Azanis Shahila Aman
KUALA LUMPUR: Co-living is increasingly gaining popularity in Malaysia particularly in large, expensive cities and among the millennials who have grown up with technology, social media and the sharing economy.
Hom (pronounced as "home") is one of the latest real estate platforms offering co-living spaces in the country and its first unit is located at Sky Suites KLCC here.
Hom's vision is to reinvent the way people live, offering beautifully designed co-living spaces with an emphasis on community, togetherness and being a unit.
It provides flexible co-living for today's urban tribes, where everyone has access to premium services built into a fixed rate.
Chief executive officer Felix Ferdinand said Hom was born as a solution provider to cater to millennials' problem as the cost of housing continues to rise in major cities.
"We want to be that solution, and that is to champion the mission: to empower our community through accessibility over home ownership."
Ferdinand said more individuals were opting to rent rather than own a home.
For the younger generation and gig economy players, such as e-hailing drivers, social media influencers and content creators, housing loans may be difficult to obtain due to a low credit score.
"With the uncertainty of today's economic climate, renting without the burden of mortgage payments is seen as the most viable option," Felix said at a virtual press conference today.
Hom was launched today by Minister of Entrepreneur Development and Cooperatives (Medac) Datuk Seri Dr Wan Junaidi Tuanku Jaafar.
Wan Junaidi said entrepreneurs must be ready to adapt to the latest technology and innovation in their business considering the development of current economic trends.
"Medac is ready to provide support and facilitation to entrepreneurs in driving economic growth through technology-based enterprises."
"I am pleased to welcome Hom's efforts in offering a co-living space platform to the young people in the city, which will aid the recovery process of our economy in a post Covid-19 era," he added.
Ferdinand said Hom co-living was catered for anyone who are heavily affected by the exorbitant prices of home ownership as well as young professionals and digital nomads who need the flexibility of a living accommodation.
"Hom is defined by its community members, they also cater to travel junkies, thrill seekers and single individuals looking to be part of a fun-filled environment.
"In advocating for accessibility, we have our members' mobile app, a mobile application whereby you can make in-app payments, view tons of listings of accommodations where you want to stay, and of course on-demand services that we provide to you,' he added.
Hom plans to expand to other areas such as Bangsar South and Mont Kiara in the coming months.
He said it was also looking to expand to other countries in Southeast Asia.
"We look into a few key matrices, for example on how many buildings we are in, numbers of beds and how we track them (how many people that we served), so for the next 12 to 16 months we are looking for an expansion and of course we look into revenue as well.
"Currently, we are self funded but we had something in the pipeline. We have been talking to a few strategic partners and few investors already for this year," he added.