SINGAPORE (Sept 5): CapitaLand’s wholly owned lodging business unit, The Ascott Limited, has opened lyf Funan Singapore, its very first property under the co-living brand.

Managed by millennials for the millennials and millennial-minded, lyf Funan is located inside CapitaLand’s Funan integrated development.

The co-living space houses 412 rooms across 279 apartments.

The co-living property can now claim to be the largest in Southeast Asia, beating hmlet's 150-room co-living property at 150 Cantonment Road which opened last week.

See: Hmlet launches largest co-living facility at former CPIB HQ

The prices for the rooms at lyf start at $150++ per night, which can be booked on a short-term to long-term basis, as the property has successfully secured a hotel licence.

Apart from living spaces, the property also includes social spaces, such as a gym, meeting room, social kitchen area, and more, for guests to get together. One of the group’s focus is to facilitate community bonding and enhancing personal and professional growth at lyf Funan.

Weekly activities are also planned by lyf for guests to build connections and inspire the exchange of new ideas.

lyf is CapitaLand’s first co-living brand. In the pipeline are plans to open seven more lyf properties over the next three years in Bangkok, Fukuoka, Kuala Lumpur, Cebu, Shanghai and a few more in Singapore.

The group also has plans to bring lyf to gateway cities in Australia, France, Germany, Indonesia, Netherlands, South Korea and the United Kingdom.

Mindy Teo, deputy managing director of lyf, says, “The booming millennial segment, which is the fastest growing travel demographic, already forms a quarter of Ascott’s customer base and is expected to grow. Our lyf properties are specially designed to cater to millennials’ craving for social connections, collaboration and cocreation. Guests of lyf properties can be assured of consistent quality in products and services given Ascott’s 35-year track record of managing award-winning properties across the globe.”

As at 12.50pm, shares in CapitaLand are trading 1.15% higher at $3.53.

 

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