Serviced apartment specialist Ascott is planning a major expansion of its co-living brand Lyf with the aim of having 150 properties by 2030.
Ascott launched Lyf in 2016 as a brand aimed at millennial travelers 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 programs, are based in Asian destinations including Singapore, China, Japan and Thailand. The brand will have 17 Lyf properties offering 3,200 units in 14 cities in nine countries by 2025.
Kevin Goh, CEO of Ascott’s parent accommodation, CapitaLand Investment Limited, said: “We see the potential to grow 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 in this product class.
Five new Lyf properties are set to open in 2022 in Bangkok, Cebu, Kuala Lumpur, Melbourne and Xi’an, with five more developments set to follow by 2025, including Paris.
“The pandemic has created a new way of living and working. We are seeing more and more digital nomads and freelancers prefer to work remotely, demanding new experiences and opportunities to connect,” Goh added.
“The Lyf brand, with its co-living spaces and innovative in-house activities, offers a community of like-minded individuals on its doorstep and social interactions with its neighbors.”