City Developments Limited (CDL), CapitaLand Limited (CapitaLand) and Ascott Residence Trust (Ascott Reit) have teamed up to redevelop the Liang Court into an integrated development following the proposed sale by CDL Hospitality Trusts (CDLHT) of its total interest in Novotel Singapore Clarke Quay, subject to the approval of CDLHT’s unitholders at its extraordinary general meetings, to the 50:50 CDL-CapitaLand joint venture entities and CDL. Concurrently, Ascott Reit will sell part of its interest in Somerset Liang Court Singapore2 to CDL.
Subject to approval from the relevant authorities, the proposed integrated development with a total gross floor area of 100,263 sqm will comprise two residential towers offering around 700 apartment units, a commercial component, a hotel and a serviced residence with a hotel licence. Upon completion, the 50:50 CDL-CapitaLand joint venture entities will own the residential and commercial components while Ascott Reit will own the 192-unit serviced residence with a hotel licence. CDLHT will own the hotel, which will have about 460 to 475 rooms4, under a forward purchase agreement with CDL5. The hotel will be operated under the Moxy brand by Marriott International while the serviced residence will retain its Somerset branding. The proposed integrated development is targeted to open in phases from 2024. Read more about this announcement here.
CapitaLand’s wholly owned lodging business unit, The Ascott Limited (Ascott), has opened lyf Funan, the largest coliving property in Southeast Asia. It is also the world’s first property under Ascott’s new ‘lyf’ coliving brand that is managed by millennials for the millennials and millennial-minded. lyf Funan is the first of Ascott’s record-breaking property openings in Singapore this year.
Located in the heart of Singapore’s Civic & Cultural District, lyf Funan is at the epicentre of the city-state’s buzzing retail, commercial, social and cultural belt. Spanning about 121,000 sq ft in gross floor area, lyf Funan houses 412 rooms across 279 apartments. The nine-storey coliving property will have easy access, via a sheltered underground walkway, to the City Hall Mass Rapid Transit (MRT) interchange that is well-connected to the rest of the city.
lyf Funan is an integral part of CapitaLand’s Funan integrated development, which also comprises two office blocks and a mall offering cutting-edge retail concepts, co-working spaces, urban farm, theatre, cinema, artisan shops, craft workshops, gymnasium, rock climbing, and futsal facility. Guests of lyf Funan can enjoy convenience with the plethora of recreational, retail, dining and commercial options right at their doorstep at Funan as well as surrounding landmarks such as CapitaLand’s iconic integrated development Raffles City Singapore and the National Gallery Singapore. Catering to both short and long stays, lyf Funan is ideal for leisure and business travellers, expatriates, global assignees as well as digital nomads.
lyf Funan will offer instagrammable ‘Connect’ social zones such as co-working spaces and an arena for activities such as hackathons, innovation talks, music jamming sessions, cooking sessions, or workshops with artisans. At its ‘Bond’ social kitchen, guests can prepare home-cooked meals, take cooking classes and socialise while learning more about global cuisines from other residents. Residents can work out and have fun with quirky design and interactive elements such as a giant ball pit, a giant-sized Connect Four set and the ‘Burn’ social gymnasium with a human-sized hamster wheel, evoking lyf’s unique and fun brand personality. They can hang out at the ‘Wash & Hang’ laundromat and strike up new conversations while waiting for their laundry to be done.
A huge focus is placed on facilitating community bonding and enhancing personal and professional growth at lyf Funan. It will conduct weekly social programmes to build connections and inspire the exchange of new ideas, providing guests with the opportunity to co-organise and cocreate community programmes or take part in TED talks, craft workshops and hackathons.
lyf Funan will be managed by lyf Guards – millennials who may be community managers, city and food guides, bar keepers, event organisers, and problem solvers all rolled into one.
