Ascott breathes lyf into Singapore’s Funan with US$125m investment

Ascott's lyf Funan Singapore

The Ascott has announced a S$170.3 million (US$125 million) investment to develop the Singapore flagship of its co-living, millennial targeted concept, lyf, scheduled for opening within the Funan integrated development in 2020.

Made through its serviced residence global fund with Qatar Investment Authority, the investment comprises S$90.5 million allocated to acquiring land and $$80 million to developing the concept.

Ascott’s lyf Funan Singapore

The nine-storey serviced residence will form part of Funan, located in Singapore’s City Hall area close to the CBD and attractions such as the National Gallery, comprising a mall and two office towers offering retail outlets and co-working spaces.

lyf Funan Singapore will offer 279 units and up to 412 rooms, spanning about 1.1ha in gross floor area. Unit types include Big Bed studio units and All-Together business suites ranging from three- to six-bedrooms. The business suites offer smart display screens for video conferencing and discussions while a large table doubles up as a collaborative working zone and dining area.

The property will offer Connect social zones such as co-working spaces and an arena for activities such as hackathons, talks and workshops, as well as the Bond social kitchen for guests to prepare meals and take cooking classes. Other facilities include a gymnasium and Wash & Hang laundromat, where guests can play a round of Foosball while waiting for their laundry.

The acquisition also cements Ascott’s fast-growing portfolio as a serviced residence operator in Singapore, with close to 2,000 units in 12 properties. Within a span of two months, the company has added about 1,000 units across four properties in Singapore; which includes securing a contract from Low Keng Huat (Singapore) to manage a 166-unit Citadines Balestier Singapore (opening in 2021), featuring studios and one-bedroom units, a swimming pool, gymnasium with a running track, social pavilion, children’s playground and barbeque pit.

This follows Ascott’s recent addition of the 240-unit lyf Farrer Park Singapore that was also awarded by Low Keng Huat, as well as a prime 299-unit serviced residence at CapitaLand’s landmark integrated development at Raffles Place. Both serviced residences are also slated to open in 2021.

Ascott is working towards its target of achieving 10,000 units under the lyf brand worldwide by 2020.

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