Hmlet readies property listing platform; names new CFO, CTO

Hmlet readies property listing platform; names new CFO, CTO

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3 -min read
Listen to this article

SINGAPORE-BASED co-living operator Hmlet is testing out a new platform which will let landlords list their properties directly with the startup.

The platform will also give them access to advanced analytics, tools and services. This will give them better insight on how their properties perform, Hmlet told The Business Times on Monday. Landlords will also be able to opt for furniture rentals and other services, it added.

Members too, can use the platform to customise room size and amount of furniture, as well as whether they would like services such as housekeeping or laundry. Users would also be able to view and transact directly through the website, it said.

This is in line with the company’s aim of providing an “end-to-end” user interface to cater to the different needs of consumers in real estate, it said.

The platform is currently in beta and will be launched in early Q3 this year. Hmlet has recorded an increase of 60 per cent in online viewings since the beginning of Covid-19, it said.

This development comes as the co-living operator pivots into an asset-light model, and is aiming to bring more landlords onto its platform to diversify its offerings and scale.

The startup said it aims to serve over 5,000 members in the Asia-Pacific by the end of the year.

BT reported in May that the co-living operator continues to enjoy over 90 per cent occupancy in Singapore, as the residential real estate segment here has displayed resilience in the face of the novel coronavirus.

On Monday, Hmlet also announced that it has appointed Rajive Keshup as its chief financial officer (CFO), and Pramodh Rai as its new chief technology officer (CTO). The appointments took effect on June 1, it said in a statement.

Both were senior vice-presidents in the company before the promotion. Mr Keshup was in charge of finance, investment and strategy, and Mr Rai, developments in product, engineering and technology.

Mr Keshup’s new focus will be in developing organic and inorganic growth strategy, evaluating merger and acquisition (M&A) opportunities and conducting diligence, as well as leading efforts in capital raising. With these roles, he will head the corporate strategy, finance, investment and legal teams.

Both he and Mr Rai will continue leading their previous departments.

Mr Keshup said: “We’ve managed to navigate Covid-19 pretty efficiently so far, driving a material improvement in our unit economics and proving resilience in our operating model … Transforming our business into one which is digitally enabled should enable us to unlock unprecedented growth and scale.”

In May, the startup launched its new collection of heritage properties in Tiong Bahru and Emerald Hill - which span over 92 rooms and 18,000 sq ft. It is now the biggest operator in Singapore, managing over 48 properties with more than 1,000 rooms.

“We are focusing on innovative ways to transform the real estate ecosystem, by being user-centric in adding value to our community of members, landlords and partners. I am excited with what we are building ahead to seize the opportunities in front of us,” said Mr Rai.
Chief executive Yoan Kamalski said: “The board and I have worked with Pramodh and Rajive for a few quarters now, and know exactly what they are capable of. I am honoured to have them as partners on our executive team, and know that the company and our mission are in very good hands”.

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