Strong Demand For Office Redesign In Singapore
SINGAPORE – Space Matrix’s Chief Executive Arsh Chaudhry revealed that as firms adapt to a more flexible working arrangements due to the virus outbreak, there is robust demand for office redesign in the city-state, as well as in India and the rest of the ASEAN region, reported the South China Morning Post (SCMP) on Monday morning (20 June, SGT).
As a matter of fact, the Singapore-based office-design company’s annual global revenues have surged by over 50 percent in the past few years, and it recorded US$36.34 million in design fees in 2021.
Amidst the strong demand for office redesign in Singapore, the rest of Southeast Asia, and India, Space Matrix has purchased Pursuite, one of first and biggest business-to-business (B2B) e-commerce platforms in Asia for procuring fixtures, furniture, and equipment.
With the acquisition, the goal of the design firm is to make planning and implementing office designs more seamless. The move also highlights a trend for design companies that are looking for a way to sell products and services via the flourishing e-commerce scene and reach a larger market through an omnichannel approach, said an analyst.
“The annual addressable market size of the workplace design and build industry in Asia alone is more than circa S$15 billion (US$10.8 billion),” noted Chaudhry.
“However, the process of procuring products and services to build an office is still very archaic and is filled with multiple issues including cost and time unpredictability, quality and consistency of products, price transparency, governance, and even product discovery. Hence, the applicability of a digital procurement platform like Pursuite for the workplace sector is immense.”
Moreover, Space Matrix sees growth opportunities in its purchase as it plans to tap artificial intelligence and machine learning to mine design data and give valuable insights for its customers in designing future offices.
Chaudhry said that while the design sector leveled up and enhanced various points in the design process, procurement & project management have been inadequately tackled.
“What matters is that the conceived design also can be built as per the intent, and this is what influenced our decision to acquire Pursuite,” he said, adding that Space Matrix has plans to further expand its operations in Southeast Asia. The acquisition will also enable the design firm to streamline and enhance its capability to deliver projects.
Space Matrix is considered as the world’s 6th biggest multinational design company by revenue after five design companies based in mainland China and Hong Kong. The firm also has 16 offices in Australia, mainland China, Hong Kong, India, the Philippines, Thailand, Singapore and the US.
Meanwhile, Pursuite focuses on the hotel sector and has operations across Asia and Europe. Space Matrix will bring over 1,500 vendors across Singapore, India, China and the rest of Southeast Asia onboard the Pursuite platform.