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Frasers Property, GIC and JustCo invest US$177m to build co-working space in Asia

Multi-national property company Frasers Property and Singapore’s sovereign wealth fund GIC have collaborated with co-working space provide JustCo to develop a co-working space platform across Asia. This sees all three companies investing US$177 million jointly.

The move follows JustCo’s aim to build its presence in Southeast Asia, as well as expand into other Asia markets such as Malaysia, the Philippines, Greater China, Korea, Japan, Vietnam, Australia and India. Currently, the brand has a presence in Singapore, Indonesia and Thailand. Furthermore, the investment looks to support JustCo’s focus of enhancing technology solutions and service offerings to facilitate collaboration and networking opportunities among its growing based of community members.

Lee Kok Sun, chief investment officer, GIC Real Estate, said the co-working movement embraces the flexibility of a sharing economy, and is fast-changing the way office space is designed, leased, used and operated.

“As a long-term value investor, we are attracted by the sector’s growth potential in the long run and believe that the fragmented nature of the sector presents opportunities for consolidation. Our investment in JustCo will support it in its next phase of growth outside of Singapore, as it continues to engage with entrepreneurs and enterprises across Asia,” Lee said.

He also added that the partnership will enable it to capitalise on shared synergies and leverage on one another’s strengths. This includes operational expertise, space from existing office portfolios, local market knowledge and networks.

Panote Sirivadhanabhakdi, group chief executive officer of Frasers Property also explained that this partnership exemplifies its belief that “experience matters”.

“The combination of thoughtful design, curated service offerings and smart-office technology, can transform office buildings into inspiring, collaborative workspaces that enhance our workplace communities. We look forward to advancing this partnership to accelerate the expansion of JustCo’s network, customers’ connection, technology platform and services to the next level,” Sirivadhanabhakdi added.

“The confidence that GIC and Frasers Property have instilled in JustCo is a testament to our workplace technology and community management expertise. This round of investment will help us enhance and redefine the flexible workspace experience through multi-geographical footprints,” said Kong Wan Sing, founder and CEO of JustCo.

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