Hong Kong: Dash Living is launching its first co-living project in Hong Kong after securing commitments for $10 million in a pre-series A funding round.
The 51-room property on Carnarvon Road in Tsim Sha Tsui brings the five-year-old company’s portfolio to more than 600 rooms in Hong Kong, across a range of serviced apartments, co-living spaces, and a boutique hotel.
The capital raised in the funding round was led by Hong Kong-based venture capital fund Mindworks. It will be used to help finance the company’s expansion across multiple Asian markets over the next 18 months.
Prices at Carnarvon Road facility start from HK$11,000 ($1,400) for a fully furnished en-suite studio, while an apartment with a small kitchen area and a separate bedroom is HK$18,000 per month. Dash co-living tenants also have access to the property’s communal facilities including a fully-equipped kitchen and a rooftop terrace.
Lee explained that demand for the company’s co-living operation, which is fully occupied after opening four months ago, is being driven by young professionals and millennials who are looking for flexibility, affordability and a ready-made community that they can plug into.
Offering an App-connected People Network
Dash Living founder Aaron Lee said: “Millennials are getting priced out of the market and we’re trying to use co-living to solve that problem. We’ve seen a huge demand from expats who are coming to the city for the first time, and perhaps don’t have friends or family here, but Dash offers them a network of people they can interact with.”
The company organises regular social gatherings such as “Happy Wednesdays” at the Hong Kong Jockey Club and one-off events such as a mid-autumn festival party hosted by Moonzen Brewery. Residents also get “perks” as a member of the Dash community, including a gym pass for any VO2 Fitness Centre in the city and discounts at co-working spaces, restaurants and cafes. A mobile app, which residents use to access their room as well as common spaces such as the lounge and laundry room, provides a messaging service and access to partners’ discounts.
Dash Living also has a portfolio of more than 200 serviced apartments under the Dash Suites brand, located in various properties across Central, Wan Chai, Causeway Bay, Tsim Sha Tsui, and Jordan.
The company also operates an Airbnb-style home-sharing platform, Dashare, which makes available an additional 300 units across Hong Kong, as well as a 30-room hotel in Tsim Sha Tsui
“What we’re expecting to see is that some of our residents graduate from co-living into suites as time goes on, while still enjoying access to community events,” he said. “We’re not just a co-living company – we’re a network of people aged between 20 and 50 years old who have a similar mentality,” said Lee.
