The Ascott Limited's first European lyf property is scheduled to open in 2024 following a confirmed agreement with the COFFIM group last December.

The announcement was made in the autumn and is now confirmed. The Singaporean group will set up its first co-living lyf property in Paris in a former printing works.

Thibault Dutreix, COFFIM's Managing Director, said. "This Parisian operation to transform a former Parisian printing works into a lifestyle residence for the international Ascott Group is a great source of pride for COFFIM and its teams. Conducted in partnership with the city of Paris and initiated in the middle of the Covid period, we have succeeded in bringing to fruition this ambitious project which will allow the arrival of a new Parisian hotel property in time for the Olympic Games. The architectural and environmental quality of the project, designed by the Hardel Le Bihan Architects agency, must be emphasised, with in particular the creation of a large open-roof planted patio, which will be one of the signatures of the property".

The property will offer 139 homes in the Gambetta district of Paris. The accommodation will be divided as follows: "One of a Kind" double rooms, "Side by Side" twin rooms, "One of a Kind Plus" studios with fully equipped kitchens, and "Two of a Kind" twin rooms with a private bathroom and shared kitchen.

The Singaporean group has ambitions for further openings worldwide with more projects to come in Europe. The brand has a pipeline of 12 properties in Bangkok, Cebu, Danang, Kuala Lumpur, Manila, Melbourne, Paris, Beijing, Shanghai, Singapore and Xi'an.

Its European CEO Ngor Houai Lee said: "The signing of the first lyf residence in Paris marks a key step in the European development of our co-living brand. [...] We see strong potential for expansion in cities with a growing startup community like Paris."

The winning rehabilitation project of an architectural competition launched in 2019 by the City of Paris aims for an HQE label. It was made possible with joint funding from the BPCE group and Oaktree Capital Management.