Hmlet, Singapore's biggest co-living company has entered the Australian market with the launch of two housing properties in Sydney.
Following the takeover of local co-living startup Caper Living, Hmlet begins its Australian operations with two housing projects located in the suburbs of Marrickville and Newtown. While the Marrickville property can accommodate 70 people, Newtown will offer accommodation for 20 tenants.
Hmlet capitalises on the growing demand for more flexible, community-based options of living in cities such as Sydney, and therefore, sees Australia as the ideal market for their expansion.
Primarily targeting millennials, Hmlet’s co-living concept offers fully furnished spaces with flexible leasing options to members.
According to Hmlet chief executive and co-founder Yoan Kamalski, a recent tour across Australia's major capital cities revealed that build-to-rent will become an important part of the Australian property market with co-living helping to drive the momentum of this burgeoning sector.
Kamalski says they look forward to welcoming many more people to experience Hmlet's community in Australia. The company is already planning expansions into Melbourne and Brisbane, and will be leveraging the Caper team's local expertise to reach a target of 1000 members for their co-living spaces.
Hmlet offers a solution to those hassled by the high costs of home ownership as well as the problems associated with living and renting in cities. The huge community of international students in Australia also presents a potential market for the co-living concept.
Founded in 2016 by Kamalski and Zenos Schmickrath, Hmlet currently operates in Singapore and Hong Kong with fully-furnished rental apartments at 15 locations.
Named a Forbes rising Asian new business, the co-living brand has a $US6.5 million Series A investment from Sequoia India to facilitate its expansion into new markets.
The recently completed Hmlet Marrickville offers space for 70 tenants across six floors and includes a garden, terrace and outdoor kitchen.
Hmlet Newtown on King Street will accommodate 20 tenants and features a co-working space, communal living and kitchen spaces, and a rooftop terrace.