Hmlet co-founder returns as CEO after APAC reacquisition

Photo credit: Hmlet

Yoan Kamalski, co-founder of Singapore-based flexible living firm Hmlet, has returned 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. In 2019, Hmlet and Mitsubishi Estate established Hmlet Japan to expand the co-living company’s presence in the country.

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

Hmlet’s portfolio now spans Japan, Singapore, and Hong Kong with a total of 2,915 units. There are plans to take on more properties, with Hmlet Punggol set for launch in Singapore in the first half of 2027.

Habyt was meant to operate the hospitality development project within the city-state’s Punggol Digital District that was awarded by JTC Corporation in March this year.

The acquisition by FL Japan aims to secure Singapore and Hong Kong as operating bases. Key decision-making will now be done out of Japan rather than Singapore.

“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 and FL Japan.

Hmlet aims to run more than 35,000 units globally and hit an operating profit of around US$62.8 million by 2035.

Kamalski previously stepped down as CEO of Hmlet in March 2021. The company would then lay off staff and exit the Malaysia and Thailand markets shortly after, as investor Burda Principal Investments stepped in as its operator.

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

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This story was republished with permission from The Business Times. It was moderately edited to reflect Tech in Asia’s editorial guidelines.