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Design and Tell: How JustCo as a New-age Business Integrates Phygital Strategies into Its Co-working Spaces

30 Apr 2020

Full podcast on Design and Tell can be heard here.

Phygital business will define the ‘new normal’. Among these, coworking space providers such as JustCo have gone mainstream and are sprouting all over Asian cities. In today’s episode, you’ll hear from Faith Soh, Head of Innovation & Partnerships at Justco, and Sylvia Bay, Design Director at Justco, on how they conceptualize and implement their flagship products and services such as JustCo Lab, Future of Work and the JustCo App, and on all the work that goes in constructing these hotspots of productivity and new-age business.

 

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JustCo launches relief package to support more than 3,000 companies across the region

JustCo, one of Asia Pacific’s leading flexible workspace providers today announced a multi-million dollar relief package with rebates of between 15-30% on membership fees for May 2020, in a commitment to support its members in tiding them through this difficult period. This move comes even before JustCo, a significant tenant in multiple Grade A office buildings across CBDs in the region, receives any rebates from landlords.

“Members are the fundamental pillar of our business and they are the very reason for JustCo’s existence. Overall, it’s a tough time for businesses and it is imperative that we are here to help the members who’ve supported us in our growth to date. Despite the tough decision on this multi-million dollar relief package, it is necessary for us to provide them some shelter during this mighty storm,” said Founder and Chief Executive Officer, Kong Wan Sing.

“Office space can take up a sizeable chunk in the operating costs of businesses. At a time like this, we strongly urge landlords to help their tenants to ease their cash flow and cost pressures. Together, if landlords and tenants share the burden of the current difficulties, both can ultimately survive and even thrive in the long run.” he added.

The relief package will benefit more than 3,000 companies, from individual entrepreneurs, start-ups and SMEs to multinational corporations across the JustCo centres in eight major cities – Singapore, Bangkok, Jakarta, Taipei, Seoul, Melbourne, Sydney and Shanghai.

As part of the JustCo Relief Package, members can receive rebate on 1-month membership fee for May 2020. Members who have been with JustCo for two years or more will get 30% rebate while all other members will get 15% rebate. The relief package applies to JustDesk Unlimited, JustDesk Dedicated and Just Studio Memberships, for all JustCo members across the region who joined JustCo before/on 1st April 2020.

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Daito Trust will invest a combined US$74 million in JustCo and in a new Japan joint venture

As featured on:

  1. Sohu
  2. Wang Yi
30 Nov 2019

SINGAPORE, 28 November 2019 – Daito Trust Construction Co., Ltd (“Daito Trust”), a listed construction and real estate company in Japan will invest a US$50 million in JustCo Holdings Pte. Ltd. (“JustCo”).

In addition, Daito Trust will invest up to an additional JPY 2.65 billion (US$24 million) to form a new Japan joint venture with JustCo to build and operate flexible workspace business in Japan (the “Joint Venture”).

The Joint Venture, JustCo DK (Japan) Co., Ltd., will be 51% owned by Daito Trust and 49% owned by JustCo.

This Joint Venture will be an integral part of Daito Trust’s strategy to develop a comprehensive leasing and lifestyle business, whilst enabling JustCo to expand its network into Japan in response to the needs of JustCo’s regional members and to support its future growth. This strategic partnership will leverage JustCo’s leading capabilities in space planning, workplace technology and community management, combined with Daito Trust’s in-depth knowledge of the Japanese real estate market. The transaction is subject to the satisfaction of certain closing conditions.

JustCo on a sustained growth path

Since the US$177 million joint investment in JustCo from Singapore’s sovereign wealth fund GIC, and multi-national real estate company Frasers Property Limited in May 2018, JustCo has expanded its network from 14 co-working centres in two cities, to close to 40 centres across eight cities today.

Being one of the leading flexible workspace providers with a large multi-city presence in Asia Pacific, JustCo is enjoying buoyant demand for flexible workspace from existing members and a large number of new clients, ranging from start-ups to large enterprises including Fortune 500 companies. Such demand has enabled JustCo to enjoy strong occupancy rates throughout its centres, contributing to faster than expected revenue growth.

In line with JustCo’s vision to “Make Work Better” and further enhance member experience, JustCo’s key differentiation is its ability to deploy smart technologies in both physical and digital spaces to create an integrated flexible workspace solution to better serve its communities.

The additional US$74 million funding provided by Daito Trust to JustCo and the Joint Venture, combined with positive cash flow from JustCo’s mature centres and its cash reserves, will enable JustCo to continue to fund its growth plan and benefit from the ongoing consolidation in the flexible workspace market.

Entering Japan, another key market to JustCo’s network

Japan, as the second largest economy in Asia by GDP, is an important market for a large number of JustCo’s existing members. Demand for flexible workspace in key Japanese cities such as Tokyo is fast-growing. Expansion into Japan will further enhance JustCo’s network advantage to better serve the needs of its members. This extends JustCo’s presence in Asia Pacific to eight key markets, including Australia, China, Indonesia, Singapore, South Korea, Taiwan and Thailand, allowing JustCo to better respond to new demands for flexible workspace, further fueling its growth.

