Mitsubishi Estate helps Singapore housing operator enter Japan
SINGAPORE, NNA - Major Japanese developer Mitsubishi Estate Co. is helping Singaporean housing operator Hmlet Pte. Ltd. offer apartments in Japan where residents can share kitchens, living rooms and event spaces.
Hmlet operates what it calls “co-living” housing that provides not only rooms but such functions to be shared by residents of the building, hoping to encourage a sense of community.
The largest Japanese real estate firm by fixed assets will push for Hmlet's plan to start business in Tokyo this year and Nagoya and Osaka in 2020, the statement said. It also plans to launch in Melbourne and Brisbane.
“We anticipate potential demand for mobile workers in Japan although the concept of co-living is not yet popular,” a Mitsubishi Estate spokeswoman said.
The Tokyo-based company has taken part in $40 million fundraising for the project, but she declined to make public the investment sum.
Burda Principal Investments, a Singapore unit of German media and technology conglomerate Hubert Burda Media, led the fundraising, which also involved Sequoia Capital India and venture fund Reinventure Group, according to the statement.
Hmlet said it will use the funds to grow its business in Singapore, Hong Kong and Sydney as well as enter Japan.
Founded in 2016, Hmlet currently manages over 1,500 units at 75 locations. Hmlet said it aims to boost the network to 10 cities in five countries over the next two years. (NNA/Kyodo)