welcome to lyf, a coliving experience · CapitaLand’s Lodging Division >114,227* Serviced...
Transcript of welcome to lyf, a coliving experience · CapitaLand’s Lodging Division >114,227* Serviced...
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welcome to lyf,
a coliving experience
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Mindy Teo
• Deputy Managing Director of lyf for The
Ascott Limited
• Joined CapitaLand Limited in 2005, deployed to
The Ascott Limited in 2006
•
• Previous Portfolios:
• Vice President, Brand & Marketing
• Vice President, Innovation
• Head, Strategic Planning
• Head, Talent Management
• Launched 2 new brands, lyf and Citadines
Connect
• Revamped Ascott’s brand website and launched
Ascott’s loyalty program - Ascott Star Rewards.
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a new co-living serviced
residence concept,
designed by millennials
for millennials. lyf fosters
communal living and
social interaction for our
guests.
what is lyf?
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alternative accommodation
classes?Just as challenging as it is for Airbnb to offer more hotel-like options, it seems in
some ways even more daunting for hotel companies to start offering more Airbnb-
like accommodations and create new products. How can hospitality
companies reinvent, innovate and create new product lines to capture
new market trends?
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MILLENNIALS
there’s 2.5bn of them: they account for
about a third of the world’s population
they are powerful consumers with greater
spending power than boomers and gen X
they are mobile, connected through tech,
value experience over ownership
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identifying the target
audience – millennialshuge millennial travel and accommodation market
potential
by 2025, millennials
will comprise three-
quarters of the global
workforce
millennial travel
spend is valued
at >US$200bn
annually
millennials desire
different types of
accommodation –
authentic &
experiential travel
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empathize
Surveys of existing millennial customers across SG, FR, CN
how it all began
• Cross-functional team (360 perspective)
• Customer view points (surveys, focus groups)
Source: based on internal study done with 308 respondents from Singapore, France
and China, of which 164 were millennials aged 25-35 years old
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define - the needs of working
millennialsLong and short stay accommodation needs
Convenience• Difficulty committing to long
term plans
• more flexible lease terms
Community building• Seek spaces & opportunities
to bond with like-minded
people.
Cost concerns• Affordability is a key
consideration
Opportunities for
collaboration• Seek the collaborative benefits
of living in a community.
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The rise of sharing economy millennials prefer to share than to own
assets
ownership is not a necessity anymore;
for millennials, ownership can instead be
an obstacle in care and maintenance
hence, co-living concept is gaining
acceptance amongst millennials
globally
53.0% of millennials have used a sharing economy business in
the last year, with accommodation (26.8%),
proving particularly popular.
Hammerson UK Consumer Research, Jan 2017
define - the needs of working
millennials
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One of the leading international lodging owner-
operators economy
CapitaLand’s Lodging Division
>114,227*Serviced Residence& Hotel Units
Includes units under development
>739* Properties
>S$33b* Lodging RE
14 brands
184Cities
35Countries
On track to
achieve
>160,000Serviced
Residence
& Hotel Units by
2024
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the team having a young team to represent the growing millennial market
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maximizing good design to meet millennials needs
removed the kitchen and
living room
retained the bathroom
uncompromised sleep
experience
modular furniture
creative storage
Before – 25 sqm After – 14sqm
ideate – deconstruct the
apartments
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self-contained apartment vs self-contained building
ideate – deconstruct the
apartments
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ideate – deconstruct the
apartments
all together 6 bedroom apartment
lyf style room (themed room)
provide variety, customizable and functional rooms for
millennials to choose from
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meeting millennials needs by hearing them out
doing things a little differently
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connecting with millennials through instagrammable spaces
doing things a little differently
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lyf first generation
doing things a little differently
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#yourlyfcalling - lyf Recruitment boot camp
https://yourlyfcalling.com/
• A new way to hire that captures
the millennial market and builds
on the values of coliving
• Applicants had to submit their CV and a
1- minute introduction video
• Curated brand that resonated with millennials
• 22 applicants were shortlisted for the
bootcamp
• After the bootcamp, 3 candidates were
offered a 1-year contract with lyf
doing things a little differently
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lyfbyascott.com
Why did we do it?• We made it casual, inviting
and witty
• Less corporate
doing things a little differently
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lyfbyascott.com
Why did we do it?• We made it casual, inviting
and witty
• Less corporate
doing things a little differently
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lyf Funan Singapore - Media launch
What’s
different?• We made it as
interactive and
experiential as
possible with activities
and events
conducted by local
partners and
companies
• #lyfgoesLOCAL
• Positive
responses from
participants – media
and KOLs
doing things a little differently
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partnerships that work – comedy central Standup Asia 4
Why did we do it?• Brand awareness • Property awareness
• Engagement of target
audience:
Millennials and the
millennial minded who tune out from
conventional advertisements,
and tune in to knee-slapping stand-up shows.
doing things a little differently
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private apartments social spaces community
the final (?) product – lyf in a
nutshell
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private apartments
the final (?) product
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social spaces
the final (?) product
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community
the final (?) product
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SEA’s largest coliving
property with 412 rooms in
329 apartments and 5
different apartment types,
lyf Funan Singaporehas been operational since
1 September 2019, lyf Funan
Singapore forms an integral
part of Funan – an
integrated development
that also comprises a retail mall and two office towers.
lyf Funan Singapore
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what’s next? – global domination!
lyf cebu city
lyf fukuokajapan
lyf hongqiaoshanghailyf sukhumvit 8
bangkok
lyf raja chulankuala lumpur
lyf funanlyf one-northlyf farrer park
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the future is about
connectedness.
community.
conversation.
coworking.
coliving.
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l ivelyfhere
l ivelyfhere
https://www.lyfbyascott.com/
@live.lyf.here
facebook.com/live.lyf.here