As a real estate developer of tomorrow, CapitaLand must be able to anticipate and meet the future expectations of its customers, says President & Group CEO Mr Lim Ming Yan. This has prompted the company to partner Collective Works, a leading coworking operator in Singapore to transform an entire floor in its headquarters building, Capital Tower into a premium, high-performance coworking space. Capital Tower is the first Grade A office building in Singapore to incorporate premium coworking spaces.
Collective Works Capital Tower officially opened its doors in June 2016 with a number of high profile members including 500 Startups, an American venture fund and seed accelerator with a strong global presence and NASDAQ-listed Black Marketing, a premium boutique B2B marketing consultancy. Discussions are also ongoing with over 60 other companies looking to join the space in the next few months.
Inspired by the sharing economy, the concept of coworking first took shape in the USA. It allows individuals or companies to work independently or collaboratively in a shared office space, with common resources. While coworking has found its way into major cities like New York, London, Berlin and Paris, it is still relatively new in Singapore. Market research, however, suggests that there is emerging interest in coworking spaces among local operators and customers. CapitaLand is hopeful that this move to pilot the coworking concept in a Grade A CBD location will help it stay ahead of the curve and seize first mover advantage in an increasingly competitive market.
Collective Works Capital Tower is a premium coworking space designed to bring together fast-growing small and medium-sized businesses in a conducive, high-performance environment that encourages networking and collaboration. It features innovative spatial design, efficient layout plans, the latest IT infrastructure and high-quality fit-out with attention paid to ergonomics, ambience, lighting and acoustics. Members get to enjoy shared work spaces, meeting rooms, private phone booths and huddle rooms in addition to communal pantries and chill-out lounges. Offering flexible configurations to meet the diverse needs of its members is central to the coworking proposition.
“With Capital Tower’s central location, connectivity to public transport, proximity to clients and partners, premium Grade A specifications and lifestyle amenities, we are confident that the coworking space at this premium building will appeal to a range of fast-growing businesses, entrepreneurs and freelancers seeking to rent fully functional, fitted-out office spaces under flexible lease terms. We foresee demand coming from sectors such as fin-tech, social media, technology, insurance, corporate training and venture capital investment”, said Mr Wen Khai Meng, CEO of CapitaLand Singapore.
He added that coworking is in very much line with CapitaLand’s ‘office of the future’ vision, "where people work in hubs of collaboration, community and creativity".
Collective Works’ founder Mr Jonathan O’Byrne is excited about the future of coworking, especially now that a major property developer like CapitaLand has embraced the concept.
“Our joint venture with property heavyweight CapitaLand signifies a new wave of corporate dynamism in the coworking sector. Across Asia, we have witnessed an exponential surge in demand from entrepreneurs seeking more personal business solutions. The potential of this partnership is vast. It is a relationship that has the potential to redefine the coworking landscape in Singapore and Asia.”
To find out more about Collective Works Capital Tower, visit www.collective.works .