The Ascott Limited (Ascott), a lodging business unit wholly owned by CapitaLand Investment, announces that it expects to open seven new co-living properties this year (2023) under its lyf brand.
The lyf co-living schemes will be located in Austria, China, Japan, Malaysia, the Philippines and Thailand. Schemes include lyf Schonbrunn Vienna, lyf Dayanta Xi’an, lyf Ginza Tokyo and lyf Riverside Bangkok. The opening of lyf Raja Chulan Kuala Lumpur, lyf Malate Manila, and lyf Cebu City will also mark the brand’s foray into Malaysia and the Philippines.
The launch of these properties comes at an opportune time as Ascott recognises the need to address emerging trends in today’s post-pandemic travel landscape, marked by evolving traveller demands and renewed appetites for fresh experiences.
lyf co-living schemes are thoughtfully designed to serve the needs of next-generation travellers. They include shared social spaces and experiential programmes that enable guests to forge connections and nurture a strong sense of community.
Ascott also plans to open a further 63 properties this year across its other brands, in key travel destinations across Asia Pacific and Europe.
“Riding on the recovery of international travel, Ascott opened more than 45 properties in 2022. This year, we will see our highest-ever property openings, launching close to 13,500 units across 70 properties. This strong pipeline of property openings spans all brands and will support the continued rebound in travel and tourism spending, bolstered by the relaxation of travel restrictions and the normalisation of flight frequency to pre-pandemic levels.
“Shifts in traveller expectations and preferences are happening alongside this upward growth trajectory. Ascott is keeping on top of these latest travel trends to curate worthwhile and meaningful experiences for our guests. Our portfolio of brands addresses the varying travel preferences – from co-living and solo travel in a new city, to generational travel and relocation for work.”Ms Tan Bee Leng, Managing Director for Brand & Marketing, Ascott
With the pandemic changing the way we live and work, flexibility is at the forefront. Digital nomads and self-starters prefer to work remotely, demanding novel experiences and opportunities to connect with like-minded individuals in co-living spaces.
With the next generation of travellers seeking more meaningful spaces that allow for interaction, Ascott will grow its co-living brand, lyf, across the region and beyond.