JustCo Exploring Using Hotels For Co-Working

People might be finding corporate spaces in Sukhumvit hotel, as Singapore’s co-working space company, JustCo, is looking to open co-working spaces in 2018, with later plans to expand into Bangkok by 2019, to operate with the cooperation and partnership of the Thai liquor tycoon Charoen Sirivadhanabhakdi.

JustCo Founder and CEO Kong Wan Sing, says that the first hotel in the region that’ll get a co-working space is Singapore’s will be Hotel Jen, a four-star property owned by the Hong Kong-based Shangri-la Hotels group. Kong says that’ll use the hotel’s business centre to expand to new locations for the company’s co-working spaces, with each location adding 3,000-4,000m2.

The company’s current plans will have JustCo opening two new spaces in hotels in Singapore, with the next likely target within 2018 being Kuala Lumpur. Starting in 2019, Bangkok will be the next destination, with a few sites in 2019, with the potential sites under either Singapore’s Frasers Property or Thailand’s TCC Group, two conglomerates owned by Mr. Charoen.

Back in May of 2018, Frasers Property became one of the two major shareholders of JustCo, following an agreement between Frasers and Singapore’s GIC for a partnership amounting to US$177 million, with JustCo to develop their co-working space platform across the region.

Mr. Kong says that Frasers and GIC together amounted to more than half of a combined stake in JustCo, with Thai company Sansiri Plc, listed in the SET, holding a 6.09% stake.

In the Kingdom, JustCo will be opening six co-working centres throughout 2019, with a total space added of 24,000m2, with each site starting at 3,000m2 at a cost of approximately $1,000-$1,500/m2. One of these new spaces will be 8,000m2 on the 24th to the 27th floor at the Samyan Mitrtown, a mixed-use complex owned by the Golden Land Property PLC, owned by one of Mr. Charoen’s sons.

Set to open by the fourth quarter of 2019,  the 8.5-billion-baht Samyan Mitrtown, located on Rama IV ROad, with a 31-storey tower with 48,000m2 of corporate space, alongside a six-floor retail space of 36,000m2, and a 33-storey residential complex, with 516 condo units and 104 hotel rooms.

Kong explains that they are aiming to only open in a Sukhumvit hotel, or any hotel located in the Thai capital’s central business districts, like the Sukhumvit Roads and Rama IV.

 

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