Positioning JustCo for success in Japan

Understanding each market’s local nuances is critical to JustCo’s success in the region. JustCo’s strategic partnership with Daito Trust is expected to catalyze JustCo’s market entry into Japan, and further enhance its localization capabilities to offer customized workspace solutions and curate relevant community programs for local members and their businesses. Similar to the other markets which JustCo is already present in, there will be a local team on the ground to manage the business.

JustCo and Daito Trust share a long-term commitment to develop a successful flexible workspace business in Japan. The investment in JustCo and establishment of the Joint Venture will enable Daito Trust to realize its strategy to expand beyond its traditional business of rental housing and become a comprehensive lifestyle support company.

Daito Trust is a leading construction and real estate company in Japan, offering an extensive range of services seamlessly from consulting sales of rental housing, design and construction, tenant recruitment to building management, with esteemed record of consistent growth in sales and profits for 11 consecutive years to achieve net sales in excess of JPY 1.5 trillion and net profit of JPY 90 billion for the fiscal year ended March 31, 2019. With a No.1 market position in Japan, Daito Trust will tap on its deep customer base, local market knowledge, local design and development capability and a strong local network of brokers to contribute meaningfully to the Joint Venture.

Mr. Katsuma Kobayashi, President and Representative Director (CEO), Daito Trust, said, “Our Group achieved accelerated growth as a company specialized in rental housing, and is now implementing the New Five-Year Plan from the fiscal year 2019. Under the slogan of ‘becoming a company that our stakeholders feel comfortable, entrusting their dreams and future to and that can generate sustainable growth’. Our Group aims to become a total lifestyle support company by strengthening comprehensive leasing and total lifestyle support service business operations, in addition to our efforts to bolster the core businesses (rental housing field) and expand market share. The flexible workspace business is one of the key elements in our comprehensive leasing business, and we believe the collaboration with JustCo marks a significant step forward.”

Mr. Kong Wan Sing, Founder and Chief Executive Officer, JustCo, said, “The investment from Daito Trust is testament to the long-term growth potential of the flexible workspace industry and JustCo’s sustainable growth and leadership in the region. The scale of the Japanese market opportunity will contribute significantly to the growth of JustCo. Japan is one of the key growth markets for us. We are confident of the strategic partnership with Daito Trust, given their long history in Japan, trusted reputation and local expertise. Our strong corporate governance and financial prudence will continue to serve as the backbone of our business as we expand our network. JustCo aims to cement its position as the leader in Asia Pacific, and has set a new target to operate more than 3 million square feet of co-working spaces by 2021.”

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JustCo入驻仲益大厦,逐步扩张其在上海的共享办公中心网络

30 Sep 2019

亚洲领先共享办公空间品牌JustCo进一步扩展上海业务,在仲益大厦新增了一个共享办公据点。该中心预计于2019年第四季度开业,这将是JustCo在上海的第三个也是最大的共享办公空间,包括两个楼层,占地3250平方米。

仲益大厦位于南京西路静安中央商务区的中心地带,JustCo将提供灵活的工作空间方案,以满足大型企业和跨国公司逐渐增多的需求。另外两个中心则位于长宁来福士广场和会德丰国际广场。

近年,越来越多企业摒弃传统办公室,转而选择灵活的共享工作空间,因此像JustCo这样的共享办公空间供应商大大颠覆了房地产行业。无论是小型还是大型企业都看中了像JustCo这样的共享工作空间,因为租赁具灵活性,企业可节省成本、参与社区和覆盖区域业务。在像JustCo这样的大型平台上,会员可以在共享工作文化中构建新的人脉并利用协作效应。

上图:崭新仲益大厦JustCo的接待区,位于静安中央商务区

JustCo会员可以参加独家策划的社交活动、发掘合作机会和专享Hubspot、丽思卡尔顿酒店和上海JW万豪酒店等战略合作伙伴的优惠。会员还可通过JustCo应用程序立即连接到不断壮大、充满活力的个人和企业社区,从而实现跨地区业务匹配和联结。

JustCo在仲益大厦的办公区采现代化设计,激发工作热情和灵感,另设有配备游戏机的游戏区以及阅读区,以倡导在工作与生活间取得平衡。此外,还有多个电话亭以提高办公场所的生产力,以及宽敞的活动空间和休息区可迎合各种生活方式和专业活动。会员还可以在悠闲的环境中使用精心设计的个人工作室、办工桌区域、在餐饮间享用免费咖啡与茶,以及在协作空间进行会议和讨论。

为了推动JustCo在亚太地区的快速增长,新加坡的主权财富基金--新加坡政府投资公司(GIC)和跨国房地产公司--星狮地产投资了1.77亿美元,这对JustCo巩固市场地位和增强其技术解决方案起到了至关重要的作用。

根据高力(Colliers)的报告,上海在2018年1的灵活工作空间领域的增长率最高,超过40%。在过去的几年里,共享办公空间已经从几个大型场地扩展到中国主要城市的670个网点2

