Hmlet and Mitsubishi Estate had established Hmlet Japan in October 2019. The reacquisition by FL Japan Holdings, a wholly owned subsidiary of Mitsubishi Estate brings the total number of units under management in the region to 2,915 units. This comprises 1,609 units under Hmlet Japan, 245 units under Blueground Japan, and 829 units in Singapore and 232 units in Hong Kong under Habyt Apac.
Calling the transaction a “reset” for the decade-old brand, Kamalski says Hmlet 2.0 is led by a “clear objective”: to rebuild the platform with “discipline, long-term capital and operational focus”.
“For Hmlet, it means regaining control of the brand, platform, and direction. For Habyt Apac, it means integration into a more structured and performance-driven system. For Mitsubishi Estate, it represents a strategic entry into a scalable, tech-enabled living platform across Apac,” says Kamalski to City & Country. “Moving forward, all properties will operate under one unified brand: Hmlet. One platform, one standard [and] no fragmentation, because fragmentation in this business can gravely affect margins.”
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All properties will be onboarded onto Hmlet’s unified digital platform and progressively rebranded under the Hmlet name. According to Hmlet, the single operating system will optimise pricing, automate leasing and onboarding, and elevate the end-to-end member experience. “No legacy systems or processes will be retained, ensuring a clean migration toward a fully integrated, tech-first operating model. “
The biggest change, according to Kamalski, is “mindset”. “Previously, we approached growth like a tech company; now, we operate like a real estate company that is tech-enabled. That fundamentally shifts how decisions are made.”
Growth “must be earned, not forced”, he adds. “Every asset must be profitable or have a clear path to profitability. We no longer allow growth to hide underlying issues; we address them early. Cost discipline becomes a core capability, not a limitation. The focus is on building a durable, resilient business rather than chasing short-term scale or narrative.”
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The group has outlined ambitious long-term targets, including becoming the world’s largest flexible living operator, scaling to 35,000 units globally and achieving operating profit of over $80 billion by 2035.
“Our objective is not about scaling at all costs, but about compounding intelligently,” says Kamalski. “We will focus on high-quality assets in core urban markets, using a capital-light approach where it makes sense through management agreements, leases and partnerships, while remaining selectively asset-heavy when it creates strategic advantage.”
According to Kamalski, expansion will be funded through a combination of strategic capital partners such as Mitsubishi Estate, structured asset-level financing and reinvestment of internal cash flows “as operations mature”.
A public listing is “not the current priority” as Hmlet is fully owned by Mitsubishi Estate, adds Kamalski.
Punggol hotel
Hmlet is set to take over Habyt’s 224-key hotel in Punggol Digital District, scheduled to launch in 2027.
JTC Corporation awarded in March the tender for a hotel and serviced residence development to Verdant View, a joint venture between JMD Holdings and TCRE Partners co-founder Nicholas Yeo, on a direct 60-year lease.
Yeo is the great-grandson of Yeo Keng Lian, who founded the Mainboard-listed food and beverage manufacturer Yeo Hiap Seng. According to JTC, the tendered bid price was just over $43.5 million.
Hmlet will operate the hotel in Tower 98 of Punggol Digital District, which overlooks the waterfront and Coney Island. Hmlet will also work with the Singapore Institute of Technology to provide structured hospitality internships and attachments.
Tower 98 is the 12-storey mixed-use tower that will house the 430,000 sq ft OCBC Punggol, which will occupy the fourth to 11th levels when fit-out works are completed in early 2027.
The hospitality development was first put up for tender in April 2024, with a requirement that the successful bidder hold the site for at least five years and retain the same operator for 10 years. That expression of interest exercise closed with no award.
JTC reopened the tender in August 2025, changing the requirement such that the operator must remain unchanged for 10 years from the start of the lease. The tender closed on Oct 30, 2025.
In April 2022, JMD Group and TCRE Partners purchased the former Fortuna Hotel at 2 Owen Road for $85.8 million. That November, the firms announced a partnership with Hmlet, unveiling in 2023 the operator’s maiden hotel property — the 106-room Owen House by Hmlet. That property is now called Owen House by Habyt.
Hmlet is keen on “building a blended model” between long-stay and short-stay properties, says Kamalski. “Long-stay provides stable and predictable cash flow, while short-stay and hospitality allow for yield optimisation. These require different operating playbooks, but they can run on the same underlying platform.”
Combining both creates “a more resilient and higher-performing portfolio”, he adds. “It becomes one demand engine with multiple monetisation layers, which — if executed correctly — can outperform traditional single-focus models.”
Photos: Hmlet
