Home-grown co-working operator JustCo has partnered Frasers Property and GIC to develop a co-working space platform across Asia. The three companies will jointly invest US$177 million ($237.7 million) to enable JustCo to build on its presence in Southeast Asia, and expand into other Asian markets like Greater China, Korea, Japan, Vietnam, Malaysia, the Philippines, Australia, and India. JustCo already has a presence in Singapore, Indonesia, and Thailand.
The investment will also support JustCo’s continued focus on ramping up technology solutions and enhance its service offerings.
JustCo's co-working space at Marina One (Picture: Samuel Isaac Chua/The Edge Singapore)
“As a long-term value investor, we are attracted by the (co-working) sector’s growth potential in the long run and believe that the fragmented nature of the sector presents opportunities for consolidation. Our investment in JustCo will support it in its next phase of growth outside of Singapore,” says Lee Kok Sun, CIO at GIC Real Estate.
This partnership and investment is testament to JustCo’s workplace technology and community management expertise, says JustCo’s founder and CEO, Kong Wan Sing. “This round of investment will help us enhance and redefine the flexible workspace experience through multi-geographical footprints,” he adds.