Ascott is investing S$170.3 million in the serviced residence component of the Funan integrated development, including acquiring the land for developing the Singapore flagship of Ascott’s millennial-focused lyf brand on the site for an estimated S$80 million.
lyf Funan Singapore will be designed by millennials for millennials, offering a new way of co-living and collaborating as a community, with 279 units and the flexibility to offer up to 412 rooms.
The acquisition cements Ascott’s position as the largest and fastest growing serviced residence operator in Singapore with close to 2,000 units in 12 properties.
Ascott has four lyf properties – lyf Wu Tong Island Shenzhen and lyf DDA Dalian in China, scheduled to open in 2018, lyf Funan Singapore opening in 2020 and lyf Farrer Park Singapore in 2021. Ascott is actively looking at other potential markets including Australia, France, Germany, Indonesia, Japan, Malaysia, Thailand and the UK, as it works towards its target of achieving 10,000 units under the lyf brand worldwide by 2020.