Co-living space at Lyf Farrer Park with an art focused debuts in May
Lyf Farrer Park officially launched on May 25, which marks it as the 3rd Lyf (pronounced as “life”) space to be opened in Singapore.
Created by millennials, it is designed to announce the new ways living. Lyf Farrer Park takes in the vibrant culture and arts scene in the Farrer Park/Little Indian district. The park filled the interior with colorful murals created by local artists.
With a focus on creating an experience for the community through interactions with others and social interaction Lyf offers common spaces to provide the opportunity to build relationships and natural interactions. Residents are granted access CONNECT, a large open-plan workspace that covers the entire first floor. Fourth floor you will find an outdoor lawn with swings, a barbecue area that has barbecue pits, a communal kitchen as well as a jungle gym.
Since millennials are the primary market, neon signs and eclectic furniture are created to give off a fun and youthful feeling.
“The population of residents of Lyf generally ranges from 25 to 45years old,” states Genevieve Khua, deputy director at Lyf Singapore she adds that many of them are entrepreneurs with start-ups, and utilize Lyf as a way for networking and meeting new people. “After the outbreak tenants are looking for bigger social spaces since they aren’t looking to be too cramped in.”
There are 244 rooms at Lyf Farrer Park with three distinct room types. One hundred and eighty of rooms are “one of one unique” rooms. This is the norm across every Lyf properties and comprises of one bed and a bathroom. There are also 45 “side to side” rooms that have double beds and furniture similar to. Each room is sixteen square feet in area. Facilities for the pantry are shared in order to maximize use of space in the rooms. They are in a common space across the floors.
Furthermore there are fifteen “two of unique” rooms, which are larger with 313 square feet. They comprise two bedrooms, an open kitchen and dining space, which allows for more flexibility , and is perfect for families.
Bars and restaurants are located on the upper floors and accessible to all visitors. In the Elephant Room bar-cum-cafe uses freshly-sourced ingredients from the local Tekka Market in the neighbourhood. The new locally-owned F&B model, The East Side, will offer freshly prepared pizzas and beer brewed to order.
Events, workshops and walking tours are curated specifically for the residents of Lyf by Lyf team to increase the spirit of community. For instance, during the Lyf Farrer Park’s official opening cocktails and soap-making classes were offered as a preview of what residents can expect to enjoy during their time there.
Since its soft launch in February, the Lyf Farrer Park has surpassed 90% occupancy by June’s end as per Khua. The majority of residents are staying for long periods which comprise 65% of all residents. The long-term resident profile is comprised of executives who relocate to Singapore and couples of a younger age seeking temporary accommodations in the event of construction and BTO delays.
However, as border controls decrease, there has been an increasing trend towards short-term stays and they are expected to rise in the near future, Khua says. Short-term residents are mostly composed of singles and couples. Lyf Farrer Park also sees an increasing number of residents who are from India and who come here for business or leisure reasons. This is probably because of its proximity to Little india.
The typical daily rate is $140-$150 per night for stay of less than seven nights . The rates range from $100-$95 per night for extended stays lasting more than a full month.
Presently the occupancy rates for all Singapore’s Lyf properties are on average 85%. Lyf Funan sees a higher proportion of short-term stay stays because it is the sole property in Singapore that holds a hotel licence with the name. Lyf one-north enjoys a large share of entrepreneurs, entrepreneurs, and e-commerce students because of its position in the micro-market for technology and the private schools that are close by.
Lyf is a brand of co-living operated through The Ascott, CapitaLand’s serviced residential subsidiary. The Ascott also manages Citadinesand Ascott Residences and Somerset Serviced Residences. Somerset Serviced Residences, catering an array of residents from independent travelers to C-suites and millennials. Ascott hopes to have at least 150 Lyf living properties to be operational worldwide by 2030, despite the high demand for.
Lyf Funan began as the very first next-generation co-living brands to launch in 2019. It was followed by Lyf one-north that began operations in the last quarter of last year. The two brands are controlled by Ascott Residence Trust.