Malaysia’s Catcha Group-backed co-working space company Common Ground said Tuesday that it will be opening its first outlet in a 17,000 sqft space in Kuala Lumpur in early 2017.
This venture is also funded by region’s leading property developer Masteron Group.
Common Ground was founded by ex-Catcha Group executive Erman Akinci and former CEO of Guocoland’s Tower REIT Juhn Teo, along with Roen Cian Nagapan of The Roof and Rabin Nijhar of Cisco (M) Sdn Bhd.
“Common Ground is situated in a 17,000 sqft penthouse in Damansara Heights with breathtaking panoramic views of Kuala Lumpur city. It will feature over 50 private offices along with meeting rooms, hot-desking zones and an extensive communal café and lounge area,” Common Ground said in a statement on Tuesday.
It added that the space is easily converted to a versatile event area that will allow both members and outside parties to hold seminars and talks, designed to encourage group knowledge sharing and community building.
Regional internet company Catcha Group has companies like iProperty, iCar Asia, Rev Asia, and iFlix in its portfolio and an investment in a co-working space is the first such investment by the firm. However, it is not a surprise as co-working space industry is estimated at approximately MYR1.3 billion regionally and growing fast.
Some of the traditional players in the space such as Regus and Servecorp are also witnessing increased competition globally through new updated offerings from businesses like Wework and Neuehouse.
“We realized people kept returning to the office not for the amenities, but to be part of the amazing energy we fostered in this space. That’s when we decided to recreate the experience, supporting the existing entrepreneurial community by fostering comradery and the sharing of ideas amongst like-minded people through the creation of Common Ground,” said Co-founder of Common Ground, Erman Akinci.