Ascott has secured the first three properties under its new co-living concept, lyf, in China and Singapore.
The 112-unit lyf Wu Tong Island Shenzhen is scheduled to open in 1H2018; the 120-unit lyf DDA Dalian in end-2018; and lyf Farrer Park Singapore, the biggest of the three with 240 units, in 2021.
lyf Wu Tong Island Shenzhen
The brand, first announced in Singapore last November, is designed for millennial types including technopreneurs and those in the creative industries, said Ascott’s CEO Lee Chee Koon. All three confirmed lyf properties have economic zone or innovation park locations.
“With the launch of lyf in these two key markets for Ascott, we are gathering momentum to capture this booming social generation… China is among Ascott’s top customers globally and has the world’s second largest millennial population,” said Lee.
“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 in downtown Singapore.”
Ascott targets 10,000 lyf units globally by 2020, and is looking at other potential markets including Australia, France, Germany, Indonesia, Japan, Malaysia, Thailand and the UK.