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Ascott opens Japan’s first lyf coliving property in the vibrant Fukuoka City

Author: Theodore Koumelis / Date: Wed, 06/16/2021 - 21:14
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lyf continues strong growth with 12 more properties set to open across 10 cities in Asia Pacific.

Singapore – CapitaLand’s wholly-owned lodging business unit, The Ascott Limited (Ascott), will be opening lyf Tenjin Fukuoka, Ascott’s first lyf-branded coliving property in Japan on 16 June 2021. lyf Tenjin Fukuoka is the first of six lyf properties that are slated to open this year in Singapore, Hangzhou, Shanghai and Xi’an, as Ascott gears up to meet the strong demand by customers and property owners for the unique lyf coliving product.

The 131-unit lyf Tenjin Fukuoka is strategically located in Tenjin, the major shopping and recreational centre of Fukuoka, and is near the business district as well. The coliving property is also near the trendy Daimyo and Imaizumi areas, surrounded by major malls, vintage stores, boutique outlets, local street food stalls, chic cafes and a vibrant nightlife scene. lyf Tenjin Fukuoka is close to cultural attractions such as the Kushida Shrine and Tochoji Temple. It is a five-minute walk from the Nishitetsu Fukuoka and Tenjin Minami train stations, and a 20-minute drive from the Fukuoka Airport. The property is also part of Resola Imaizumi Terrace by NTT Urban Development, a development with commercial, retail and food & beverage components.

Ascott currently has a total of 15 lyf properties with over 3,000 units in 12 cities and eight countries, comprising three properties that have opened and 12 under development. lyf Tenjin Fukuoka follows the opening of lyf Funan Singapore and lyf Sukhumvit 8 Bangkok. The five properties slated to open in 2021 are lyf Farrer Park Singapore and lyf one-north Singapore as well as lyf Midtown Hangzhou, lyf Hongqiao Shanghai and lyf Dayanta Xi’an in China. Between 2022 and 2024, seven more lyf properties are slated to open in Beijing, Cebu, Danang, Kuala Lumpur, Manila, Melbourne and Shanghai.

Mr Tan Lai Seng, Ascott's Regional Manager for Japan & Korea, said: “As a hybrid lodging solution that combines the best of serviced residences, hotels and coliving apartments, we are confident that our first lyf property in Japan will meet the demands of guests seeking flexibility, value and an enriching community experience. Designed for the next generation of guests such as digital nomads, technopreneurs, creatives and self-starters, lyf Tenjin Fukuoka enable guests to live, work and play in a dynamic environment as well as connect and collaborate as a community.”

“lyf Tenjin Fukuoka’s flexible communal spaces and curated social programmes allow us to tap on the growing interest amongst travellers to interact with locals or enjoy local culture or unique experiences[1]. From lyf Tenjin Fukuoka’s central location, guests can also experience Fukuoka’s rich cultural and contemporary offerings. We expect strong domestic demand for lyf Tenjin Fukuoka including corporates and leisure guests from major cities such as Tokyo and Osaka as well as other cities in Kyushu. We will continue to seek suitable opportunities to expand the lyf brand in Japan, while deepening Ascott’s presence in the country,” added Mr Tan.

Despite COVID-19, Ascott remains resilient in Japan and its serviced residences maintained robust occupancy. Its rental housing properties[2] achieved strong occupancy rate of over 95%. Japan remains as a highly popular travel destination with over 55% of travellers in Asia and 24% of travellers in Europe, USA and Australia citing Japan as their top travel destination[3].

Leveraging Ascott’s award-winning in-house design expertise, lyf Tenjin Fukuoka is uniquely designed to feature Fukuoka’s culture and charm as a port city, as well as the flavours of the property’s locale through the creative spaces and artworks within the property.

Notes:

[1] JTB Corporation - Prospective Travel Trends in 2020

[2] Held under Ascott’s hospitality trust, Ascott Residence Trust

[3] Development Bank of Japan and Japan Travel Bureau - Survey on Tourist Travel to Japan from Asia, Europe, the United States, and Australia (2020)

 

ABOUT THE AUTHOR

Theodore Koumelis

Co-Founder & Managing Director

Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.