Mingtiandi

Asia real estate and outbound investment news

  • Facebook
  • LinkedIn
  • RSS
  • Twitter
Sign Up / Login Logout

Lost your password?
Register
Forgotten Password
Cancel

Register For This Site

A password will be e-mailed to you.

  • Capital Markets
  • Events
    • Join the Mingtiandi Proptech Forum 2021
      • Asia Proptech 2021: COVID-19 Accelerates a Trend
      • Panel Talk: Tech Adoption in Logistics Real Estate
    • Promote Your Brand with the Mingtiandi Proptech Forum 2021
    • 2021 Mingtiandi Event Calendar
    • More Events
  • MTD TV
  • People
  • Logistics
  • Asia Outbound
  • Retail
  • Design & Construction
  • Research & Policy
  • Advertise

Hmlet Targets Australia with Sydney Co-living Tie-up 

2019/09/12 by James Hatton Leave a Comment

Hmlet’s purpose-built property in Sydney is due to open next year

Just weeks after opening its largest property ever in Singapore, co-living operator Hmlet has announced its first multi-asset deal in Australia with Sydney-based developer Revelop.

The Hmlet-Revelop deal comprises two converted residential properties in central Sydney and another pair of co-living centres 25 kilometres away in Parramatta, a satellite town often referred to as the commercial district of Western Sydney.

Benoy banner

“Revelop’s partnership with Hmlet is a great example of how co-living in Australia is gaining recognition amongst the wider property community as an attractive asset class,” said Revelop’s co-founder and director, Anthony El-Hazouri.

Doubling Down Under

The partnership with the ten year-old redevelopment specialist will double the number of co-living properties Hmlet operates in the Sydney area from four to eight, with the company planning to expand its Aussie portfolio into Melbourne and Brisbane.

The Singapore-based shared living pioneer, which targets lonely millennials with its 75 Asia Pacific properties, plans to have a total of 2,400 rooms in operation by next year, just four years after founders Yoan Kamalski and Zenos Schmickrath started the company by renting out rooms in their semi-detached home.

The Australian alliance will bring Hmlet’s total number of rooms in Australia to 300, just over six months after entering the Australian market through the acquisition of co-living operator Caper Co-living.

Yoan Kamalski

Hmlet co-founder Yoan Kamalski thinks co-living is about to take off down under

The announcement of this latest deal comes less than two months after Hmlet secured HK$310 million ($40 million) in fresh capital from investors including Burda Principal Investments and Mitsubishi Estate, which the company said it would use to ramp up its presence in Asia Pacific.

Pushing Shared Spaces in Sydney

Hmlet is counting on urban population growth to drive the sector in Australia, despite co-living in the Antipodes lagging behind other countries, according to property services company JLL.

“When plotting Hmlet’s future growth in Australia, we recognised the strategic importance of establishing a presence in Parramatta to cater to a swelling urban population, which in turn is feeding the need for community-oriented living,” said Hmlet Australia’s managing director, Chrystan Paul. “With a quarter of a million people expected to move into area by 2041, at a population growth of 107 per cent, this new way of living isn’t just preferable, it is necessary”.

The first of the properties to come out of the Hmlet–Revelop partnership is the 31-room Hmlet Mays Hill, which opened last month.

Located in the government hub of Parramatta, 25 kilometres north-west of Sydney, the property is a ten minute drive from the A$2.7 billion ($1.9 billion) Parramattta Square renewal project, which will bring 45,000 square metres (484,376 square feet) of commercial space to the city, as well as a A$220 million ($151 million) campus for Western Sydney University.

Purpose-Built Co-Living Properties

The partnership’s second project in the emerging commercial district, which is due to be completed next year, is a purpose-built co-living centre fifteen minutes’ walk from the Parramatta Square renewal project.

Dubbed Hmlet Harris Park, the property’s 41 en-suite studios, rooftop terrace, and ground floor F&B outlets “will set the standard for purpose-built co-living developments in Australia”, according to the announcement.

The company said it will be adding a further 29 rooms across two locations in Sydney – one a twenty-minute walk from Manly Beach, and the other in a suburb five kilometres west of the University of Sydney.

“Co-living is emerging as a welcome solution for both renters and investors alike, who are seeking a solution to the problems associated with increased urbanisation in Australia’s major cities,” the company said in its statement.

