Thursday, February 22, 2024

Ascott expands ‘lyf’ brand with eight new property signings

The Ascott Limited, a lodging business unit wholly owned by CapitaLand Investment (CLI), has announced the expansion of its award-winning lyf (pronounced ‘life’) brand with eight new property signings.

With these eight new lyf properties featuring close to 1,500 units, Ascott achieved a signing pace that has almost doubled that of 2022.

The properties, scheduled to open over the next four years include, lyf Bugis Singapore; lyf Brickfields Kuala Lumpur and lyf Georgetown Penang in Malaysia; lyf Canggu Bali in Indonesia; lyf on Sussex Sydney in Australia; lyf Shibuya Tokyo in Japan; lyf Frankfurt in Germany as well as an additional property in Shanghai, China.

Lyf or ‘live your freedom’, which took root during its inception as a co-living brand, is now riding high on the growing demand for experience-led social living. It has now widened into a multifaceted hospitality experience with flexible typologies, ranging from co-living accommodation and city hotels to full-service resorts.

The brand is currently present in 21 cities across the world, with over 5,500 units both operating and in the pipeline.

Tailored for the next-generation traveller including digital nomads, technopreneurs, creatives and self-starters, lyf offers a stay experience that transcends the conventional.

Whether it is a short visit, an extended stay, or a desire for a permanent address, lyf aims to establish itself as the trusted accommodation brand that connects guests with the city, its people, and its culture, a statement said.

“In a world where travel is not just about reaching a destination but immersing oneself in the heartbeat of a city, lyf stands at the forefront of a new era in hospitality. lyf was first created for the next-generation traveller and has gained strong traction since its debut with lyf Funan Singapore in 2019,” said Kevin Goh, Chief Executive Officer for Ascott and CLI Lodging.

“There is tremendous potential for us to further scale lyf across more hospitality asset classes, whether as a full-service hotel or resort, especially with the growth pace we have seen over the year.”

With more than 30 lyf properties both in operation and under development, Ascott will bring lyf to even more destinations in the year ahead, as it works towards its target of 150 properties with over 30,000 units by 2030.

Serena Lim, Chief Growth Officer, Ascott, said: “The lyf brand has captured the attention of the market with its dynamic designs, flexible spaces and well-curated programming with the community at its core.

“Owners and investors alike have seen the resilience and continued demand for experience-led social living that lyf has been synonymous with, an accommodation trend that has been made more pronounced post-pandemic and we believe is here to stay. lyf is thus well-positioned to cater to this growing interest.”

Within Singapore where lyf was conceptualised and first launched, the signing of lyf Bugis Singapore will expand the brand’s presence in Singapore to a tally of four properties, including award-winning developments lyf one-north Singapore, lyf Funan Singapore and lyf Farrer Park Singapore.

lyf Bugis Singapore will open in mid-2024 in the downtown core district within walking distance to both Bugis and Bencoolen MRT train stations. The 308-unit property sits close to local shopping areas such as Bugis Street and offers guests easy access to the arts and heritage district of Bugis where local bars and dining outlets are located along Arab Street and Haji Lane. Supporting both social and active wellness, the property will offer a wide range of amenities including shared spaces that provide opportunities for social interaction, and fitness facilities that enable guests to keep active while on the go.

Ascott saw a record number of lyf property openings in 2023, almost doubling that of 2022. These include lyf Schönbrunn Vienna in Austria most recently, that marked the debut of the brand in Europe; lyf Dayanta Xi’an in China, lyf Ginza Tokyo in Japan, lyf Chinatown Kuala Lumpur in Malaysia and lyf Malate Manila in the Philippines.

In line with the brand’s growth strategy, Adeline Phua has been appointed Managing lyf Partner to lead and propel the next phase of development and growth of lyf. In her new role, Adeline will direct the strategic growth of the lyf brand globally where she spearheads brand development and management, collaborations and partnerships for lyf, as well as drives the commercial strategy and operational excellence of the properties.

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