Hmlet co-founder returns as CEO as Mitsubishi Estate-backed unit acquires Habyt’s Apac operations

[SINGAPORE] Co-living operator Hmlet’s co-founder Yoan Kamalski returns as its CEO after the reacquisition of its Asia-Pacific operations from European co-living operator Habyt.

The reacquisition was done by FL Japan, a subsidiary of Mitsubishi Estate, with the portfolio spanning Japan, Singapore and Hong Kong for a total of 2,915 units.

“Moving forward, our goals for Hmlet 2.0 will be focused on optimising and strengthening the portfolio while enhancing performance across markets, and creating a fully integrated, technology-driven flexible living ecosystem centred on community,” said Kamalski.

There are plans to take on more properties, with Hmlet Punggol set for launch in H1 2027. The property is a 230-unit development offering month-on-month leases.

This move aims to secure Singapore and Hong Kong as operating bases, tapping the experience of the teams there. Key decision-making will now be done out of Japan rather than Singapore, which was Hmlet’s original home market and headquarters.

“This merger and acquisition is not just an expansion of footprint, but a key step in scaling that vision globally by combining Japan’s operational strength with Hmlet’s original heritage,” said Kenichi Sasaki, representative director and CEO of Hmlet Japan/FL Japan.

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Hmlet has plans to be the largest flexible living operator, targeting more than 35,000 units globally and an operating profit of over S$80 billion by 2035.

This marks a homecoming for Kamalski back to Hmlet, after stepping down in March 2021. Hmlet would then go on to lay off staff and exit the Malaysia and Thailand markets shortly after, as investor Burda Principal Investments stepped in to run the co-living operator.

Hmlet would eventually be merged with European co-living operator Habyt as part of its expansion into Asia in April 2022. It was eventually rebranded to Habyt in July 2023.