Post-merger, Hmlet will become part of Habyt Group with a global portfolio of over 8,000 units across 10 countries worldwide (Photo: Hmlet)
SINGAPORE (EDGEPROP) - Co-living operator Hmlet has announced a merger with European co-living player Habyt. Upon completion, it will become part of the Habyt Group, which has a global portfolio of over 8,000 units worldwide and a presence in 10 countries and 20 cities. The group will cater to the fast-growing flexible living sector, enabling members to move effortlessly between locations.
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Hmlet will retain its brand name, operating as the Asia Pacific subset of Habyt. Hmlet CEO Giselle Makarachvili will become head of Apac at Habyt, while chief real estate officer Joshua Li will become Habyt’s head of expansion, Apac. They will both report to Luca Bovone, founder and CEO of Habyt.
“I’m thrilled for Hmlet to be a part of global consolidation in the flexible living sector, combining Europe’s and Apac’s strongest players for an exciting journey ahead,” Makarachvili commented in a statement on April 12. “As the leading growth platform in Apac, we are continuing to deepen our footprint in our existing markets and aiming to expand into new markets as well.”
Hmlet currently operates a total of 1,200 units in Singapore, Hong Kong and Japan. It aims to reach 2,300 units in Asia Pacific by the end of the year, with a focus on major hub cities in the region.
To fund its growth plans, Hmlet recently closed a funding round from existing investors led by Burda Principal Investments and Sequoia Capital, as well as from new investor Sassoon Investment Corp. The latter is the family office of the Sassoon family, well-known for bringing The Coffee Bean & Tea Leaf franchise to Asia. Habyt Group also has upcoming plans for a Series C fundraising round.
In Singapore, Hmlet’s latest launch was at 16 Hamilton Road this year, with 68 rooms across a row of eight conservation shophouses. Positioned as a turnkey private housing solution for locals and expatriates, the property has two-bedroom private suites and three- and four-bedroom co-living apartments. It had a pre-opening occupancy of 78% leading up to its opening in March and to date, the rooms have been fully taken up, according to Hmlet.
Meanwhile, the company also announced the signing of three new buildings in Hong Kong with a total of around 100 units. The three properties will open this quarter.