A new and lyf-ly way of living
In this constantly-changing Singapore landscape, one movement that is changing significantly in the real estate industry is coliving. Living in a co-living accommodation is not just about leasing a room; co-living is a lifestyle that combines private living spaces with shared amenities, all under one roof. It is a trending solution to a range of conflicts in renting a space to live in Singapore: ridiculous rents, social isolation, 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 model is important in Singapore for several reasons. “As a small city-state with constraint in space, there is always a difficulty of providing competitive accommodation in prime locations. Co-living gives solution to this issue by offering strategic locality with shared living spaces, allowing residents to leverage on the convenience without burning their pocket,” commented Khua. On top of that, Khua points out that not only have property prices in Singapore been soaring, but the cost of living too has followed suit. This has as a result make many young professionals, both local and from overseas, to grapple sourcing an affordable rental units. “Co-living offers a cost-effective solution by providing fully furnished apartments with shared amenities, significantly reducing living expenses and yet allowing residents to enjoy a soothing lifestyle. Its options in terms of lease term allows residents to adapt according to their changing circumstances,” says Khua. Apart from leveraging on the convenience and cost savings, co-living enhances a sense of community and social interaction, which is especially valuable in urban settings where people can feel lonely. This is extremely advantageous for foreigners. Khua elaborated that the lyf model provides a unique way to connect and network with fellow residents rather than the cookie-cutter hotel rooms, where guests do not have the chance to interact. 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 evolving, lyf has already cemented its brand in Singapore. There are three lyf properties in the city-state — lyf Funan, lyf Farrer Park and lyf one-north.“The response from guests opting to stay at lyf properties has been pretty overwhelming. The lyf properties have attained an occupancy of 85%, which indicates that the properties can attract a steady stream of guests with its affordable rates and unique offerings,” shares Khua.