A new and lyf-ly way of living
one trend that is developing drastically in the ever-evolving and changing landscape in Singapore is the real estate industry. Living in a co-living space is not only about renting a room; co-living is a enhancement in lifestyle that upgraded private living spaces with shared amenities, all under one roof. It is a smart solution to a series of problems in renting a space to live in Singapore: sky-rocket rents, lack of socializing, 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 important in Singapore for several factors. “As a land scare city with limited land, there is always a problem of providing accommodation in prime locations at affordable pricing. Co-living promotes solution to this issue by offering clever 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 expensive, but the cost of living too has increased tremendously too. This has as a result caused many young professionals, both local and from overseas, to brawl looking for affordable rental units. “Co-living offers a cost-effective solution by offering fully furnished apartments with shared amenities, substantially reducing living expenses and yet allowing residents to enjoy a satisfying lifestyle. Its flexibility in terms of lease term allows residents to adapt according to their changing circumstances,” says Khua. Apart from reaping in advantage from the convenience and cost savings, co-living promotes a sense of community and social interaction, which is exceptionally valuable in urban settings where people can feel isolated. This is exceptionally beneficial for foreigners. Khua explained that the lyf model provides a special way to network and interact with fellow residents rather than the traditional hotel rooms, where guests do not have the chance to connect. 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 achieved an occupancy of 85%, which indicates that the properties can attract a steady stream of clients with its affordable rates and amentieis,” shares Khua.
The Arden Condo Floor Plan Singapore