CapitaLand acquires 50% stake in co-working operator, launches new office space model
By Timothy Tay
/ EdgeProp |
Singapore-listed property giant CapitaLand has invested $27 million for a 50% stake in co-working operator, The Work Project. The two-year-old operator has two co-working and serviced office spaces in Singapore – a 24,000 sq ft space in OUE Downtown, and a 15,000 sq ft space at Park View Square in Bugis. It also has a 36,000 sq ft space in Hong Kong.
At the same time, CapitaLand has initiated a new strategy involves integrating a building’s conventional office space and flexible space, including co-working space, to provide community-driven, tech-enabled workplace solutions. Under this model, CapitaLand’s conventional office tenants will have any new, flexible requirements met, while small and medium enterprises in co-working spaces could choose to lease conventional workspaces as they grow.
CapitaLand's new strategy involves integrating a building’s conventional office space and flexible space to provide community-driven, tech-enabled workplace solutions (Pictures: CapitaLand)
Capital Tower and Asia Square Tower 2 will be the first two CapitaLand office buildings in Singapore to offer this. Capital Tower will also feature a members-only club, with collaboration spaces for project teams, and a movie theatre.
Combining the current offerings at The Work Project, and flexible spaces at Capital Tower and Asia Square Tower 2, flexible spaces spanning 177,000 sq ft will initially be available to tenants.
Capital Tower and Asia Square Tower 2 will be the first two CapitaLand office buildings in Singapore to offer the new workplace solution.
Fit-out works for the new offerings at Capital Tower and Asia Square Tower 2 are expected to be completed by end-March 2019. An app and portal for tenants will also be ready by then.
Meanwhile, The Work Project also plans to add more than 500,000 sq ft of flexible space by 2021. The new locations are not limited to CapitaLand’s existing office developments.
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