They have also scheduled the opening of their first lyf property in Bangkok, Thailand this week
According to CapitaLand, their fully-owned lodging business unit The Ascott, will be expanding across the Philippines, Australia and China by adding six new properties with more than 1,000 units under its co-living brand lyf, reported The Straits Times.
With this addition, they revealed that they will have 14 lyf properties with more than 2,700 units in total and 13 of these properties are expected to open between 2020 and 2024.
As for the six new properties, Ascott has already signed contracts for its second project in the Philippines called lyf Malate Manila; four new projects throughout China called lyf Dayanta Xi’an, lyf Zhangjiang Shanghai, lyf Midtown Hangzhou and lyf Shougang Park Beijing; and its first one in Australia called lyf Collingwood Melbourne.
On the other hand, Ascott will be opening lyf Sukhumvit 8 Bangkok, its first lyf property in Thailand on 7th of August.
The said property comes with 196 units, is within a short walking distance to Nana BTS Skytrain station, is only a train stop away from Terminal 21 shopping mall and is three stations away from Siam, the primary lifestyle centre for co-working, dining and retail.
Kevin Goh, the CEO at Ascott and CEO for lodging at CapitaLand, explained that even though the hospitality industry across the globe is currently going through some challenges because of the pandemic, the “strong base” of long-term guests consisting of corporates, locals and expatriates continue to support Ascott’s portfolio.
“lyf is a hybrid lodging solution that combines the best of serviced residences, hotels and co-living apartments. It is designed for guests on long stay with the flexibility to take in short stay,” he added.
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