Bookmark & Share
A Hong Kong-based company is poised to enter Singapore’s co-working space market, with plans to attract members by offering the “industry-first sky pool, rooftop bar, outdoor dining area and cabana,” reported the Straits Times.
Known as Campfire Collaborative Spaces, the start-up will occupy all 11 existing floors at 139 Cecil Street, plus five levels that are currently being added to the property through a major renovation.
Upon completion by Q3 2019, the mixed-use development will house 85,000 sq ft of co-working space, making it Campfire’s biggest facility in the world. Founded over two years ago, the company runs 20 co-working sites with a combined area of more than 580,000 sq ft across four countries.
Moreover, 139 Cecil Street will also contain a full-service gym, F&B outlets and parking spaces, in addition to facilities for events, education, recreation and healthcare, as well as various private and shared offices.
Campfire’s co-founder and CEO Wang Tse said they are “bringing something completely new to the sector”.
“Cecil Street is a total integration of all aspects of what we offer at Campfire and it’s really exciting to have finally found a site that can showcase and deliver this fully integrated lifestyle platform to the community, offering work-life balance, wellness and convenience, all under one roof.”
While Campfire did not disclose the duration of its lease in Cecil Street, the Business Times reported earlier this month that the Hong Kong firm likely signed a six-year lease with Singapore-listed Vibrant Group, which partly owns the building’s owner, Ececil.
There is strong demand for co-working spaces in Singapore, with major companies venturing into the business, such as Keppel Land, Lendlease and CapitaLand.
Data from Colliers International also shows that co-working spaces here have almost tripled from about 1 million sq ft in 2015 to the current 2.7 million sq ft.
Rates for such spaces differ, with areas in the central business district commanding a higher price. Typically, hot-desking within the downtown area may cost about $400 per month, while a dedicated desk is more expensive at $700 a month.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
Related Articles:
CapitaLand invests $27m in co-working space operator
Co-working space operator inks 6-year lease for Cecil Street building
Which 7 co-working space operators dominate the Singapore market