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The Work Project Kingdom, a joint venture between CapitaLand and The Work Project, has acquired co-working space operator Collective Works for an undisclosed amount.
Founded in 2012, Collective Works currently has two locations in Singapore. It launched the first Grade A co-working space at Capital Tower in Tanjong Pagar two years ago.
In its four years of operation, Collective Works achieved 1,380 percent growth as measured by square footage, expanding from 2,500 sq ft to 30,000 sq ft in just 40 months.
“Interest in Collective Works has been consistently strong, the market sees the product as a differentiated offering due to our thoughtful design and human-centric approach. Ultimately it made sense for the co-working platform to be incorporated into CapitaLand’s vision as it will provide future growth pipeline and an enhanced network and platform of amenities for our members,” said Collective Works founder Jonathan O’Byrne, who will continue to manage the co-working business via an agreed transition period of six months.
O’Byrne will also continue to lead and operate Collective Endeavour, which is Collective Works’ management and systems arm.
“The co-working industry performance manages real estate like no other – it turns bland office space into environments that inspire, empower and improve productivity while reducing cost,” said O’Byrne.
“The co-working movement has disrupted how people-centred organizations view their physical footprint and we are here to help them use it to build culture, retention and engagement. We have developed unique intellectual property that allows us to quantify and measure utilization and user behaviour which we see as the future of an optimized approach to the world of work.”
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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