Singapore Coworking Space Operator Ventures Into Australia
AUSTRALIA – The Work Project (TWP), a Singapore-based coworking space operator has teamed up with the landlord of the 49-storey Quay Quarter Tower in Sydney to open a flexible office space in the soon-to-be finished prime office tower, reported the Australian Financial Review on Friday morning (1 April, SGT).
The company, which operates 10 coworking centres in Singapore and 1 in Hong Kong, has signed a deal to oversee 4,300 sq m of flexible workspace in the 2nd and 3rd floor of the commercial property, which is poised to be practically completed in 2 weeks.
The partnership comes as other coworking space operators like The Commons, Hub Australia, and Workspace 365 are poised to open 10 outlets in the country in H1 2022, as demand for coworking spaces in the country rises.
Asset manager AMP Capital revealed Singapore’s TWP was selected after a global search for a coworking space partner, and the firms are collaborating closely on the design and fitout for the workspace, which is slated to open in August 2022.
The Work Project’s Chief Executive Junny Lee said the remainder of the year will be spent on bedding down the operation, which includes roughly 1000 sq m of meeting and event spaces.
“Australia’s been identified as the key overseas expansion market for TWP. Beyond our home market in Singapore, Australia is very much a key focus for the next couple of years.”
“We’re very ambitious in Sydney – and Melbourne as well,” he added.
Lee disclosed that TWP was established in 2017 and it is majority owned by CapitaLand. Its goal is to become the 3rd biggest coworking space operator in Singapore by the end of 2022, during which it targets to have around 46,000 sq m of flexible office space under management.
“So, we’re hoping to achieve that scale in Australia in the next couple of years, where ultimately we’d like to become one of the top 5 operators.”
In particular, he noted that The Work Project targets prime office buildings in CBDs, such as the Quay Quarter Tower. “We position ourselves as a premium product servicing mainly corporate clients.”
TWP relies on a diversified business strategy: a combination of partnerships, management agreements, and leases. In fact, 7 of its Singapore outlets are in office buildings owned by CapitaLand.
At present, 89 percent of the space in Sydney’s Quay Quarter Tower has been pre-committed. In particular, law firm Johnson Winter & Slattery agreed to occupy 3500 sq m for 10 years. Other tenants include Deloitte, AMP, EQT, and law firm Corrs Chambers Westgarth.
Designed by Danish architects 3XN, Quay Quarter Tower is jointly owned by Dexus Wholesale Property Fund and AMP Capital Wholesale Office Fund.
