Indonesia: JustCo, Gunung Sewu form co-working space JV

Photo: JustCo website

Singapore’s largest premium co-working space provider JustCo has formed a joint venture company with Gunung Sewu for the development of a co-working space business in Indonesia.

JustCo made the deal barely two months after it closed a Series B funding round from Thailand’s largest property developer Sansiri. That round gave the Singaporean firm a $200-million valuation.

The new JV firm will be a 65:35 per cent equity sharing between JustCo and Gunung Sewu, respectively. Investment figures were not disclosed.

Gunung Sewu has diversified businesses in food, property, insurance and manufacturing.

Both companies are targeting operating four JustCo centres in Indonesia in 2018. JustCo founder and CEO Kong Wan Sing said the first centre to open will be situated in Sequis Tower, one of Gunung Sewu’s premium properties located in the heart of Jakarta’s Sudirman Central Business District.

The premium skyscraper was developed by Gunung Sewu’s property business line. It offers walking distance convenience to the upcoming Istora MRT station, with pedestrian access to nearby Jakarta Stock Exchange, malls, hotels and banks.

Gunung Sewu chairman Husodo Angkosubroto said the joint venture with JustCo is in line with their company’s increased focus on startups and tech-related businesses.

“Indonesia is a potentially sizeable market with the co-working culture on a rising trend thanks to the exponential number of entrepreneurs and booming of the digital market,” Angkosubroto said. “With JustCo’s acute business strategy and tenacity, we are confident and excited how this joint venture will drive more innovative communities and successful entrepreneurship in Indonesia.”

JustCo currently has 11 centres in Singapore and Shanghai, and plans to expand its portfolio in the region to 30 centres spanning across a combined floor area of more than 1,000,000 sq ft to become the number one player in Asia in 2018.

In addition to Jakarta, bold expansion plans are in place to foray into strategic cities like Bangkok, Kuala Lumpur, Ho Chi Minh City and Manila.

Also Read:

Exclusive: Indonesian commodity player & LP Gunung Sewu sets sights on fintech, Big Data 

Thailand’s Sansiri invests $80m in six global startups including Standard International, Monocle, JustCo 

Co-working startup JustCo raises $12m from Thai property developer

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.