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Co-Living, getting ready for it here?

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We must always read up on what’s happening in advanced property markets. For e.g, nearest to us would be Singapore. Assuming these advanced property markets are 5-10 years (or more) ahead of us, we could prepare for what’s coming. It seems that co-living trend is becoming more prominent there. I could not say it’s popular yet because in Singapore, the most popular home would definitely be HDB flats. Anyway, let’s read a bit about co-living in Singapore.

Article in ibtimes.sg Singapore based co-living company, Hmlet, (pronounced “Hamlet”) has signed a new property in the prime Tanjong Pagar / Cantonment Downtown CBD precinct. The property will be Hmlet’s largest dedicated co-living building to date, with more than 150 rooms operated as serviced apartment units. The property has a site area of 76,002.5 square feet, with a GFA of 47,352,.12 square feet. This tender was also aligned with what the Urban Redevelopment Authority wanted to do; rejuvenate predominantly office developments into mixed-use buildings, with an aim to bring greater footfall and activities after work hours into the Anson Road, Robinson Road and Tanjong Pagar areas.

CEO and Co-Founder of Hmlet, Yoan Kamalski said, “We are excited to be announcing our largest building in Singapore dedicated entirely to co-living with established real estate players like LHN.” The property is set to open in July 2019 and will see Hmlet increase its number of members to more than 2,400 across the Asia Pacific by the end of 2019. Founded in 2016 by Yoan Kamalski and Zenos Schmickrath to meet the needs of today’s mobile millennial workforce, Hmlet provides its members with a seamless living experience paired with a curated community of like-minded individuals. By offering flexible lease options, fully furnished spaces and on-demand services, Hmlet strives to transform properties into dynamic environments to empower its community. Article in ibtimes.sg

I have lived in high-rise units since 1999, one year after I started working in Penang. I own high-rise units in a few states in Malaysia and I think I am very used to the sharing of common facilities. However, if you are to ask if I would share a common living room or the kitchen or even the yard where I dry my clothes with strangers (even if later they become friends since I see them everyday), the answer is No. Maybe it’s just me. Maybe it’s just time. My personal thought about co-living? It depends on the property price. When it gets too high too fast and no one could afford their own property, then this concept becomes acceptable and once more people start to co-live, then this is no longer a concept but a norm.

Propelling us to the ‘norm’ stage will not be lifestyle. There’s no such thing as loving to stay with stranger lifestyle. This is a home, so the major thing propelling us towards this new ‘lifestyle’ will be price. Even looking at Hong Kong, the only reason for people willing to sit and eat so close to one another is because of price. If they eat in a place where they have more privacy, the prices will easily double. Unless someone tells me that there’s a study showing Hong Kongers love to sit and eat close to one another, then I will believe. Else, it will just be price, price and price. Happy believing and investing in anything you believe. Investment is never about believing what Charles Tan says anyway.

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<Featured Image is courtesy of Stock Photos from Moneky Business Images>

Article written and edited by Charles. News article summarised by Dina Batrisyia.

written on 11 April 2019

Next suggested article: Tenant refuses to cooperate for buyer viewings

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