CapitaLand’s Ascott opens Southeast Asia’s largest co-living property lyf Funan

CapitaLand’s Funan mall in SingaporeCapitaLand’s Funan mall in Singapore

CapitaLand’s lodging unit The Ascott opened lyf Funan Singapore, the largest co-living property in Southeast Asia, and the first under the lyf co-living brand, Ascott said in a filing to SGX Thursday.

Located in Singapore’s civic district, lyf Funan Singapore has 412 rooms across 279 apartments over nine storeys, the filing said. It also has access to the City Hall MRT via an underground walkway, Ascott said.

Lyf Funan is part of CapitaLand’s Funan integrated development, which includes two office blocks and a mall, Ascott said.

“Millennial and millennial-minded travellers can look forward to a dynamic live-work-play experience given the collaborative spaces, social programs and strategic location of lyf Funan Singapore,” Mindy Teo, Ascott’s deputy managing director for lyf, said in the statement.

“The booming millennial segment, which is the fastest growing travel demographic, already forms a quarter of Ascott’s customer base and is expected to grow. Our lyf properties are specially designed to cater to millennials’ craving for social connections, collaboration and cocreation,” she added.

Teo said seven more lyf properties are planned over the next three years, located in Bangkok, Fukuoka, Kuala Lumpur, Singapore, Cebu and Shanghai. She said Ascott is also looking at expanding lyf — via investment, management contracts or leases — to gateway cities in Australia, France, Germany, Indonesia, the Netherlands, South Korea and the U.K.

Room rates at lyf Funan will begin at S$150, the filing said. The property will have five apartment types ranging from 18 square meters to 105 square meters, Ascott said.

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