This Co-living Property in Singapore Offers an Ideal Live-Work-Play Environment Singapore-based hospitality company, Ascott has announced the launch of a nine-storeyed co-living property, lyf Funan
By Dipen Pradhan •
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Singapore has become a hotbed for co-living spaces as country's thriving startup ecosystems and millennial continue to prefer a sharing economy to live, work and collaborate with people with similar intentions, values, and interests.
A hospitality company, Ascott–a wholly-owned lodging business unit of Asia's real estate provider CapitaLand–has announced the launch of a nine-storeyed co-living property, lyf Funan Singapore, spanning about 121,000 sq feet in area, with 412 rooms across 279 apartments.
CapitaLand, through its serviced residence global fund with Qatar Investment Authority (QIA), had acquired the land from CapitaLand Mall Trust for S$90.5 million in 2015 to develop the co-living component of Funan. The company said that the property is 50:50 joint venture with QIA, with an investment of an estimated S$103 million to develop lyf Funan Singapore.
"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," the statement cited Mindy Teo, Ascott's deputy managing director of lyf.
Here are some features of lyf Funan Singapore
- The property has a mobile app to facilitate booking, payments and access
- It will have co-working spaces, urban farm, theatre, artisan shops, craft workshops, gymnasium, rock climbing, and futsal facility
- Caters to both short and long stays
- Ideal for leisure and business travelers, expatriates, global assignees as well as digital nomads
- Will host activities such as hackathons, innovation talks, music jamming sessions, cooking sessions, or workshops with artisans
Ascott's largest private equity fund has committed total equity of US$600 million to launch lyf properties in Bangkok, Fukuoka, Kuala Lumpur, Singapore, Cebu and Shanghai over the next three years. The fund's five other properties are La Clef Champs-Élysées Paris, Citadines Islington London, Somerset Shinagawa Tokyo, Quest NewQuay Docklands Melbourne and Ascott Sudirman Jakarta.
"Besides the countries where we have lyf, we are exploring to introduce lyf, via investment, management contracts or leases, to key gateway cities in Australia, France, Germany, Indonesia, Netherlands, South Korea and the United Kingdom," Teo said.
Ascott's is present in more than 170 cities in 30 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa and the USA. The company has more than 65,000 operating units and over 45,000 units under development, making a total of more than 110,000 units in over 700 properties.
