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SINGAPORE (June 15): The Ascott, CapitaLand’s serviced residence business unit, has won contracts to manage its first three properties under its lyf brand in China and Singapore.
lyf Farrer Park Singapore, the biggest of the three properties with 240 units, is slated to open in 2021. The 112-unit lyf Wu Tong Island Shenzhen will open in the first half of 2018 while the 120-unit lyf DDA Dalian is scheduled to open in end 2018.
Lee Chee Koon, Ascott’s CEO, says: “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.”
lyf Wu Tong Island Shenzhen is situated in an innovation park 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) that is home to start-ups, local and foreign enterprises, including Fortune 500 companies.
lyf Farrer Park Singapore is located in the Central Region of Singapore and a 15-minute drive from the Central Business District.
Ascott says it is actively looking at other potential markets including Australia, France, Germany, Indonesia, Japan, Malaysia, Thailand and the United Kingdom, as it works towards achieving its target of 10,000 units under the lyf brand globally by 2020.
Shares of CapitaLand closed 5 US cents lower at S$3.55. — theedgemarkets.com.sg
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