Despite the Covid-19 pandemic, The Ascott, CapitaLand’s wholly owned lodging business unit, continues to see strong demand for its co-living 'lyf' brand, which caters to a growing segment of millennials who seek flexibility and value.
To meet the demand, The Ascott is adding over 1,000 units across six new lyf properties in Melbourne, Australia; Beijing, Hangzhou, Shanghai and Xi’an in China; and Manila in the Philippines.
Among the six new properties, The Ascott has secured contracts for lyf Malate Manila, its second lyf property in the Philippines, and four new properties across China - lyf Shougang Park Beijing, lyf Midtown Hangzhou, lyf Zhangjiang Shanghai and lyf Dayanta Xi’an. It has also secured its first lyf property in Australia, lyf Collingwood Melbourne.
“Despite Covid-19 and challenges in the global hospitality industry, The Ascott’s diverse portfolio of brands continues to be supported by a strong base of long-stay guests,” says Kevin Goh, CapitaLand's chief executive officer for lodging and The Ascott’s chief executive officer. “The value and demand for lyf is evident in the performance of our first operating lyf property, lyf Funan Singapore, where guests could stay with us safely and comfortably throughout the Covid-19 period.”