Hmlet rebrands as Habyt, new Apac CEO eyes expansion

CO-LIVING operator Hmlet is rebranding as Habyt, and appointing Jonathan Wong as its new Asia-Pacific (Apac) chief executive.

Wong takes over from Giselle Makarachvili, who led the startup through its merger with Berlin-based Habyt in April 2022. With a mandate to drive growth in the region, he has ambitious plans for Habyt Apac – to at least double the size of its current portfolio over the next 12 months.

Habyt Apac currently manages over 1,000 units across Singapore, Hong Kong and Japan with an average occupancy rate of over 90 per cent, said Wong.

“We’re looking to be very proactive, both within our current markets and expanding into new markets,” he said.

Wong has his eyes on Seoul, as well as South-east Asian capitals such as Jakarta and Bangkok. The high rates of urbanisation and growing number of digital nomads in these cities have fuelled demand for flexible living spaces, he noted.

The task might seem daunting – prior to the merger, Hmlet has gone through a number of challenges over the years. It lost both of its founders, exited Australia with unpaid debts and backed out of its expansion into Malaysia and Thailand after just six months.

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Wong, however, is not new to launching and scaling up startups.

He brings with him “experiences in tech-enabled real estate (and) in a direct-to-consumer, business-to-consumer type marketplace”, he said.

Wong previously co-founded real estate business CloudKitchens Apac, where he was responsible for regional strategy and expansion. Prior to that, he headed Uber’s ride-sharing business in Singapore and Malaysia.

For Habyt’s growth to be successful, Wong said that it has to add value to both its real estate partners and clients.

Wong is looking at “innovative” lease structures that benefit both Habyt and the landlords, given Singapore’s red-hot residential rental market. Such partnerships could look like a hybrid of master lease and management contract.

On the client’s front, Habyt Apac’s mission is to make flexible housing accessible for everyone.

“This means that we need to expand our breadth of offering from the more traditional co-living space to something which is a little more flexible and short-term in nature, and everything in between,” said Wong.

The co-living operator made its first foray into the hotel market earlier in February. Owen House in Singapore is a partnership with real estate companies JMD Group and TCRE Partners, and offers 106 rooms for short-term stays.

It has performed above expectations, noted Wong, who is also open to exploring similar offerings.

Wong also sees opportunities, such as a seamless relocation process for Habyt’s existing clients, in being part of a unified brand under Habyt’s global portfolio.

Following several mergers and acquisitions, including its latest merger with North American co-living player Common in January 2023, Habyt is now one of the largest co-living operators globally. The group operates over 30,000 units across over 40 cities in 14 countries.