Fresh from launching its largest facility to date in Tanjong Pagar and raising S$40m in Series B funding, Hmlet has just announced that it has expanded to Japan via a partnership with Japanese real estate developer Mitsubishi Estate Co, Ltd. (MEC).
A combined investment of US$25 million will go into funding this expansion over the next three years.
Japan is expected to be one of Hmlet’s largest markets in the region, with more than 1,000 rooms expected to be signed in the next six months.
There are also plans to expand to the cities of Osaka and Nagoya in the pipeline.
They have plans to grow to 10,000 rooms in Japan in the coming years, with its first Japan property, Hmlet Shibuya Shoto, launching mid-October.
The property will feature a range of studio and duplex configurations, and also a communal rooftop for members to network, relax, and even attend community events.
MEC will manage the sourcing of properties in Japan, while Hmlet will be overseeing all aspects of design and community management.
Mitsubishi Estate Residence (MER), which is fully owned by MEC, will also serve as Hmlet’s preferred real estate partner in Japan.
This arrangement will grant Hmlet access to MEC’s pipeline of existing and in-development phase premium residential buildings, as well as the flexibility to work with other real estate developers in the country.
“We have expanded to Japan due to Hmlet’s potential to bridge the gap for flexible, affordable and secure accommodation amidst rising rental costs.” The traditional model of stacking agency fees, advance rental payments and language barriers have been stressful complexities that have not yet evolved to meet the needs of modern residents,” said Yoan Kamalski, CEO of Hmlet.
The traditional model of stacking agency fees, advance rental payments and language barriers have been stressful complexities that have not yet evolved to meet the needs of modern residents,” said Yoan Kamalski, CEO of Hmlet.
“We believe that Hmlet’s unique co-living concept is both timely and relevant to the needs of Japanese young professionals.”
“While co-living spaces are a relatively new concept in Japan, we believe our model will meet today’s demands around accommodations, including an increasingly mobile workforce and professionals that travel domestically for work,” said Kenichi Sasaki, CEO of Hmlet Japan.