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- Hong Kong-based co-living provider Dash Living has swooped into the Australian market
- It has taken over Hmlet St Peters in Sydney following Hmlet Australia’s liquidation
- The property, which was launched in late 2019, will soon be renamed Dash Living St Peters
- “The takeover of St Peters property is a significant milestone for us to expand Dash Living’s network into Australia,” Dash Living founder Aaron Lee says
- Dash Living now has 1300 units across four countries
Dash Living has swooped into the Australian market, taking over Singapore-based Hmlet’s St Peters co-living property after the latter’s Australian arm collapse.
Hmlet Australia entered liquidation last month, owing more than $500,000 in debts, with unsecured creditors warned they will likely not receive any money, according to the Australian Financial Review.
Hong Kong-based Dash Living’s acquisition of the property represents the company’s first step into Australia, as well as its first since collecting more than US$8.8 million (around $11.5 million) in series A investment in March of this year.
The property, which was launched in late 2019, will soon be renamed Dash Living St Peters.
“The takeover of St Peters property is a significant milestone for us to expand Dash Living’s network into Australia,” Dash Living founder Aaron Lee said.
“With the prime location in Sydney, we’re very pleased to include it as the first project and offer affordable accommodation for our tenants, to enjoy the great value and building facilities.
“Additionally, all tenants get access to our global centralized customer service & tenant community including events & lifestyle perks. This property fits very well into Dash Living’s concept of co-living and sharing economy.”
Dash Living has now expanded to four countries, Hong Kong, Singapore, Japan, and Australia, with over 1300 units that include serviced apartments, co-living homes, and hotel rooms.
“We’re seeing strong demand for co-living across the leading cities in Asia Pacific and are very positive about the sector,” Mr Lee said.
“Dash Living will continue to expand its footprint in particularly in Japan and Australia, as well as further strengthen our presence in Southeast Asia.”
Co-living is an emerging asset class that is similar to purpose-built student accommodation, in which residents rent a room but share communal living facilities with other tenants.
