CapitaLand Investment’s wholly owned lodging unit The Ascott Ltd. said Thursday its portfolio of lyf branded co-living properties would reach 17 by 2025, with more than 3,000 units across 13 cities.
The portfolio includes the newly opened lyf Mid-Town Hangzhou, the first property in China, Ascott said, adding it has also secured a management contract for its second lyf property in Thailand, lyf Riverside Bangkok.
Ascott said it has also recently acquired its first lyf property in Europe, livelyfhere Gambetta Paris, via its private fund Ascott Serviced Residence Global Fund (ASRGF) in June. That was ASRGF’s second lyf property after lyf Funan Singapore, the filing said.
Currently, Ascott has four opened lyf properties across Singapore Bangkok, Fukuoka and Hangzhou, with three more properties set to open later this year in Singapore, Xi’an and Shanghai, the statement said.
The lyf one-north Singapore, set to open this year, will be a part of Ascott Residence Trust’s portfolio, the filing said.
“We see the potential for more coliving investments by our existing trust and fund, or even a dedicated coliving lodging fund with likeminded capital partners to accelerate our growth. This will enable us to leverage a capital-efficient business model to expand our capital partner base while achieving fee-related earnings (FRE) and funds under management (FUM) growth,” Kevin Goh, CapitaLand Invesetment’s CEO for lodging, said in the statement.
Between 2022 and 2025, 10 more properties are set to open across Bangkok, Beijing, Cebu, Danang, Kuala Lumpur, Manila, Melbourne, Paris, Shanghai and Singapore, Ascott said.