Ascott has unveiled plans for the first three properties under its new brand, Lyf, which is designed for the millennial market.
Having unveiled the new concept last November, and set up a “living lab” to trial the concept in Singapore, Ascott has now signed its first three Lyf serviced residences.
The 112-unit Lyf Wu Tong Island Shenzhen will open in 2018, followed by the 120-key Lyf DDA Dalian, which is scheduled to launch by the end of this year, and the 240-unit Lyf Farrer Park Singapore, which is slated 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, start-ups and those in the creative industries,” said Lee Chee Koon, Ascott’s CEO.
“With the launch of Lyf in these two key markets for Ascott, we are gathering momentum to capture this booming social generation. Already accounting for a quarter of Ascott’s customer base, millennials are expected to be the largest spending travel demographic by 2020.”
He added that Ascott expects to sign more Lyf properties in “gateway cities in China”, as well as another property in downtown Singapore. Other markets being considered include Australia, France, Germany, Indonesia, Japan, Malaysia, Thailand and the UK, with an overall target of operating 10,000 units under the Lyf brand globally by 2020.
Lyf properties are designed to reflect their local culture and will feature communal spaces where residents can work and interact. These spaces can also be converted into areas for social events and activities, such as hackathons, talks, music sessions, cooking classes and workshops. The residences will be run by “community managers”, which will serve as guides, bar-tenders and concierges.