Innovative co-living brand Lyf will open six new properties across Australia, China and the Philippines over the next few years. Rose Dykins reports
The Ascott Limited is seeing a soar in demand for its co-living concept, Lyf. In response, the brand has ambitious expansion plans across the Asia-Pacific region.
Globetrender has previously reported on the co-living trend, which takes coworking a step further to incorporate communal housing.
As with other co-living brands such as WeLive, Lyf answers the call from millennials and Gen Zs seeking flexible, value-for-money housing, combined with an enriching community experience.
Co-living spaces are increasingly popping up in city centres, offering an affordable, desirable place for young professionals to live, socialise and collaborate.Last month, Lyf opened its first property in Thailand. The 196-unit Lyf Sukhumvit 8 Bangkok is surrounded by cafes, bars and restaurants, and is a short walk from one of the most popular shopping areas in the Thai capital.
Its communal spaces include a coworking and lounge zone, a kitchen, a laundromat, an outdoor terrace and a rooftop fitness area.
Now, Ascott is debuting six new Lyf properties in Melbourne, Australia; Beijing, Hangzhou, Shanghai and Xi’an, China; and Manila, the Philippines.
Despite the potential threat that Covid-19 could pose to co-living, the company says certain properties have enjoyed healthy occupancy during the pandemic.
“The value and demand is evident in the performance of our first operating property, Lyf Funan Singapore, where guests could stay with us safely and comfortably throughout the Covid-19 period,” says Kevin Goh, CEO of Ascott.
“It achieved a robust average occupancy rate of 86 per cent from April to June 2020. Many guests made Lyf Funan Singapore their home away from home, extending their stays at the property. In May 2020, 95 per cent of its guests were long-stay – between one and six months.”
Mr Joel Oei, Ascott’s head of Lyf brand, says: “Our guests found a strong network of support within a close-knit community. We took our community engagement activities online and conducted virtual tours and digital-first marketing campaigns to expand our reach.
“Creatively designed and multi-functional living spaces offer more flexibility and efficiency for our guests, many of whom were expected to work remotely.”
Oei adds: “Apartments can be easily adapted into private work suites with flexible tenures. Lyf’s well-designed and colourful apartments provide a conducive and creative environment for work, while its spacious work and meeting areas coupled with amenities such as smart screens and high-speed WiFi can further aid productivity.”
Of the six new Lyf properties coming soon, Lyf Midtown Hangzhou is set to open first in 2021. Located in Gongshu, near the city’s UNESCO World Heritage-rated Grand Canal, the co-living space will be directly opposite Hangzhou International Convention and Exhibition Centre.
Later, in 2023, Lyf Malate Manila will make its debut. The 202-unit property will be the brand’s second opening in the Philippine capital. It will be in the middle of Malate, a financial and historical centre of the city.
Cafes and fine-dining restaurants will be on its doorstep, and the largest shopping mall in the area, Robinsons Place Manila, will be a five-minute walk away.
What’s coming next? Trend reports available to download HERE