Just four months after launching its first co-living space called "lyf" in Singapore, CapitaLand's Ascott Group, the developer's serviced residence arm, is planning another seven such properties.
Over the next three years, the lyf brand will include two more properties in Singapore as well as one each in Bangkok, Kuala Lumpur, Cebu, Fukuoka and Shanghai, Mindy Teo, Ascott's Deputy Managing Director, said.
Ascott's goal is for lyf to account for around 10% of the company's overall portfolio in the medium term, Teo explained. Ascott currently manages around 70,000 rooms globally under various brands and has an additional 46,000 or so units under development.
Co-living, which has come to mean tiny, chic rooms in a larger managed space with communal facilities, is aimed at young, single professionals seeking an alternative to shared apartments and the chance to interact socially with like-minded people.
Co-living has its naysayers. Some compare it to the co-working trend, which was rocked by the implosion of WeWork and is still evolving as a business model. Others describe it as an upscale version of dormitory housing for Instagram enthusiasts that is unlikely to graduate from its niche status in the real-estate market.
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