Singapore’s Ascott is planning to spend S$170 million on a new serviced residence at Funan

Artist’s impression of the The Ascott’s Lyf serviced residences at Funan.
The Ascott

The upcoming Funan integrated development, which will have indoor cycling lanes and a rock climbing facility, will also be home to a 121,000 sq ft serviced residence targetted at millennials, CapitaLand announced on Friday (Aug 4).

Singapore serviced residence operator The Ascott acquired the land from CapitaLand Mall Trust for S$90.5 million, and plans to spend S$80 million on building its millennial-focused lyf serviced residences there.

The Ascott, which is wholly owned by CapitaLand, said that the nine-storey lyf Funan Singapore will be “designed by millennials for millennials, and is set to offer a new way of living and collaborating as a community in the heart of Singapore’s Civic & Cultural District”.

When it opens in 2020, the lyf complex will host a total of 279 units with the flexibility to offer up to 412 rooms.

The Funan development is slated to open in 2019, and will comprise a mall and two office towers offering cutting-edge retail innovations and co-working spaces.

With the acquisition, The Ascott will have close 2,000 units in 12 properties across Singapore, making it the largest and fastest growing serviced residence operator in Singapore, a spokesman said today.

“We see strategic advantages for lyf’s co-living concept at Funan as we expect demand from local and foreign business executives working in the business district and in Funan, as well as new market segments like technopreneurs, startups and those in the entertainment, fashion and creative industries,” said Mr Lee Chee Koon, Ascott’s Chief Executive Officer.

According to Lee, millennial travellers currently make up a quarter of Ascott’s global customer base.

To date, there have been four lyf properties announced. The other Singapore property, lyf Farrer Park Singapore, is scheduled for opening in 2021, while the company’s Chinese properties lyf Wu Tong Island Shenzhen and lyf DDA Dalian in China are scheduled to open in 2018.