JustCo创始人兼首席执行官龚万鑫表示:“上海是一个竞争激烈的市场,在共享办公领域具有巨大的潜力。作为唯一一家在亚太地区多个城市拥有共享办公空间的供应商,我们坚信我们的本地化战略、亚洲式服务、办公中心质量和良好的业绩记录将使我们在上海站稳脚跟。为了建设‘工作空间的未来’,JustCo还将试用智能数字工作空间,以提升会员的体验。我们正在创建一个大型综合平台,以构建一个密集的网络,帮助我们的会员及其业务取得成功。”

截至目前,JustCo在亚洲八个主要城市拥有近40个中心,包括新加坡、曼谷、上海、雅加达、首尔、悉尼、墨尔本和台北。

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JustCo Emerges as Workspace Solutions Category Winner, at the EY Entrepreneur of The Year Award

Founder and CEO of JustCo, Kong Wan Sing, is named category winner at the 18th EY Entrepreneur of The Year Award (Singapore), under the Workspace Solutions category; alongside four other recipients. The EY Entrepreneur Of The Year is an annual awards program that honours Singapore’s top entrepreneurs for their contributions to the economy and society.

“This entrepreneurial journey hasn’t been easy but has definitely been a rewarding one. Co-working used to be associated with freelancers and entrepreneurs. Today, we are disrupting the industry by attracting Fortune 500 companies who see value in being connected in a co-working workspace. I’m truly humbled to win this award, and it is only possible with the great support from a very capable JustCo team, our members, key investors and last but not least, my family,” says Kong Wan Sing.

Today, JustCo has established itself as Asia’s leading flexible workspace provider, and the only Asian-based operator to have multi-city presence across Asia Pacific. Our aim is to grow our regional footprint, and to be Asia’s #1 flexible workspace provider by 2020.

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JustCo Wins at Asia Pacific Entrepreneurship Awards 2018!

30 Aug 2018

Founder and CEO of JustCo, Kong Wan Sing, was named winner at the Asia Pacific Entrepreneurship Awards 2018 (APEA), under the Professional & Business Services category. The APEA is a regional award honouring entrepreneurs who has established groundbreaking differences, took bold risks and are constantly driven to fulfil their dreams. Awardees of this prestigious award are leaders and pioneers in their very own fields, and for companies to be recognized for their outstanding entrepreneurship excellence.

“The journey of entrepreneurship hasn’t been easy, and I’m sure the common ground shared by all entrepreneurs are undeniably the obstacles, hard work, and perseverance involved. Great work is never done by one person, but can only be achieved together with a team of great people; and I am incredibly grateful to have a talented and dynamic JustCo team behind this entrepreneurship journey”, says Kong Wan Sing.

Since 2015, JustCo has successfully championed the movement of community-building, workspace solutions and the collaborative co-working experience through various initiatives and events. This prestigious award serves as a testament for what the business has achieved to date, and for JustCo to continue building a large and strong community for members to fully harness the effect of co-working. By 2020, JustCo is set to dominate Asia by way of entry into key strategic cities.

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GIC, Frasers Property and JustCo jointly invest US$177 million to develop co-working platform across Asia

30 May 2018

GIC, Singapore’s sovereign wealth fund, and multi-national property company Frasers Property Limited (“Frasers Property”), are partnering with JustCo, a leading co-working space provider in Singapore, to develop a co-working space platform across Asia. JustCo currently has a presence in Singapore, Indonesia and Thailand, having brought together a community of entrepreneurs and enterprises of varying sizes. The three partners’ joint investment of US$177 million will enable JustCo to build on its presence in Southeast Asia and expand into other Asian markets such as Greater China, Korea, Japan, Vietnam, Malaysia, the Philippines, Australia and India. The investment will also support JustCo’s continued focus on ramping up technology solutions and enhance service offerings to facilitate collaboration and networking opportunities amongst its growing base of community members.

Lee Kok Sun, Chief Investment Officer, GIC Real Estate, said, “The co-working movement embraces the flexibility of the sharing economy and 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. Our investment in JustCo will support it in its next phase of growth outside of Singapore, as it continues to engage with entrepreneurs and enterprises across Asia. Our partnership with JustCo and Frasers Property will enable us to capitalise on shared synergies and leverage one another’s strengths such as operational expertise, space from existing office portfolios, local market knowledge and networks.”

Panote Sirivadhanabhakdi, Group Chief Executive Officer of Frasers Property said, “This partnership with GIC to invest in JustCo exemplifies our unifying value that ‘experience matters’. To us, real estate is more than brick and mortar. It is the combination of thoughtful design, curated service offerings, respectful hospitality and smart-office technology that transforms an office building into inspiring, collaborative workspaces that enhance office experiences and build communities. We look forward to advancing this partnership that will tap Frasers Property’s global network and scale to grow JustCo into a multi-city, community-based service offering for customers.”

‘The confidence that GIC and Frasers Property have instilled in JustCo is a testament to our workplace technology and community management expertise, and we are extremely humbled to have found the right investors who share the same vision and purpose. This round of investment will help us enhance and redefine the flexible workspace experience through multi-geographical footprints,’ says Kong Wan Sing, Founder and CEO at JustCo.