Hong Kong: Co-living operator Hmlet is set to open a 57-unit property in Hong Kong next month.
It is the biggest property yet for the Singapore-based company, which continues to expand its presence in Asia Pacific after raising $40 million in a series B funding round in July this year.
The addition brings the start-up’s presence in Hong Kong to 250 rooms, which include individual serviced apartments and rooms within dedicated centres operated by Hmlet. Located in Mong Kok, prices at the newest venue, called Hmlet Zion Apartments, start at HK$11,000 per month. Residents of the fully-furnished rooms have the use of a communal rooftop with a barbecue space on the 27th floor. Those who don’t wish to share can pay a higher rate of HK$19,700 per month for an apartment with its own bathroom and kitchen.
“We’ve seen our philosophy and operational model resonate with the Hong Kong market since our launch,” said Hmlet’s CEO, Yoan Kamalski, who co-founded the company three years ago.
Kamalski said that expats and “internationally minded locals” are driving demand, with occupancy at Hmlet’s rooms in the city at 95 per cent.
Hmlet aims to have to 400 rooms in Hong Kong by the end of this year, with a target of operating more than 1,000 rooms in the city by the close of 2020.
The announcement comes three days after Hmlet announced it had opened for business in Japan through a joint venture with developer Mitsubishi Estate Company.
With the JV’s first shared facility set to open in Tokyo in the middle of this month, Hmlet aims to open 10,000 rooms in Japan over the next three years, funded by a combined investment of $25 million.
Last month Hmlet increased its footprint in Australia to 300 rooms through a deal with Australian real estate firm Revelop, which will add an additional four properties in Sydney and Parramatta.
