The announcement was made Monday at the opening of the lyf one-north Singapore property, which has 324 units targeted at the one-north area’s research and innovation hub, which has start-ups, research and development firms, and tech and media companies located nearby, the filing said.
Currently, Ascott has 17 lyf co-living properties with more than 3,200 units across 14 cities in nine countries, the filing said.
Kevin Goh, CapitaLand Investment’s CEO for lodging, said the one-north lyf property already has an occupancy rate of more than 85 percent.
“We see the potential to expand our lyf portfolio to 150 properties by 2030. In addition to growing the lyf brand via management contracts, we also see attractive opportunities for our private funds and Ascott Residence Trust to deploy more investments into this product class,” Goh said in the statement.
The Ascott Serviced Residence Global Fund currently owns two lyf-branded coliving properties, lyf Funan Singapore and the lyf Gambetta Paris, the first lyf-branded property in Europe, slated to open in 2023, the filing said.