SINGAPORE – The Ascott Limited (Ascott), CapitaLand’s (SGX:C31) wholly owned serviced residence business unit, has unveiled its newest brand, Lyf, which seeks to redefine travel for millennials.
The new brand (pronounced ‘life’), is designed for and managed by millennials who wish to experience destinations as locals do.
Here are three things to know about The Ascott Limited’s new brandy Lyf.
1. Lyf is a unique accommodation tailored for millennials.
According to Ascott’s Chief Executive Officer Lee Chee Koon, Lyf is a unique accommodation tailored for this demographic, including technopreneurs, start-ups and individuals from music, media and fashion.
“We do not define millennials by age but instead they are a social generation who crave discoveries and desire to be part of a community. Lyf will provide global jetsetters and trendsetters with the opportunity to ‘Live Your Freedom’ in a dynamic environment and network with like-minded creatives to bring more ideas to life,” Lee said.
2. Ascott targets 10,000 units under the Lyf brand by 2020.
Lyf residences allow millennials to seize opportunities in rising trend of co-living and co-working. With that in mind, Ascott aims to have 10,000 units under the Lyf brand globally by 2020.
Lee said Ascott is on the lookout for sites in key gateway cities for Lyf and is open to both investment and management contracts to meet the growing demand for co-living spaces – including Australia, France, Germany Indonesia, Japan, Malaysia, Singapore, Thailand and the United Kingdom.
The launch of the new brand comes on the back of a year of remarkable growth for Ascott with more than 10,000 units added globally.
3. Lyf properties will be managed by Lyf Guards
In a disclosure to the Singapore Exchange (SGX), CapitaLand said Lyf properties will be managed by Lyf Guards, identified as millennials who may be residents themselves, community managers, city and food guides, bar keepers and problem solvers all rolled into one.
Lyf Guards, guests and partners can conduct workshops with local craftsmen, hackathons with local start-up accelerators or innovation talks. Residents may even score exclusive invites to local music festivals and concerts, according to the disclosure.
The size of the millennial travel market is expanding rapidly and individuals in their 20s and 30s will account for more than half the workforce by 2020. – BusinessNewsAsia.com
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