A new and lyf-ly way of living
In Singapore ever-evolving and changing landscape, one movement that is developing remarkably in the real estate industry is coliving. Living in a co-living accommodation is not only about leasing a room; co-living is a lifestyle that combines private living spaces with shared amenities, all under one roof. It is a popular solution to a range of problems in renting a space to live in Singapore: sky-rocket rents, lack of interaction, and the quest for a more sustainable way of living. The way Genevieve Khua, country director, revenue management and area manager, for co-living player lyf, sees it, the co-living gameplan is essential in Singapore for several factors. “As a small city-state with limitation in land, there is always a problem of providing accommodation in prime locations at affordable rates. Co-living gives solution to this issue by offering strategic locality with shared living spaces, allowing residents to benefit from the convenience without burning their wallet,” commented Khua. In addition, Khua points out that not only have property prices in Singapore been rocketing, but the cost of living too has followed suit. This has as a result caused many young professionals, both local and from overseas, to tussle sourcing rental units which are affordable. “Co-living offers a cost-effective solution by providing fully furnished apartments with shared amenities, drastically lowering living expenses and yet allowing residents to enjoy a fulfilling lifestyle. Its flexibility in terms of lease term allows residents to adapt according to their changing circumstances,” says Khua. Apart from benefiting from the convenience and cost savings, co-living promotes a sense of community and social interaction, which is extremely valuable in urban settings where people can feel depressed. This is drastically beneficial for foreigners. Khua explained that the lyf model caters a special way to interact and socialize with fellow residents rather than the cookie-cutter hotel rooms, where guests do not have the chance to socialize. At the forefront of this shift towards community-based living is lyf, a brand by The Ascott Limited, the lodging arm of CapitaLand Investment. While this trend is still changing, lyf has already fortified its presence in Singapore. There are three lyf properties in the city-state — lyf Funan, lyf Farrer Park and lyf one-north.“The results from guests opting to stay at lyf properties has been extremely heartening. The lyf properties have obtained an occupancy of 85%, which indicates that the properties can gain a steady stream of guests with its affordable rates and unique offerings,” shares Khua.