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Most of the 24 buildings at lyf Wu Tong Island Shenzhen are currently leased out as offices to firms in the IT, media, design, education and tourism industries. (Image: The Ascott Limited)
The Ascott Limited announced on Thursday (15 June) that it is set to manage its first three properties in Singapore and China under its newest brand, lyf, a co-living concept designed by millennials.
Yesterday, CapitaLand’s wholly-owned serviced residence arm showcased its maiden property under the brand, the 112-unit lyf Wu Tong Island Shenzhen, which will open in the first half of next year. The 120-unit lyf DDA Dalian, also in China, is expected to open by end-2018.
On the other hand, lyf Farrer Park Singapore, the largest of the trio with 240 units, will start operating in 2021.
In particular, the first lyf property is strategically located in an innovation park known as Wu Tong Island in Bao An, one of the biggest districts in northwest Shenzhen, China. The eco-focused business park consists of 24 low-rise buildings overlooking a lake.
Besides being near a few industrial parks, the serviced residence is a short drive from the Shenzhen International Airport. Guests can select from studios as well as two-bedroom and three-bedroom suites. Amenities include a lounge, laundromat and a social kitchen.
The second one is well-situated in Dalian Development Area (DDA), China’s first economic and technological development zone that houses start-ups, around 10,000 local firms and more than 3,500 multinational enterprises, including Fortune 500 companies like Intel, Nissan, Goodyear and Volkswagen.
Unit layouts will range from studios to one-bedroom apartments, and guests can make use of its social kitchen, jamming room and co-working spaces. In addition, travelling to the city centre would be shortened from 40 minutes to 10 minutes once the cross-sea bridge is completed by end-2021.
Meanwhile, the third property is a stone’s throw from Farrer Park MRT station and close to Singapore’s major attractions like Little India and shopping venues such as Mustafa Centre and City Square Mall. Apart from being four train stops from Orchard Road, it is a short drive from Changi International Airport and the central business district.
It is also part of an integrated development with a retail podium and is directly opposite Farrer Park Hospital. Facilities include a social kitchen and lobby that can be transformed into spaces for meetings, events and a café-reception counter. Clients can choose from a range of studios and two-bedder apartments.
“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,” said Ascott CEO Lee Chee Koon.
“Ascott is also actively looking at other potential markets including Australia, France, Germany, Indonesia, Japan, Malaysia, Thailand and the United Kingdom, as we work towards achieving our target of 10,000 units under the lyf brand globally by 2020,” he added.
This article was edited by Denise Djong.
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