What the business is
A flexible living operator offering furnished co-living units in Singapore, Hong Kong and Japan to internationally mobile professionals
The bet
Co-living in Asia needs disciplined property operations on one platform with institutional capital, rather than a venture-funded growth push
Starting capital
Backed by Mitsubishi Estate through FL Japan Holdings; deal price not given
How it started
Hmlet was one of Singapore's earliest co-living startups. It merged with Habyt in 2022 and was rebranded as Habyt in 2023.
What happened
In April 2026 its Singapore and Hong Kong operations were reacquired from Habyt by FL Japan Holdings, a wholly owned subsidiary of Mitsubishi Estate. Founder Yoan Kamalski became Asia-Pacific CEO. Hmlet said decision-making will be centralised in Japan, all properties will move onto its own platform and be rebranded Hmlet, and no legacy systems from the acquired business will be kept.
What has to be true
e27 notes co-living has become a property operations business needing strong occupancy and asset management
Mitsubishi Estate offers patient capital and real estate expertise a startup lacked
Singapore and Hong Kong are expensive, high-demand markets for mobile professionals
What can be applied
Kamalski's 'Hmlet 2.0' pairs founder-led management with a property group's patient capital, shifting the pitch from growth to operational proof.
Aftermath
As of April 2026 Hmlet was integrating the reacquired units onto its own platform and rebranding them, with no price or financial results disclosed.
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