JustCo Signs Deal

JustCo Signs Deal To Manage Metro Space in Asia Green

SINGAPORE – Homegrown coworking space operator JustCo has signed a deal to oversee a Metro Holdings space in Asia Green, an office complex comprising two 8-storey towers in Tampines, by the third quarter of 2021, reported The Business Times on Tuesday afternoon (23 March, SGT).

“The signing is in tandem with our inclination toward an asset-light management model and reflects a paradigm shift in how landlords are retailing their real estate spaces in view of customer demands for extremely versatile and flexible workspace solutions,” commented JustCo’s Founder & CEO Kong Wan Sing.

In a statement, the coworking space operator pointed out that demand for flexible workspace has grown due to shorter business cycles and greater uncertainty in a time of stiffer competition. As large organisations gravitate toward this more economical workspace option, traditional office space lessors are seeking a management contract approach in leasing to secure benefits that coworking space operators like JustCo can provide.

“With 30 percent of global office inventory projected to become flexible by 2030, corporations are looking to landlords to offer more than just an empty office space,” Kong noted.

In particular, JustCo inked a contract with Asia Green’s owner T-Grand Property Holding. And the commercial property represents Metro Holdings’ first foray into a Grade A decentralised office in Singapore. Last year, its subsidiary Metrobilt Construction formed a 50:50 joint venture (JV) with an independent third-party. Via their newly-incorporated company, Ascend TGrande, they acquired all of the shares of T-Grande Investment Holding, which fully owns T-Grande Investment Holding, from Golden Crest Holdings.

Spanning about 30,000 sq ft, the JustCo-managed space in Asia Green was designed to facilitate the sharing of workspaces and amenities by occupants.

Situated along the Tampines Grande road, JustCo at Asia Green offers a decentralised workspace for businesses looking to redistribute staff amidst the COVID-19 pandemic.

Moreover, the tenants at Asia Green are set to join the over 100,000 members of the coworking space operator, and gain access to JustCo’s platforms for networking and collaboration.

“JustCo’s expertise in workspace technologies and community management is complementary to Asia Green’s roll out of its’ Core + Flex leasing strategy which provides its MNC tenant base the opportunity to quickly scale up their workspace requirements on demand,” remarked Leslie Lim, Spokesperson and Managing Partner at Asia Green’s asset manager, Evia Real Estate.

“We are excited to onboard JustCo as part of the overall asset enhancement initiative at Asia Green to create a truly occupier–focused energy efficient Green Mark Platinum Grade A building in the Tampines Regional Centre,” she added.
Furthermore, JustCo revealed that last year amidst the virus outbreak, major companies joined its community, including cosmetic giant L’Oreal, Tencent-backed Riot Games, and Kasikornbank-backed Kasikorn Line.

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