Expanding its borders to include Japan's Tokyo in its clientele is the renowned co-living operator, Hmlet
FREMONT, CA: Hmlet, one of Singapore's renowned co-living operators along with Mitsubishi Estate Co. (MEC) has jointly launched in Tokyo. Hmlet now operates in 4 markets in the world at present, of which Japan is it's latest. The duo compromising Hmlet and MEC are making a combined investment of US$25 million for the companies' expansion over the next three years. Japan will be the company's largest market in the region, with more than a 1000 rooms signed in for Hmlet over the next six months. The startup aims to expand to Osaka and Nagoya cities as well.
The company plans to expand its market to over 10,000 rooms in Japan in the next few years. Hmlet's first property in Japan, Hmlet Shibuya Shoto launches in Shibuya in the mid-October. The properties of the company are purpose-built co-living building that features options from a studio apartment to duplex configurations. These were much better equipped with communal rooftop for the members to connect, network, relax, and attend community events.
MEC is one of the largest land developers in Japan; it has also invested in Hmlet's latest Series B funding round. As agreed, MEC will manage the sourcing of properties while the Hmlet focuses entirely on design and community management.
Along with other terms, the Mitsubishi Estate Residence (MER) that is wholly owned by MEC, will be Hmlet's preferred real estate partner in Japan. The arrangement between the two companies will grant Hmlet access to MEC's broad range of existing and in-development phase high-luxury residential buildings, as well as the ability to work with any other real estate agent in the country.
Hmlet offers a much-necessary solution in Japan by suggesting hassle-free, custom-designed homes which ignite a sense of belonging in the community. The company believes it has the potential to bridge the gap present in flexible, affordable, and secure accommodation, primarily through wait otp. Hmlet’s expansion to Japan occurs for a month after the company raised US$40 million in a Series B round led by Burda Principal Investments in July 2019.