Serviced apartment specialist Ascott is planning a major expansion of its co-living Lyf brand with the aim of having 150 properties by 2030.
Ascott launched Lyf in 2016 as a brand aimed at millennial travellers who were looking to “live like a local”. Lyf plans to open its first property in Europe, Lyf Gambetta Paris, in the French capital in 2023.
The first seven Lyf properties, which include apartments, social spaces and experiential programmes, are based in Asian destinations such as Singapore, China, Japan and Thailand. The brand will have 17 Lyf properties offering 3,200 units in 14 cities across nine countries by 2025.
Kevin Goh, CEO for lodging at Ascott’s parent company CapitaLand Investment Limited, said: “We see the potential to expand our Lyf portfolio to 150 properties by 2030. In addition to growing the Lyf brand via management contracts, we also see attractive opportunities for our private funds and Ascott Residence Trust to deploy more investments into this product class.”
Five new Lyf properties are set to open in 2022 in Bangkok, Cebu, Kuala Lumpur, Melbourne and Xi’an, with another five developments due to follow by 2025 including the Paris location.
“The pandemic has created a new way to live and work. We see more digital nomads and self-starters preferring to work remotely, demanding novel experiences and opportunities to connect,” added Goh.
“The Lyf brand, with its co-living spaces and innovative in-house activities, offers a community of like-minded individuals at one’s doorstep and social interactions with one’s neighbours.”