades of adeptness in hospitality strategy, planning, development, investment, and asset management across varied regions, Adeline brings substantial proficiency to drive lyf’s expansion.

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