CO-LIVING SINGAPORE STYLE FINDS SPACE IN SYDNEY CITY
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