CO-LIV­ING SIN­GA­PORE STYLE FINDS SPACE IN SYD­NEY CITY

Sydney Arena - - SYDNEY NEWS -

Co-liv­ing Sin­ga­pore style has landed in Syd­ney.

Sin­ga­pore’s co-liv­ing com­pany Hm­let has launched two co-liv­ing prop­er­ties in in­ner-city New­town and Mar­rickville.

With the push into Aus­tralia’s gate­way city Hm­let aims to quadru­ple its num­ber of mem­bers to more than 2,400 across Asia-Pa­cific by the end of 2019.

“With the grow­ing de­mand for more flex­i­ble, com­mu­nity-based op­tions of liv­ing in ur­ban cities such as Syd­ney, Aus­tralia felt like the next nat­u­ral move for us,” Hm­let CEO and Co-Founder Yoan Ka­mal­ski stated.

Hm­let New­town - one of the first pur­pose-built co-liv­ing prop­er­ties in Aus­tralia - will ac­com­mo­date 20 mem­bers with co-work­ing space, com­mu­nal liv­ing and kitchen spa­ces.

The largest built-to-rent projects in Syd­ney’s in­ner-west Hm­let Mar­rickville will ac­com­mo­date over 70 mem­bers.

“With the grow­ing de­mand for more flex­i­ble, com­mu­nity-based op­tions of liv­ing in ur­ban cities such as Syd­ney, Aus­tralia felt like the next nat­u­ral move for us,” said Hm­let co-founder Yoan Ka­mal­ski.

Co-liv­ing en­cour­ages con­nec­tions with like-minded peo­ple that helps build a com­mu­nity spirit.

Hm­let offers a com­mu­nity for those who are mov­ing to a new city or have left fa­mil­iar surroundin­gs.

Aus­tralia is the third most pop­u­lar des­ti­na­tion for in­ter­na­tional stu­dents and young pro­fes­sion­als start­ing ca­reers.

Over 1.2 mil­lion peo­ple aged 20 to 35 years - who are liv­ing in Aus­tralia - spend­ing at least 30 per cent of their monthly take­home on rent.

Mil­len­ni­als that cur­rently ac­count for 29 per cent of Aus­tralia’s pop­u­la­tion will com­prise 50 per cent of the work­force by 2020.

Sur­veys show 48 per cent of mil­len­ni­als in Aus­tralia want to rent long term to be close to the things they need.

Hm­let has dou­bled its num­ber of mem­bers in the pre­vi­ous six months. It has more than 15 lo­ca­tions across Sin­ga­pore and Hong Kong.

Hm­let’s cen­tral­ized sup­ply model of tak­ing over full build­ings maIn ap­peal is that it brings a sense of com­mu­nity along with economies of scale.

Aus­tralian hous­ing mar­ket has gone into cor­rec­tion ter­ri­tory, which has led to investors look­ing for al­ter­na­tive real es­tate in­vest­ments with more at­trac­tive yields.

Af­ter grow­ing 85 per­cent be­tween 2012 and 2017, hous­ing prices in Syd­ney dropped 6.5 per­cent in 2018, driven by a steep fall in the fourth quar­ter - the largest in 14 years – that has con­tin­ued on into 2019.

Syd­ney prop­erty prices have been hit by tighter lend­ing stan­dards and neg­a­tive sen­ti­ment.

Co-liv­ing offers higher yields than tra­di­tional rents, as de­mand for high price Syd­ney’s prop­er­ties de­clines from years of peak lev­els.

Ex­te­rior of Hm­let co-liv­ing build­ing

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