Catering to the digital natives, lyf Funan Singapore provides a digital experience through its lyf app, allowing easy booking, payment and seamless access throughout the property with just a tap or swipe. As one of the pioneer hospitality apps allowing multiple destination bookings in a single transaction, the lyf app also enables communications with the lyf Guards. Guests will get to enjoy discounts at various shops at Funan by showing their mobile key.
lyf Funan offers five interchangeable apartment types ranging from 18 sqm to 105 sqm to accommodate single, dual or group bookings, with room rates beginning at S$150++. They include One of a Kind (18 sqm), a studio unit with an ensuite bathroom for individuals and couples who enjoy their own space; Two of a Kind (43 sqm), featuring two private rooms with a shared kitchenette; lyf Style (18 sqm), a gaming-themed studio unit equipped with a PlayStation console, ensuite bathroom and a pull-down sofa bed, and also the Up & Down apartments (18 sqm) which come with bunk beds. The All Together apartments (41 sqm to 105 sqm), which are ideal for groups of up to nine, are business suites featuring two to six rooms with a shared kitchen, a Samsung Flip interactive smart screen to facilitate discussions, as well as a large table that doubles up as a workspace and dining area.
The demand for coliving is driven by the growing sharing economy, as buzzing startup ecosystems in vibrant cities give rise to a popular culture of living and cocreating as a community among the millennials. lyf Funan Singapore will stand to benefit from Singapore being one of the top startup ecosystems globally and the second-best Asia Pacific destination for bleisure travel.
Ascott Residence Trust (Ascott Reit) has acquired a prime greenfield site for S$62.4 million for its maiden development project. It will build the first co-living property in Singapore’s research and innovation business hub, one-north.
Located at Nepal Hill amidst 400 companies, 800 startups and 50,000 professionals, the property is expected to be managed by its sponsor, The Ascott Limited (Ascott) under the coliving brand, lyf, targeted at the rising millennial segment. To be named lyf one-north, the property will offer 324 units1. It is slated to achieve Temporary Occupation Permit by 2020 and open in 2021.
The 60-year leasehold site was put up by the JTC Corporation (JTC) for sale in a two-envelope concept and price tender. Ascott Reit’s concept proposal features the creative use of communal spaces, a holistic design centred on building a vibrant and collaborative community, as well as comprehensive programmes which promote social bonding, wellness, personal development and business networking.
The 200-hectare one-north estate has attracted over S$7 billion worth of investments in critical growth sectors such as the biomedical, info-communications and media industries. The location is also a talent development hub, home to world-renowned business schools and corporate universities.
lyf one-north Singapore is located right next to the one-north MRT station and a 30-minute ride to the Central Business District. The property enjoys easy access to key districts within the city via the Ayer Rajah Expressway and public transportation network. Commercial buildings as well as dining and retail options are available in the vicinity. Guests can look forward to fully-digital customer experience and communal amenities such as a lap pool, social kitchen, fitness area, barbeque garden, outdoor seating area, residents’ lounge, laundromat, thematic function rooms, and indoor events hall. Spanning a gross floor area of over 73,447 square feet (6,823.5 square metres)2, lyf one-north Singapore will offer a mix of studio and loft units.
With this acquisition, Ascott Reit will own five properties in prime locations in the central and western regions of Singapore, offering approximately 1,000 apartment units. Ascott Reit’s other four properties in Singapore are Ascott Orchard Singapore, Ascott Raffles Place Singapore, Citadines Mount Sophia Singapore and Somerset Liang Court Singapore. Please see Annex for further details of lyf and lyf one-north Singapore.
Ascott Orchard, the new fashion-inspired serviced residence, is linked to Paragon shopping mall through a covered bridge and is part of CapitaLand’s landmark integrated development that also comprises a high-end residential development.
Located in the most fashionable shopping destination in Singapore, Ascott Orchard will offer guests an exclusive and smart living experience. The premium serviced residence is well suited for expatriates, business travellers and tourists as it is a few minutes’ walk from Orchard as well as Somerset Mass Rapid Transit stations with easy access to the Central Business District, world-class shopping malls and premium medical facilities.