Ascott unveils first three locations for lyf brand

George Sell By George Sell
19 June 2017 | Updated 19 June 2017

Singapore: The Ascott Limited has secured contracts to manage the first three properties under its latest brand, lyf, in China and Singapore.

The first lyf property, the 112-unit lyf Wu Tong Island Shenzhen, will open in the first half of 2018. The 120-unit lyf DDA Dalian is scheduled to open in end 2018 while lyf Farrer Park Singapore, the biggest of the three lyf properties with 240 units, is scheduled to open in 2021.

Lee Chee Koon, Ascott's CEO, 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. We are excited to be launching lyf in China with two properties and to have secured our first in Singapore. These trailblazing lyf properties not only enjoy prime locations with a ready catchment of business and leisure travellers, they also offer vibrant spaces for these change-makers to build new connections and co-create with the community therein."

Lee added: "With the launch of lyf in these two key markets for Ascott, we are gathering momentum to capture this booming social generation. Already accounting for a quarter of Ascott's customer base, millennials are expected to be the largest spending travel demographic by 2020. China is amongst Ascott's top customers globally and has the world's second largest millennial population. As global fintech hubs, China and Singapore are also homes to start-ups raking in billion-dollar deals. We are therefore expecting to see more lyf properties in gateway cities in China as well as another lyf in downtown Singapore. Ascott is also actively looking at other potential markets including Australia, France, Germany, Indonesia, Japan, Malaysia, Thailand and the United Kingdom, as we work towards achieving our target of 10,000 units under the lyf brand globally by 2020."

Ascott says: "While each lyf property will offer unique features reflective of the local culture, all will provide communal spaces to cater to millennials' preferences to connect, collaborate and bond as a community. These spaces can be easily converted into zones for social activities such as hackathons, innovation talks, music jamming sessions, cooking sessions, or workshops with artisans. lyf properties will be managed by millennials who are community managers, city and food guides, bar keepers and problem solvers all rolled into one".

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