CapitaLand’s wholly owned lodging unit The Ascott said on Tuesday it has obtained contracts to manage 14 properties across eight countries, marking over 2,000 units.
Three of the 14 new properties — located in Fukuoka, Japan; Kuala Lumpur, Malaysia; and Shanghai, China — will be under Ascott’s co-living “lyf” brand, the company said in a filing to SGX midday on Tuesday.
The 131-unit Fukuoka property, due to open in 2020, will be managed under partnership with Japanese real estate company NTT Urban Development, a subsidiary of Nippon T&T, and the two companies will jointly explore other serviced-residence opportunities in Japan, the filing said.
The three new lyf properties will bring Ascott’s total to eight, with more than 1,600 units in development in Singapore, China, Japan, Malaysia, Thailand and the Philippines, it said.
“Ascott’s lyf properties, with their flexible communal spaces and social programs, will cater to the lifestyle aspirations of creative professionals, technopreneurs, trendsetters and millennial travelers who seek collaborative and networking opportunities in the community,” Kevin Goh, CEO of Ascott, said in the statement.
“Millennials already account for a quarter of Ascott’s customer base,” Goh said, with the millennial generation set to become the largest spending travel demographic.
Goh said Ascott was looking at bringing the lyf brand to Australia, France, Germany, Indonesia and the U.K.