Current location site: Global

Mr Goh added: “With the short supply of professionally-managed coliving properties in Australia, Ascott is set to raise the bar for the coliving sector as we expand the lyf brand in the country. We continue to see attractive opportunities to grow our lyf brand through our private funds and Ascott Residence Trust as well as via management contracts.”

Mr Mak Hoe Kit, Ascott’s Managing Director for Lodging Private Equity Funds and Head of Business Development, said: “Tapping our strong deal sourcing capabilities and extensive business network, we were able to access this attractive off-market acquisition. lyf Bondi Junction Sydney is a rare purpose-built asset in a highly sought-after location for business and tourism. We expect the coliving property to perform well as Sydney boasts a vibrant start-up ecosystem and is amongst the top gateway cities globally. Most of ASRGF’s investments are off-market and sourced via our global presence and strong business development teams on the ground. This, combined with our expertise across the full value chain of investment, asset and fund management as well as award-winning lodging operations, enables us to drive returns from divestments that exceed expected underwriting. As the full deployment of ASRGF draws near, we continue to seek like-minded capital partners to invest in other coliving and serviced residence opportunities, which have proven to be resilient.”

A unique lodging product in a class of its own, Ascott developed lyf (pronounced 'life') or ‘live your freedom’ as a solution that combines the best of serviced residences, hotels and coliving apartments. Designed for next-generation guests, the apartments, social spaces and experiential programmes at lyf properties are designed for guests to forge connections and nurture a strong sense of community.

With the acquisition of lyf Bondi Junction Sydney, there will be 11 properties with about 2,200 units held under ASRGF. The fund has five operational properties – Ascott Sudirman Jakarta, La Clef Champs-Élysées Paris, Citadines Islington London, lyf Funan Singapore and Quest NewQuay Docklands Melbourne. Properties under development include lyf Gambetta Paris, Ascott’s first lyf-branded coliving property in Europe, and Somerset Metropolitan West Hanoi. Both properties were acquired in June 2021 and are expected to open in 2024. Citadines Walker North Sydney is slated to launch in December 2022.

Ascott opens lyf Collingwood Melbourne, its first lyf property in Australia

Guests at lyf Collingwood Melbourne can look forward to making new connections and hanging out at the property’s social spaces. The ‘Connect’ social lounge and coworking space is equipped with high-speed Wi-Fi and charging outlets. At the fully equipped ‘Bond’ social kitchen, guests can go beyond just whipping up a meal, also swopping recipes and cooking tips with fellow residents. The property’s launderette, ‘Wash & Hang’, comes with an arcade-style games machine for guests to play alongside each other while waiting for their laundry. At the ‘Collab & White’ rooms, guests can use these multi-purpose spaces for meetings, presentations or to brainstorm their next big business idea. 

Guests who are fans of street art will be drawn to the property’s signature #lyfxart initiative. lyf Collingwood Melbourne is home to custom murals by contemporary artist Mysterious Al, who has showcased his artworks extensively at galleries and art fairs worldwide and collaborated with major fashion brands. His artwork adorns the coliving property’s walls, and most strikingly, a giant piece on the building’s exterior. Each apartment also boasts a bespoke wallpaper designed by the artist.  

lyf Collingwood Melbourne offers a range of apartment types such as ‘One of a Kind’ or ‘One of a Kind Plus’ studios that are ideal for singles or couples. The coliving property also offers ‘Two of a Kind’ apartments, designed for groups of friends or colleagues travelling together and feature side-by-side doors with separate lockable entrances as well as a shared kitchen that comes with stylish SMEG appliance. In addition, lyf Collingwood Melbourne is a pet-friendly property, offering the guests’ pet a bed, blanket, food bowl, treat and toy.

Expanding lyf’s coliving experience

With the acquisition of lyf Bondi Junction Sydney and the opening of lyf Collingwood Melbourne, Ascott currently has 18 lyf properties with over 3,400 units across 14 cities in nine countries. This includes three lyf properties that are slated to open in 2022 in Bangkok, Kuala Lumpur and Xi’an. Seven other lyf properties are scheduled to open in Beijing, Cebu, Danang, Ho Chi Minh City, Manila, Paris and Sydney by 2025. To date, Ascott has opened eight lyf properties in Australia, China, Singapore, Japan and Thailand.

In April 2022, Ascott announced the launch of the lyf Innovation Lab to explore, design and testbed immersive virtual reality and augmented reality technologies and digital experiences for lyf. lyf one-north Singapore will serve as a living lab for field testing these digital innovations. Successful pilots will eventually be implemented across other lyf properties worldwide.

Notes:

^{1 Ascott set up the US$600 million Ascott Serviced Residence Global Fund in July 2015 through a 50:50 joint venture with Qatar Investment Authority}

^{2 For more information on lyf Bondi Junction Sydney, please see Annex}

^{3 As at end April 2022}

^{4 As at end April 2022}