Someone asked me before. Do I think co-living will become a trend in the future. I have a family and I think I do not wish to have strangers in my home, not now not in the future. However, here are my thoughts on co-living. I think three things must happen for co-living to become extremely popular. First one is when prices for individual homes reach a level which is unreachable by majority of the population.
Second one is when the “work from home workforce” becomes the majority versus working in an office like what we usually have today. Third is definitely when the supply of such co-living homes become the norm versus what we have currently. Briefly, PRICE, JOBS and SUPPLY in my personal opinion will determine the popularity of co-living in the future. Of course there are other reasons too.
Article in straitstimes.com In Singapore, CapitaLand unit The Ascott has opened lyf Funan Singapore, its first co-living property, spanning around 121,000 square feet (sq ft) of gross floor area. (WOW, HUGE) This is a nine-storey property and it comprises 412 rooms across 279 apartments. Five apartment types ranging from 18 to 105 square metres are available, with room rates from $150, excluding taxes, to cater to both short and long stays.
The lyf concept is said to be “managed by millennials for the millennials and millennial-minded.” It will provide collaborative spaces and social programmes to create a “live-work-play” experience. Guests could co-organise and co-create community programmes or partake in TED talks, craft workshops and hackathons.
Seven more lyf properties are slated to open in the next three years, with two more opening in Singapore – lyf Farrer Park Singapore which will open in 2020, and lyf one-north Singapore which will open in 2021. Beyond Singapore, it would also open in Bangkok, Fukuoka, Kuala Lumpur, Cebu and Shanghai, with the properties due to open by 2022 Please refer here for more details on lyf. Article in straitstimes.com
Anyone agree with me on my Price, Job and Supply thoughts for co-living. Does not matter I guess. All these new developments are very fluid and things could change very fast too. Perhaps it’s even better to look forward to lyf opening up in Kuala Lumpur. With a property so close to home, we could now see for ourselves whether this concept is about to take off very strongly or still needs some time to adjust and find a stronger foothold. Happy waiting for it here like me.
Featured image is by Capitaland.
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