Ascott acquires 3 new properties under lyf brand

The acquisitions mark the launch of Ascott's new co-living concept in China.

CapitaLand's who wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has secured contracts to manage its first three properties under its latest brand, lyf, in its two key markets – China and Singapore, marking the unveiling of its new co-living concept.

The three properties acquired includes the 112-unit lyf Wu Tong Island Shenzhen which will open in the first half of 2018. Others are the 120-unit lyf DDA Dalian which is scheduled to open in end 2018 and the lyf Farrer Park Singapore, the biggest of the three lyf properties with 240 units, that is set to open in 2021.

“Since Ascott unveiled the lyf brand in Singapore last November, we have received very strong interest in this new co-living concept designed by millennials for the growing wave of millennial and millennial-minded travellers, such as technopreneurs, startups and those in the creative industries. We are excited to be launching lyf in China with two properties and to have secured our first in Singapore. These trailblazing lyf properties not only enjoy prime locations with a ready catchment of business and leisure travellers, they also offer vibrant spaces for these change-makers to build new connections and co-create with the community therein,” Ascott CEO Lee Chee Koon said.

Located in the economic zone or innovation park, these three lyf properties will provide conducive environments in which innovation and creativity can thrive. lyf Wu Tong Island Shenzhen is situated in an innovation park named Wu Tong Island that has 24 office buildings leased to firms in the technology, design, media and tourism industries. lyf DDA Dalian is in the Dalian Development Area (DDA), China’s first Economic and Technological Development Zones that is home to start-ups, local and foreign enterprises, including Fortune 500 companies. lyf Farrer Park Singapore is conveniently located in the Central Region of Singapore and a short 15-minute drive from the Central Business District. Please refer to the Annex for more information on these lyf properties.

To recall, Ascott first unveiled the lyf brand in Singapore in November 2016, and it set up the serviced residence industry’s first-of-its-kind living lab to field test co-living concepts for lyf in February 2017.