Singapore-based property developer CapitaLand has acquired a 50-per cent stake in co-working space operator, The Work Project, for S$27 million ($19.7 million), as it launches its “office of the future” strategy.
The Work Project, launched in 2016, is known for its design and operation capability. It has been included in Forbes’ list of “5 Most Beautiful Coworking Spaces in the World” and Huffington Post’s list of “20 Best Coworking Spaces Across the Globe”.
The coworking space operator currently has four outfits in Singapore and Hong Kong, including one that is opening next year. It also plans to add more than 500,000-square-foot of flexible spaces by 2021.
The acquisition comes as CapitaLand launches its “office of the future” strategy, which is aimed at engendering a culture of innovation, promoting talent attraction and attention, and optimising cost efficient for tenants of its office properties.
“Combining the flexible spaces at Capital Tower and Asia Square Tower 2, as well as The Work Project’s current offerings in Singapore and Hong Kong, a total area of 177,000 square feet of flexible spaces will be initially available to complement CapitaLand’s core-flex offerings to tenants,” CapitaLand said in a statement.
The property developer said more flexible spaces will be added to meet the needs of tenants’ mobile workforce as The Work Project expands its footprint across Asia-Pacific, which is not limited to CapitaLand’s existing properties.
“To build our ‘office of the future’ ecosystem, CapitaLand is going beyond traditional property management to providing more value-add services and community experiences for our office tenants,” Lucas Loh, President (China & Investment Management) of CapitaLand Group, said.
This strategy, he added, will serve as a “key differentiator from” other office landlords and ensure that CapitaLand’s workplace offerings continue to be conducive for and “complementary to tomorrow’s consumers and economy”.