Hmlet Co-founders Yoan Kamalski and Zenos Schmickrath

Singapore-based co-living rental startup Hmlet announced today it has signed an agreement to acquire Hong Kong-based competitor ‘we r urban‘.

The deal marks Hmlet’s expansion into the Hong Kong market and is its first acquisition of a direct competitor.

‘we r urban’ currently manages a portfolio of 30 co-living spaces, housing 70 members across 15,000 square feet in Hong Kong Island. Following the acquisition, Hmlet plans to more than double the number of members in the city by the end of 2018.

“Hong Kong is a natural next move for Hmlet, and this investment allows us to impact millennials across Hong Kong, allowing them to grow, scale and succeed,” said Yoan Kamalski, CEO and Co-founder at Hmlet. “We are excited to have found an equal who shares our thinking on the importance of space, community, culture and technology.”

we r urban was founded by Raphaela Oliver-Köfeler and Cornelius Kistler to meet the growing demand of affordable, stylish housing as the first co-living concept in Hong Kong.

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In 2016, Dominik Wiesent joined the company as Director of Real Estate and Renovation bringing expertise in design, construction and engineering, which enabled we r urban to add value to rundown walk-ups in the city. Pauline Wetzer joined the business in early 2017 as Managing Director to further scale the business. Both Dominik and Pauline will remain in their current positions.

Founded in 2016 in Singapore by Yoan Kamalski and Zenos Schmickrath, Hmlet is careering to the millennial workforce with its co-living houses. Hmlet offers rooms and apartments for rent at an affordable price. With a minimum commitment of three months, contracts are available on a month-by-month basis and offer fully-furnished properties with on-demand services, such as cleaning, ironing and chef experiences.

Currently, Hmlet has capacity for 300 members across co-living spaces in Singapore and Tokyo. Within Singapore, units are located in central locations such as the CBD, River Valley and the East Coast.

In November last year, Hmlet raised a US$1.5 million in a seed round led by Aurum Investments, a sister company of co-working space Collision 8.