Evaluating only Hmlet’s profile at its peak — without knowing the outcome — the model ranked Market collapse as the #1 likely cause. Documented cause: Regulation.
Key Events Timeline
FOUNDING
Yoan Kamalski founds Hmlet in Singapore as a premium co-living operator targeting young professionals.
FUNDING
Hmlet raises $40M Series B led by Burda Principal Investments; expands to HK, Tokyo, Sydney.
ACQUISITION ATTEMPT
Habyt acquires Hmlet to create Asia-Pacific co-living leader; consolidation fails to improve unit economics.
SHUTDOWN
Habyt shuts the Hmlet brand and exits most Asia markets citing regulatory costs and COVID vacancy losses.
Full Analysis
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Documented cause
Hmlet raised $42M to operate co-living spaces across Singapore, Hong Kong, Tokyo, and Sydney. The company was acquired by Hmlet parent Habyt in 2021, but the combined entity continued to struggle. Singapore's strict government regulations on short-term rentals and co-living licenses constrained inventory growth. Persistently high vacancy during COVID and unfavorable lease structures led to Habyt effectively shutting the Hmlet brand and consolidating its Asia operations in 2022.
Lesson
“Co-living in regulated Asian markets requires deep regulatory navigation before signing a single lease.”