Hmlet, one of Singapore’s leading co-living operators, has launched in Tokyo with joint-venture partner Mitsubishi Estate Co. (MEC).
Japan is Hmlet’s fourth market after Singapore, Hong Kong, and Sydney.
Hmlet, together with its MEC, will make a combined investment of US$25 million for the expansion over the next three years.
Japan is expected to be one of Hmlet’s largest markets in the region, where more than 1,000 rooms will be signed in the next six months.
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The startup also has plans to expand into Osaka and Nagoya.
With plans to grow to 10,000 rooms in Japan in the coming years, the first Japan property, Hmlet Shibuya Shoto, will launch in Shibuya in mid-October. The purpose-built co-living building features a range of studio and duplex configurations, as well as a communal rooftop where members can connect, network, relax and attend specially-curated community events.
MEC, one of the largest real-estate developers in Japan, is also an investor in Hmlet’s latest Series B funding round. As part of the partnership, MEC will manage the sourcing of properties while Hmlet will oversee all aspects of design and community management.
Additionally, Mitsubishi Estate Residence (MER), which is wholly owned by MEC, will serve as Hmlet’s preferred real estate partner in Japan. This arrangement grants the co-living operator access to MEC’s broad pipeline of existing and in-development phase premium residential building, 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. Hmlet can provide a much-needed solution in Japan by offering hassle-free, custom-designed homes coupled with a sense of belonging and community,” said Yoan Kamalski, CEO of Hmlet.
“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.
“In Japan, we will incorporate Japanese aesthetics into our co-living spaces, as well as activities that will allow our members the opportunity to engage with the local community, giving them a space they can call home,” Sasaki added.
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Hmlet’s expansion to Japan comes shortly after the company raised US$40 million in a Series B round led by Burda Principal Investments in July 2019.
Launch in 2016, Hmlet operates in more than 93 locations across Singapore, Hong Kong, Sydney and Tokyo. The startup claims it is on the way to operate more than 2,400 rooms by the end of 2019.
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