Singapore-based JustCo has been tapped to operate GuocoLand's 16,800 square foot co-working space at 20 Collyer Quay, which will take the start-up's portfolio to 15 centres in Singapore.
This comes as it is gearing up to break into new cities and countries across Asia next year such as Seoul, Melbourne, Sydney and Vietnam. It presently has a total of 23 centres across Singapore, Jakarta, Shanghai and Bangkok.
Slated to open in April next year, the new centre at 20 Collyer Quay will attract tenants such as large firms and Fortune 500 companies, expects Kong Wan Sing, founder of JustCo. Initial marketing efforts have yielded strong interest and pre-commitments from enterprise clients, he added.
He said: "With 80 per cent of our centres located at the gateway to Singapore's core CBD, it opens up great opportunities for businesses to work in premium Grade-A premises."
Its other centres are located at Marina One, MacDonald House, Westgate Tower, and Marina Square, which is its largest single centre here at 60,000 sq ft.
Unlike most of its other centres, JustCo at 20 Collyer Quay will feature direct street frontage facing Collyer Quay with sheltered access to Raffles Place MRT. The co-working centre spans three levels and will feature both dedicated and hot desking areas, suites, event and collaboration spaces, as well as access to JustCo's centres across Asia. Other highlights include a meditation corner, snooze lounge and a reading corner, in addition to a games corner, mother's room and a café.
In Singapore, it has about 450,000 sq ft of co-working space, which covers 13 operational centres as well as two upcoming ones at China Square Central and Collyer Quay. It owns about 70 per cent of its centres here in Singapore and manages the remaining 30 per cent.
According to a September report by Colliers International, flexible workspace stock in Singapore has grown to 2.7 million sq ft as at end 1H18, nearly tripling from 1 million sq ft as at end 2015.
For 2018 as a whole, Colliers projected that co-working space would grow by 30-35 per cent, or by around 670,000 sq ft. Other major co-working players in Singapore include IWG and WeWork.
However, the report also flagged that there could be further consolidation in the sector between 2018 and 2020.
Valerie Wong, general manager (commercial) for GuocoLand Singapore, said: "With their expertise in workspace planning, community engagement and technology capabilities, JustCo at 20 Collyer Quay centre will offer members the opportunity to network, and enjoy an agile and unique working environment. The design of JustCo's latest co-working concept will further enhance our building's vibrancy."
In May, Frasers Property, GIC and JustCo said they were jointly investing US$177 million to develop a co-working space platform across Asia. Last year, Thai developer Sansiri scooped up a 6.09 per cent stake in JustCo in Series B funding for US$12 million.
Adapted from The Business Times, 24 Dec 2018.