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Sovereign wealth fund GIC and Frasers Property have partnered with JustCo to invest US$177 million (S$236.9 million) for the development of a co-working space platform across Asia.
In a statement, the three partners noted that the investment will enable JustCo, a leading co-working space provider in Singapore, to build on its presence in Southeast Asia as well as expand into other Asian markets such as Korea, Greater China, Vietnam, Japan, Malaysia, the Philippines, India and Australia.
It will also support JustCo’s efforts to ramp up technology solutions and enhance service offerings for its growing base of members.
Describing the co-working movement as one that embraces the flexibility of the sharing economy, GIC Real Estate chief investment officer Lee Kok Sun believes the co-working sector is “fast changing the way office space is designed, leased, used and operated”.
“As a long-term value investor, we are attracted by the sector’s growth potential in the long run and believe that the fragmented nature of the sector presents opportunities for consolidation,” he said.
Meanwhile, Frasers Property group chief executive officer Panote Sirivadhanabhakdi views real estate as “a service offering that goes beyond brick and mortar”.
“The combination of thoughtful design, curated service offerings and smart-office technology, can transform office buildings into inspiring, collaborative workspaces that enhance our workplace communities.”
Aside from Singapore, JustCo also has a presence in Thailand and Indonesia. It aims to operate 100 centres across the region by end-2020.
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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