Ucommune To Spread And Expand In Singapore
Singapore – Ucommune, a renowned Chinese coworking space firm, is looking to expand in Singapore. It comes as no surprise that the company is eyeing one of the fastest growing markets for coworking spaces in the world. According to reports, the company is looking at a 17% yearly growth rate in the next 5 years for on-demand office spaces in Southeast Asia. This is a big prediction but with the way things are going, there is no reason to doubt that such high levels and consistent levels of growth will not be experienced.
Ucommune seems to be seriously interested in growth and expansion as the company bought its rivals including Woo Space and Workingdom in order to enhance its overall growth. It’s latest moves comes in the wake of further expansion plans.
Ucommune, it seems, now will be expanding in different areas of Singapore through different products. Singapore is a tech hub of the region and Ucommune is looking to break the existing market perceptions as it currently operates as a dark horse in the global arena of coworking spaces. Its main aim and long-term plan is to excel the market as a market leader.
The acquisition of Woo Space and Workingdom comes after Ucommune redesigned its strategy in order to fulfill the growing demand of office spaces by both MNCs and SMEs in Singapore. Ucommune also presides in many business hubs in Greater China and America region and has a valuation of $1.7 billion. The company is currently expanding and seeking opportunities in Southeast Asia and Singapore seems to be its very first strategic stop.
Singapore was a successful choice in the initial expansion strategy of the company too. Therefore, the company raised C+ round of a multi-million venture capital funding in order to expand its Southeast Asia footprint. It goes without saying that these developments are a clear indication of the fact that the Southeast Asia region is a top choice amongst coworking space providers and Singapore seems to be the highlight. People are now moving away from traditional sources and hubs of technology and coworking spaces including China and America. They are now transitioning to the Southeast Asia market and they are exploring important avenues such as Singapore.
Ucommune is expecting a 17% yearly growth for the coming 5 years for on-demand workspaces in Southeast Asia region. Therefore, it will also be looking to provide timely and reliable services to the region as well as the time progresses.
The flexible workspace of Ucommune provides a good opportunity to the ever-changing working habits of employees in Singapore. According to a survey by Gartner, 93% of the employees were able to achieve higher and greater productivity with respect to flexible working spaces and on the other hand, 63% of the employees are out of office for at least once a week. Startups who are able to choose coworking spaces are able to save as much as $4000 each year in rental costs and expenditures.