Hmlet: a hard lesson in hubris

It remains to be seen if the recent initiatives taken by the struggling co-living operator can fix the problem it has: weak demand amid a highly competitive space

Published Wed, Apr 7, 2021 · 05:50 AM

Co-living

Singapore

REALITY has set in for co-living operator Hmlet. An overly rapid expansion, a cash crunch and a management exodus have forced the company to rethink its lofty ambitions. Its US-listed, China-based peers, which have experienced similar falls from grace, also offer some hard lessons in hubris.

Hmlet, launched in 2016, was among Asia's earliest and most aggressive players in the co-living space. It signed long-term leases with landlords, then reconfigured apartments to sublet for short terms at a premium. In five years, Hmlet muscled its way into six countries and accumulated more than 100 properties on its platform.

But that rapid expansion has recently come to a halt. Hmlet has abandoned an expansion into Malaysia and Thailand less th…