HOTEL, TOURISM & LEISURERESIDENTIAL PROPERTY

Ascott coliving push unabated despite pandemic

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DESPITE COVID-19 Singaporean international hotel and serviced apartments group Ascott continues to grow its coliving brand lyf with six new properties in Australia, China and the Philippines.

Ascott is adding over 1,000 units across six new lyf properties secured in Melbourne, Beijing, Hangzhou, Shanghai and Xi’an and Manila.

Amongst the six new properties, Ascott has secured contracts for lyf Malate Manila, its second lyf property in the Philippines and four new lyf properties across China – lyf Shougang Park Beijing, lyf Midtown Hangzhou, lyf Zhangjiang Shanghai and lyf Dayanta Xi’an. It has also secured its first lyf property in Australia, lyf Collingwood Melbourne.

CEO Kevin Goh said Ascott continues to see strong demand for its coliving brand ‘lyf’, which caters to a growing segment of millennials who seek flexibility, value and enriching community experiences.

“Despite COVID-19 and challenges in the global hospitality industry, Ascott’s diverse portfolio of brands continues to be supported by a strong base of long-stay guests comprising locals, expatriates and corporates.

“lyf is a hybrid lodging solution that combines the best of serviced residences, hotels and coliving apartments. It is designed for guests on long stay with the flexibility to take in short stay. The relevance and demand for coliving remains strong as demonstrated by the signing of these six new lyf coliving properties and the opening of our second lyf property in Bangkok. It is not only a strong testament to Ascott’s operational resilience, but also shows the confidence that property owners have on the unique positioning of our lyf coliving product,” he added.m

“The value and demand for lyf is evident in the performance of our first operating lyf property, lyf Funan Singapore, where guests could stay with us safely and comfortably throughout the COVID-19 period. It achieved a robust average occupancy rate of 86% from April to June 2020. Many guests made lyf Funan Singapore their home away from home, extending their stays at the property. In May 2020, 95% of its guests were on long stay of between one and six months. Ascott has already taken steps to enhance our operational strength, technical capabilities and service delivery in a post COVID-19 landscape,” he concluded.

The six new additions increases Ascott’s portfolio to 14 lyf properties with over 2,700 units.

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