Local start-up MetroResidences set for greater leap in Japan
MetroResidences emerges as the only non-Japanese finalist in Mitsubishi Estate Co., Ltd.’s Corporate Accelerator Programme.
Singapore, 13 December 2017 – Singapore based corporate accommodation start-up, MetroResidences is one of six finalists to secure a position in Mitsubishi Estate Co., Ltd. (MEC) Corporate Accelerator Program.
MetroResidences, along with five other Japanese start-ups were presented with the Excellence Award. The teams will embark on a four-month accelerator programme, working with market experts from MEC to enhance their business plans.
MEC is one of the largest real estate developers in Japan, headquartered in Chiyoda, Tokyo.
Following expansion to the Japan market in July 2017, this latest milestone will provide MetroResidences with opportunities to work with MEC to further localise the online corporate accommodation booking business for the Japanese market and explore ways to grow its apartment supply and demand.
Finalists will be entitled access to membership-only resources such as a business club, Tokyo 21c Club by the Entrepreneur Group for Growing Japan (EGG Japan) and a co-working space, 3 x 3 Lab Future.
MetroResidences was one of 255 companies to apply for the programme in June 2017.
Co-founder and Country Head for MetroResidences Japan, Lester Kang said: “It has been an exciting and humbling experience for the Japan team, from business plan preparation to the presentation earlier in November. As a foreign start-up operating in Japan, forging strong alliance with an established player like MEC is one of the many ways to scale the business. We look forward to greater learning opportunities with MEC in the coming months.”
The final presentation of the business plan will be held on 13 March 2018.
MEC’s Corporate Accelerator Program is an initiative intended to support and grow businesses in the Japan market by providing them with management resources (e.g. assets, sales channels and consultations).
As of December 2017, MetroResidences Japan has list over 300 apartments in its platform and garnered close to 20,000 nights booked. The team is set to capture 10% of the serviced apartment market share by Tokyo Olympics 2020.