Ascott to open 17 lyf properties by 2025 as demand for its coliving apartments rises

Expands lyf portfolio to over 3,000 units across 13 cities, including latest openings in Hangzhou and Fukuoka as well as new signings in Bangkok and Paris
By: CapitaLand
 
SINGAPORE - Oct. 7, 2021 - PRLog -- CapitaLand Investment's (CLI) wholly owned lodging business unit, The Ascott Limited (Ascott) has expanded its lyf portfolio to a total of 17 properties with over 3,000 units in 13 cities and nine countries. The expanded portfolio includes the newly opened lyf Mid-Town Hangzhou, Ascott's first lyf-branded coliving property in China. It also secured a management contract for its second lyf property in Thailand, lyf Riverside Bangkok. This follows hot on the heels of Ascott's recent acquisition of its first lyf property in Europe, livelyfhere Gambetta Paris, through its private fund Ascott Serviced Residence Global Fund (ASRGF) in June 2021.

Mr Kevin Goh, CLI's Chief Executive Officer for Lodging said: "Ascott constantly innovates to position us for the future, designing products that not only provide unique experiences to customers, but also create greater value for our business partners and investors. Our award-winning brands including lyf demonstrate our capabilities and commitment to deliver quality real estate assets that our sponsored hospitality trust, Ascott Residence Trust (ART); and our private fund, ASRGF, can invest in. We are on track to open lyf one-north Singapore later this year which will add another quality asset to ART's portfolio. ASRGF also recently acquired its first lyf property in Europe which is its second lyf property after lyf Funan Singapore. We see the potential for more coliving investments by our existing trust and fund, or even a dedicated coliving lodging fund with like-minded capital partners to accelerate our growth. This will enable us to leverage a capital-efficient business model to expand our capital partner base while achieving fee-related earnings[3] (FRE) and funds under management[4] (FUM) growth."

For full release: https://bit.ly/Ascottlyf2025

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Tags:Accommodation
Industry:Real Estate
Location:Singapore - Singapore - Singapore
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