Co-living pioneer Hmlet is embarking on a new chapter, reacquiring its Asia-Pacific operations from European operator Habyt in a strategic move backed by Mitsubishi Estate. The transaction sees founder Yoan Kamalski return to the helm as APAC CEO, signaling a significant reset for the brand in its home region. This development aims to recentralize control and refocus the company’s strategy on operational discipline and sustainable growth.
A Strategic Homecoming and New Leadership
The reacquisition was executed by FL Japan Holdings, a wholly owned subsidiary of Japanese real estate giant Mitsubishi Estate. This deal brings Hmlet’s Singapore and Hong Kong businesses back under the founder's leadership, integrating them with the company's established Japanese platform. The consolidated portfolio now comprises 2,915 units across these three key Asian markets, including 829 in Singapore and 232 in Hong Kong.
Under the new structure, key decision-making will be centralized in Japan, which is now positioned as the group’s strategic hub. This shift indicates a move towards standardized execution, pricing, and capital efficiency rather than the decentralized experimentation of its startup phase. The move leverages the operational strength developed in Japan to guide the broader regional business toward profitability.
Redefining the Co-Living Model
Kamalski has framed this new era as “Hmlet 2.0,” with goals focused on optimizing the portfolio and building a fully integrated, technology-driven ecosystem. This vision represents a departure from the growth-first rhetoric that once defined the co-living sector. The emphasis is now firmly on enhancing performance and proving the business model's long-term viability.
The institutional backing of Mitsubishi Estate provides Hmlet with patient capital and deep real estate expertise, critical assets in a maturing industry. This support allows the company to focus on sustainable operations instead of chasing venture funding. Kenichi Sasaki, CEO of Hmlet Japan, highlighted the merger as a key step in scaling a proven operational model globally.
Technology and Integration at the Core
A central pillar of the new strategy involves migrating all reacquired properties onto a single, unified digital platform. Hmlet has committed to a clean slate, stating that no legacy systems or processes from the acquired business will be retained. This ambitious technological integration is designed to streamline operations and create a consistent experience across all markets.
This standardized platform aims to optimize pricing, automate leasing cycles, and improve the end-to-end journey for tenants. While the system is described as AI-enabled, the immediate focus is on enhancing core operational efficiencies. Such a tech-first approach is crucial for managing the complex logistics of a flexible living business at scale.
Future Ambitions and Market Position
With a renewed foundation, the group has set its sights on becoming the world's largest flexible living operator. Its long-term ambitions include scaling to 35,000 units globally and delivering substantial operating profit by 2035. These goals reflect a renewed confidence in the brand’s potential under its new corporate structure and leadership.
The company's expansion plans are already taking shape, with Hmlet set to take over a 224-key hotel project in Singapore’s Punggol Digital District. Scheduled to launch in 2027, the development will cater to both short-term and long-stay guests. This project demonstrates a clear commitment to expanding its footprint and service offerings in its home market.
The reacquisition marks a pivotal reset for Hmlet, blending founder-led vision with the stability of a major corporate backer. As it re-enters the competitive APAC market, the company's sharpened focus on operational excellence and technology is clear. This strategic realignment positions Hmlet to navigate a more demanding industry landscape and prove its model can achieve both scale and profitability.