Ascott targets millennials with new co-living hospitality brand, Lyf

SINGAPORE (Nov 24): The Ascott Limited, CapitaLand’s serviced residence unit, has launched a new co-living hospitality concept brand Lyf, pronounced ‘life'.

By 2020, the new brand aims to have 10,000 units under the brand globally.

According to Ascott in its statement on Thursday, the brand’s accommodation has been “designed for and managed by millennials who wish to experience destinations as locals do”.

Residences under Lyf will offer apartment layouts ranging from studios, to twin rooms, to business suites. The properties will feature their own unique design elements as well ascommunal spaces that can be used for co-working, workshops or social gatherings.  

Unlike conventional serviced apartments, the company intends for its properties to be managed by “Lyf Guards”: millennials who may be residents themselves, but also function as the properties’ community managers, tour guides, and so on.

“Millennials already form a quarter of Ascott’s customers and this segment is poised to grow exponentially. Lyf is a unique accommodation tailored for this demographic,” says CEO Lee Chee Koon.

In the company’s terms, millennials are not defined by age, but instead they are “a social generation who crave discoveries and desire to be part of a community”, he explains.

“We are on the lookout for sites in key gateway cities for Lyf and we are open to both investment and management contracts to meet the growing demand for such co-living spaces — including Australia, France, Germany, Indonesia, Japan, Malaysia, Singapore, Thailand and the United Kingdom,” adds Lee.

Shares of CapitaLand closed flat at S$3.02 on Wednesday. — theedgemarkets.com.sg