CAPITALAND's serviced residence unit, The Ascott, said on Thursday it has secured contracts to manage its first three properties under lyf, its latest brand and co-living concept.
The properties are located in its two key markets, China and Singapore. They are the 112-unit lyf Wu Tong Island Shenzhen (which will open in the first half of 2018), the 120-unit lyf DDA Dalian (scheduled to open in end-2018) and the 240-unit lyf Farrer Park Singapore (the biggest of the three lyf properties and slated to open in 2021).
Lee Chee Koon, Ascott's chief executive officer, said: "Since Ascott unveiled the lyf brand in Singapore last November, we have received very strong interest in this new co-living concept designed by millennials for the growing wave of millennial and millennial-minded travellers, such as technopreneurs, startups and those in the creative industries."
He added that Ascott is actively looking at other potential markets including Australia, France, Germany, Indonesia, Japan, Malaysia, Thailand and the U K. Its target is 10,000 units under the lyf brand globally by 2020.
With the addition of the three lyf properties offering more than 470 units, Ascott's portfolio in Singapore will increase to over 1,200 units across nine properties, and that in China to over 17,600 units across 97 properties.