The Millennial move towards communal living, or coliving, is opening up opportunities for real estate developers and investors in Asia’s busiest cities. said a report by JLL. Co-living, a term used to describe a living arrangement that is something more than shared space, is growing in Asia.
At present, some developments described as co-living are no more than upmarket dormitories for budget-conscious students, while others are just shared apartments with different branding. But from the property investor’s point of view, co-living offers an attractive opportunity to gain extra revenue from services and to be able to fit a larger number of rooms in a single building. Hotel owners have also been converting under performing hotels to co-living facilities.
For lyf’s upcoming facility at Funan Singapore, The Ascott Limited, through its serviced residence global fund with Qatar Investment Authority, has reportedly paid SGD 90.5 million to CapitaLand Mall Trust to acquire land for the serviced residence component and will spend an estimated SGD 80 million to develop lyf’s flagship co-living facility in Singapore.
Tender for the site closed on 30 July 2018 with four bidders vying for the site. The site was eventually awarded to Ascott Residence Trust who offered the highest bid of SGD 62.4 million for the site, together with a proposal that features creative use of communal spaces and comprehensive programmes to promote social bonding, wellness, personal development and business networking for future residents.
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