JustCo to Double Footprint in Asia Pacific with Aggressive Expansion Plans in First Half of 2019
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| April 2019 |
JustCo, one of Asia’s leading premium flexible workspace providers, has announced plans to double its regional footprint in Asia Pacific by the first quarter of 2019. The expansion will see the brand increase its footprint tenfold since 2015.
Spurring this growth is the debut of six co-working centres in Melbourne, Sydney and Seoul, while increasing its presence in Singapore, Shanghai, Bangkok and Jakarta. In its first venture beyond Asia, JustCo will open four co-working centres in Sydney and Melbourne. This includes a four-storey 90,000 sq ft centre at 15 William Street, Melbourne slated to open in May 2019.
By end of Q1, JustCo would have secured or opened nine new Central Business District locations across the region, expanding its portfolio to 29 centres in Asia Pacific. The series of consecutive launches speak volumes of the increasing demand for shared workspaces and the gap in the market.
Driving JustCo’s continued expansion are strategic partnerships and joint investments. In 2018, JustCo announced a joint investment of US$177 million with Singapore sovereign wealth fund GIC and multinational property company Frasers Property. Prior to that, JustCo also secured partnerships with well-known conglomerates – TICON and Sansiri in Thailand and Gunung Sewu in Indonesia.
These strategic partnerships have enabled JustCo to take on new leases and secure co-working spaces within iconic buildings in prime locations across the region. For instance, JustCo will open its first centre in Korea at the Seoul Finance Centre, owned and managed by GIC.
Similarly, JustCo’s upcoming centre at China Square Central in Singapore is the first project JustCo is launching in a building owned by key investor Frasers Property. Scheduled to open in Q4 2019, the new co-working centre will be within a mixed-use complex featuring premium commercial retail, office space and an all-new hotel residence. It will feature pop-up display corners, a large event space with a platform stage and bespoke suites for members to network and showcase their products.
JustCo’s success and deep understanding of the industry has also led to new opportunities with property developers who are seeking better utilisation of space within their buildings. Most recently, JustCo was appointed by GuocoLand to operate its co-working space at 20 Collyer Quay. Slated to open in April 2019, this will be JustCo’s 15th co-working centre in Singapore. The 16,000 sqft space, is set across three levels with a mandate for JustCo to introduce a multi-faceted community that will further enhance the appeal of the building. Uniquely, this centre will enhance opportunities for networking by giving all occupants from 20 Collyer Quay access to common areas such as JustCo’s in-house café, lounge and event spaces.
“2019 is starting strong for us as we enter new cities in Korea and Australia and announce more locations in Hong Kong, Taiwan, Vietnam, Malaysia and the Philippines,” said Founder and Chief Executive Officer, Mr. Kong Wan Sing. “Co-working has immense potential. With our expertise, we are looking to grow the industry by helping more companies realise the synergies, efficiencies and opportunities of a shared workspace. Across all our newly secured locations in the region, we have received 50% pre-lease commitment by large corporates. Workforce demographics are changing and millennials’ demand for collaborative and flexible workspaces continue to drive the industry. Over the last year, our member base has grown 42%.”
JustCo’s expansion plans will add value to members who seek greater regional access. As its community grows in tandem with centre openings, opportunities to tap into a larger network for more collaboration and networking opportunities will flourish both within and across the markets.
Since 2015, JustCo’s staff strength has grown fivefold to support its growing network of centres. In 2019, JustCo expects to grow its headcount by 60% across teams in Singapore and across the region, from IT and infrastructure, workspace design to sales and community.
At the end of last year, the brand also announced multiple C-suite appointments to drive its aggressive regional growth strategy and strengthen expertise in the areas of real estate, strategic investments, enterprise business development and community building.