Mamahome is offering rooms for rent on behalf of homeowners at Alex Residences, its first co-living location (Credit: Mamahome)
On April 10, Singapore-based co-living start-up Hmlet announced the launch of its second co-living space in Newton. Hmlet’s second project occupies an entire 30,000 sq ft condominium block and is branded Hmlet @ Sarkies. The project is being launched in partnership with real estate investment firm ANB Investment, which is helmed by the Pangestu family, the 11th richest in Indonesia, according to Forbes’ latest ranking.
Hmlet @ Sarkies is the second sole co-living building by Hmlet, following its first in Singapore, Hmlet @ Joo Chiat, which has 80 members.
The company, which was founded in 2016 by Yoan Kamalski and Zenos Schmickrath, is looking at expanding its footprint in Hong Kong and Indonesia next.
Hot on the heels of Hmlet is Shanghai-based start-up, Mamahome, which will open the doors to its first co-living premises in Singapore on April 13. Singapore-listed property giant City Developments (CDL) invested $20.4 million and took a 20% stake in Mamahome two years ago. Besides CDL, other stakeholders in Mamahome include its founder and investment holding company Shanghai Chongfu (56% stake) and E-House Capital (24%).
Last December, Mamahome tied up with United Overseas Bank to set up a seamless payment service for its apartment rental matching service in Singapore, its first overseas market outside China. Mamahome will be launching in more than one location in Singapore.
It has also tied up with igloohome, which provides a digital smart lock service to help owners manage their homes or rental units remotely. It has an agreement with Castlery, an online furniture retailer, to fit out the units for co-living. Mamahome is also in discussions with developers and property owners to secure entire residential projects or buildings for co-living.
The first location to have Mamahome operating co-living units on behalf of owners is Alex Residences, a 429-unit highrise condo block at Alexandra View near the Redhill MRT station. The development was completed and fully sold at end 2017. Indicative rents are said to range from $1,300 a month for a common bedroom to $1,500 for an en suite master bedroom.
The company plans to target expat millennials and is also expecting some Singaporean professionals to join their co-living community. Mamahome will manage the entire rental process from sourcing and securing a property to settlement of related payments, such as stamp duty and recurring rental fees.
A new dedicated app will be launched later this year, offering features like room listings, payments and rewards redemption as well as the ability to chat with the community manager. The community manager will match like-minded tenants based on their occupation and hobbies, according to a Mamahome spokeswoman.
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