Falling Home Ownership in Sydney

Despite the slower pace of adoption for co-living in Australia compared to Hong Kong or Singapore, JLL’s Australia-based senior analyst Ahmed Almihdar said conditions in Sydney should pave the way for opportunities in shared residential real estate.

Like other cities where co-living has been well-received, Sydney has a high population density with a large volume of temporary and longer-term expatriate professionals, according to Almihdar.

The analyst said that he expects the shared living experience to become more popular in Sydney as home ownership, which has fallen to 62 percent, falls further and attitudes towards urban lifestyles shift.

Related Stories

  • Singapore’s Hmlet Launches Its Largest Co-living Space in AustraliaSingapore’s Hmlet Launches Its Largest Co-living Space in Australia
  • Sequoia-Backed Co-Living Operator Buys into Sydney MarketSequoia-Backed Co-Living Operator Buys into Sydney Market
  • SC Capital Buys Sydney Office Building From Centuria for A$105MSC Capital Buys Sydney Office Building From Centuria for A$105M
  • GIC–Charter Hall JV Buys Sydney Office Tower From Brookfield for A$415MGIC–Charter Hall JV Buys Sydney Office Tower From Brookfield for A$415M

Share this now

  • LinkedIn
  • Share
  • Tweet
  • Email

Filed Under: Projects Tagged With: Australia, Co-living, daily-sp, Hmlet, Parramatta, Sydney

Proptech Registration Jumbo

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Spectra District Landscape C

Get Mingtiandi Delivered

Proptech Registration Column

Latest Stories

The building that Keppel recently sold last December

Keppel to Market Seoul Office Towers for Over $200M and More Asia Real Estate Headlines

westin sacramento3

Eagle Hospitality Trust Hotels Declare Bankruptcy as Singapore REIT Collapses

Graeme Torre APG

APG Boosts Godrej Indian Office Platform to $250M First Closing

Korea’s NPS Extends Term of CIO Ahn Hyo-joon

Allianz Fund Buys Stake in SG Tower for $477M, Picks Up Shanghai Office Complex

Sponsored Features

CK Lau

Asia Pacific Logistics Sector: Increasingly Varied Sector Requires Multiple Approaches Sponsored Feature

COVID-19 Uncertainty Creates New Priorities for Real Estate Investors Sponsored Feature

Urban planning

Urban Placemaking with Big Data and Little People Sponsored Feature

Hines’ One Museum Place Celebrates One Year of a New Shanghai Landmark Sponsored Feature

More Sponsored Features>>

MTD-QR-Code-320

Top Stories

Eagle Hospitality Trust Hotels Declare Bankruptcy as Singapore REIT CollapsesEagle Hospitality Trust Hotels Declare Bankruptcy as Singapore REIT Collapses

Allianz Fund Buys Stake in SG Tower for $477M, Picks Up Shanghai Office ComplexAllianz Fund Buys Stake in SG Tower for $477M, Picks Up Shanghai Office Complex

Tech Adoption in Asian Real Estate: Download the ReportTech Adoption in Asian Real Estate: Download the Report

CapitaLand Tops Out Singapore Trophy Tower, Targets Completion This YearCapitaLand Tops Out Singapore Trophy Tower, Targets Completion This Year


Connect with Mingtiandi

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Real Estate News

  • Capital Markets
  • Events
    • Join the Mingtiandi Proptech Forum 2021
      • Asia Proptech 2021: COVID-19 Accelerates a Trend
      • Panel Talk: Tech Adoption in Logistics Real Estate
    • Promote Your Brand with the Mingtiandi Proptech Forum 2021
    • 2021 Mingtiandi Event Calendar
    • More Events
  • MTD TV
  • People
  • Logistics
  • Asia Outbound
  • Retail
  • Design & Construction
  • Research & Policy
  • Advertise

More Mingtiandi

  • About Mingtiandi
  • Contact Mingtiandi
  • Newsletter Subscription
  • Terms of Use
  • Privacy
  • Advertise
  • Join the Mingtiandi Team

We use cookies in accordance with our Privacy policy to provide the best user experience on Mingtiandi and to safeguard user data. By continuing to browse you consent to the policy. AcceptRefuse