Ascott has created a new “living lab” to test its new social apartment brand, lyf.
First unveiled in November 2016, lyf is being created for – and by – the millennial market in partnership with the Singapore Management University (SMU).
The project, called “lyf@SMU”, will simulate a lyf property and let students test its various concepts. The feedback provided by the SMU students will then shape the development of the brand.
“Creative co-innovation is a key focus for lyf,” said Lee Chee Koon, Ascott’s CEO. “Following the launch of lyf last November after extensive market research, Ascott has now set up the serviced residence industry’s first-of-its-kind living lab in Singapore.
“We will be directly engaging the more than 1,200 millennials expected to visit lyf@SMU to field test various co-living concepts and community building activities.
“With each of the students clocking an average staying time of about four hours, we will be building up a sizeable data reservoir of user preferences and space usage patterns. The data will be translated into actionable insights to better tailor lyf to their needs as they prepare to become working professionals, our main target customers of lyf,” he added.
In line with lyf’s focus to provide “authentic local experiences”, the living lab is located in downtown Singapore. But while the original building is historic, its interiors are modern and quirky.
To encourage communal living, there are social working and sleeping areas, lounges with modular furniture, large dining tables, a common pantry, multimedia rooms, day beds and napping pods, all spread over three floors.
lyf@SMU will be open to all SMU students 24 hours a day, seven days a week, from 27 February 2017.
Ascott is targeting an inventory of 10,000 lyf units by 2020, focusing on major cities in countries including Australia, China, France, Germany, Indonesia, Japan, Malaysia, Singapore, Thailand and the UK.