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The Ascott Limited, CapitaLand’s wholly owned serviced residence business unit, has unveiled Lyf, its new brand, Lyf, which is designed for and managed by millenials who wish to experience destinations as locals do.
“We do not define millennials by age but instead they are a social generation who crave discoveries and desire to be part of a community,” explained Ascott chief executive officer Lee Chee Koon. “Lyf is a unique accommodation tailored for this demographic, including technopreneurs, start-ups and individuals from music, media and fashion.”
Lee said millenials already form a quarter of the company’s customers, “this segment is expected to grow.”
Given the rising trend of co-working and co-living, Ascott targets to have 10,000 units under the Lyf brand globally by 2020, he added. Ascott’s global target, via Lyf and other brands, is 80,000 units by 2020.
“We are on the lookout for sites in key gateway cities for Lyf and we are open to both investment and management contracts to meet the growing demand for such co-living spaces – including Australia, France, Germany, Indonesia, Japan, Malaysia, Singapore, Thailand and the United Kingdom.”
In a release, Ascott noted that the size of the millennial travel market is rapidly increasing, with individuals in their 20s and 30s accounting for over 50 percent of the workforce by 2020.
“With millennial travellers spending more than US$200 billion annually, Ascott is already host to a significant number of millennials and will further cater to the growing demand with Lyf,” it said.
The launch of Lyf comes on the back of robust growth for Ascott with over 10,000 units added globally.
Image source: The Ascott Limited
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
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