Singapore’s Just Co-Exploring Co-Working In Hotels
There might be a new use for a business hotel in Sukhumvit, as the Singaporean co-working company JustCo will be opening work spaces in hotels in the Thai capital in 2019, after the initial launch of hotel co-working spaces in Singapore. The hotels in Bangkok that Just Co will operate in will be the ones owned by liquor tycoon Charoen Sirivadhanabhakdi.
According to Just Co founder and CEO Kong Wan Sing, the first hotel to get a co-working space will be Singapore’s four-star Hotel Jen, which is owned by the Hong Kong-based Shangri-la Hotels. He says that they’ll be using that property’s business centre to expand to new locations across Singapore, with each new co-working location to ad about 3,000m2 each.
Additionally, JustCo will open two new additional co-working centres in hotels, one in Singapore and the other in another country in Asia, with reports saying it might be Kuala Lumpur, before the end of 2018. Following that, the company will expand into Bangkok, with several sites for 2019. This opens the possibility of JustCo operating from a business hotel in Sukhumvit, as the hotels will either be properties of the Singapore-based Frasers Property, or the Thailand-based TCC Group, which are both owned by Mr. Charoen.
In May of 2018, Frasers Property become one of the two major JustCo shareholders after they and the Singaporean sovereign wealth fund GIC agreed on a partnership with JustCo to create a co-working platform across the region of Asia, a partnership amounting to about US$177 million. Mr. Kong reports that Frasers and GIC combined hold more than half of all the stakes in JustCo.
In Thailand, JustCo will be opening six new co-working centres throughout 2019, with each site adding about 3,000m2 ata cost of about $1,000-$1,500m2. The new properties will total to at least 24,000m2.
One of these new centres will be 8,000m2, located on the 24th to 27th floors of the SamyanMitrtown mixed-use property, owned by the SET-listed Golden Land Property Development PLC, the property arm owned by Mr. Charoen’s son, PanoteSirivadhanabhakdi, the CEO of Frasers Property Group.
The Bt8.5 billion property is scheduled to open sometime in the fourth quarter of 2019 on Rama IV Road, and will have a 31-storey tower with a lettable area of 48,000m2, complimented by six floors of retail space amounting to 36,000m2, alongside a 33-storey residentioal building with 104 hotel rooms and 516 leasehold condo units.
Mr. Kong has discussed about operating out of a business hotel in Sukhumvit, as they plan to open in the capital’s central business districts, like Rama IV and Sukhumvit.