CapitaLand has partnered with Singapore’s coworking space pioneer Collective Works to transform the 12th storey of Capital Tower – its headquarters – into a premium coworking space, as part of its pilot initiatives to test-bed alternative workspaces.
In what is a first for a Grade A office building and a landmark deal in the coworking sector, the joint initiative aims to shape the future of office buildings in Singapore and change the way office spaces are used.
“It is incumbent on CapitaLand to constantly assess opportunities that will allow us to stay ahead of the curve and seize first-mover advantages,” said CapitaLand president and group chief executive Lim Ming Yan in a statement.
Collective Works – Singapore’s first CBD-based coworking space – will manage the coworking space on behalf of the partnership.
The coworking concept, which began in the United States, has spread quickly across other gateway cities such as New York, London, Berlin and Paris, followed by South-east Asian countries such as Indonesia, Philippines, Malaysia, Thailand and Singapore. In Singapore, coworking is at a fairly nascent stage with a variety of business models, said CapitaLand.
The 50:50 joint venture, which will support up to 250 high performance businesses over 22,000 sq ft, has seen strong pre-registration, according to a statement issued by Collective Works.