lyf Farrer Park, an art focused co-living space managed by The Ascott, debuts in May
By Hailey Yu
/ Edgeprop Singapore |
The lobby at lyf Farrer Park (Credit: Samuel Issac Chua/ The Edge Singapore)
SINGAPORE (EDGEPROP) - lyf Farrer Park officially launched on May 25, marking the third lyf (pronounced as ‘life’) space to open in Singapore.
Designed by millennials to herald a new way of living, lyf Farrer Park draws inspiration from the vibrant arts and cultural scene at the Farrer Park/Little India district and decorated the interior with colourful murals by local artists.
Exterior of lyf Farrer Park, next to Uptown Farrer Park (Credit: Samuel Issac Chua/ The Edge Singapore)
With a focus on cultivating a community experience through social interactions and engagements, lyf features common spaces to create opportunities for natural interactions and connections. Residents have exclusive access to CONNECT, an open concept co-working space that spans half of the first floor. On the fourth floor, there is an outdoor lawn area with swings, a cook-out area with barbeque pits, a social kitchen and a jungle gym.
As millennials are the target audience the neon signages and eclectic furniture are designed to convey a playful and youthful vibe.
“The age profile for residents at lyf typically range from 25 to 45,” says Genevieve Khua, area manager at lyf Singapore (The Ascott Limited), adding that many are entrepreneurs who own start-ups and use lyf as a platform to network and meet new people. “After the pandemic, tenants want larger social spaces as they don’t want to feel too cooped up.”
There are a total of 240 rooms at lyf Farrer Park with three different room types. A hundred and eighty of them are “one of a kind” rooms, which is the standard across all lyf properties and consists of a single bed and bathroom. There are 15 “side by side” rooms with double beds and similar furnishings. Both room types are 161 sq ft in size. Pantry facilities are shared to maximise space usage within the rooms, and are located in a common area on every floor.
In addition, there are 45 “two of a kind” rooms which are larger at 313 sq ft and encompass two bedrooms with a shared kitchen and dining area, allowing for greater flexibility and is ideal for families.
Two-of-a-kind room at lyf Farrer Park (Credit: Samuel Issac Chua/ The Edge Singapore)
Bars and eateries are located on the first floor and open to the public. The upcoming local F&B concept, The Yeastside, will serve freshly-made pizzas and brewed beers.
Workshops, events and walking tours are specially curated for residents by the lyf team to enhance the community spirit. For example, during the lyf Farrer Park official launch, cocktail and soap-making workshops were conducted as a sample of what residents could enjoy during their stay there.
Since its soft opening in February, lyf Farrer Park has reached more than 90% occupancy as of the end of May, according to Khua. Majority are long-term stays, making up 65% of the total residents. The profile of long-term residents consists of executives relocating to Singapore and younger couples looking for temporary accommodation due to construction or BTO delays. However, as border restrictions ease, there has been a shift towards short-term stays and are likely to increase in the future, Khua says. Short-term residents are largely made up of individuals and couples. lyf Farrer Park also sees a significant number of residents hailing from India, here either for leisure or business purposes. This is likely due to its proximity to Little india.
Average daily rates range from $140 to $150 per night for transient stays of less than seven nights to $95 to $100 per night for long stays of more than a month.
Currently, occupancy rates across all of Singapore’s lyf properties average 85%. lyf Funan sees a higher share of short-term stays as it is the only property in Singapore with a hotel licence under the brand. lyf one-north has a share of e-commerce, entrepreneurs and students due to its location within the technology micro market and private schools nearby.
lyf is a co-living brand managed by The Ascott, CapitaLand’s serviced residence arm. The Ascott also manages Citadines, Ascott Residences as well as the Somerset Serviced Residences, catering a range of residents from independent travellers to millennials and C-suites. Ascott targets 150 lyf co-living properties to be operational globally by 2030 in face of high demand.
lyf Funan was the first of the next-generation co-living brand to start operations in 2019, followed by lyf one-north which launched late last year. The latter two are owned by Ascott Residence Trust.
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