SINGAPORE - Singapore-based co-living company Hmlet is entering the Australian market.
In March, Hmlet will make its debut in Sydney, with the launch of two co-living properties in the inner-city suburbs of Newtown and Marrickville. Plans are underway to expand to Melbourne and Brisbane.
Hmlet @ Newtown, which is among the first purpose-built co-living properties in Australia, will accommodate 20 members and will feature a co-working space, communal living and kitchen spaces, Hmlet said.
Hmlet @ Marrickville, one of the largest built-to-rent projects in Sydney's inner-west, will accommodate over 70 members, it added.
Hmlet co-founder Yoan Kamalski said: "With the growing demand for more flexible, community-based options of living in urban cities such as Sydney, Australia felt like the next natural move for us."
Hmlet offers a community for those who are moving to a new city or have left familiar surroundings, as co-living encouraged connections with like-minded people that help to build a community spirit.
Australia is the third most popular destination for international students and young professionals starting their careers, Hmlet said. "With over 1.2 million people aged 20 to 35 years old, individuals living in Australia's major cities are currently spending at least 30 per cent of their monthly take-home on rent."
It added: "Millennials currently account for 29 per cent of Australia's population and are set to be 50 per cent of the workforce by 2020. During a recent survey conducted by Vice, 48 per cent of millennials in Australia said they would rent for longer to be closer to the things they need, with many looking to lead a hassle-free life."
Hmlet said it is the largest co-living operator in Singapore today, having doubled its number of members in the previous six months.
It has more than 15 locations across Singapore and Hong Kong. With the push into Australia, Hmlet aims to quadruple its number of members to more than 2,400 across Asia-Pacific by the end of 2019.
Hmlet raised a US$6.5 million Series A funding round led by Sequoia India in November last year.