Singapore’s biggest commercial developer CapitaLand has launched its first co-working space in China with the opening of C3 (“C Cube”) in Shanghai, the company announced.
Located in CapitaLand’s Innov Center office project in Yangpu district, the shared office centre covers an area of 2,700 square metres (29,063 square feet). CapitaLand’s ownership of the building smooths the process for tenants of C3 to expand into more traditional office spaces elsewhere in the building as their needs grow.
NASDAQ-listed Chinese video site Bilibili, an existing tenant in Innov Center, also took up space in the co-working office to accommodate its expansion.
New Centre Features Events, Smart Doors
“In recent years, CapitaLand has been exploring areas like its CapitaStar digital platform, future offices, smart malls, co-living apartments, and venture capital funds, which incorporate physical space with technologies, services, experiences, and communities,” said Lim Ming Yan, CEO of CapitaLand Group in the Chinese-language statement. “China’s urbanization and consumption are growing and will bring unprecedented opportunities for international economic cooperation.”
C3’s office offering features high tech extras such as facial recognition-enabled doors and an app for accessing services, as well as amenities including a coffee shop, gym and shower. The developer will also organise community events around issues such as mentoring and investment.
Innov Center is located in the Wujiaochang business district along Shanghai’s Middle Ring Road, a 15-minute walk from Sanmen Road station of metro line 10.
CapitaLand has a portfolio of 21 office projects across 11 first- or second-tier cities including Beijing, Chongqing and Hangzhou, with a combined floor area of 1.3 million square metres. The company’s total assets under management in the country are valued at over RMB 200 billion ($31.45 billion).
CapitaLand Ventures Deeper into Mainland Co-Working
The developer’s foray into China’s’ shared office sector started in late 2016 when CapitaLand announced it would provide mall space for Chinese co-working brand Ucommune (then called URWork). CapitaLand supplied a 4,100 square metre space at CapitaMall Minzhongleyuan in the city of Wuhan, and a 1,300 square metre facility in CapitaMall Wangjing in Beijing, for more than 600 workstations for Ucommune.
CapitaLand opened its first co-working space in Singapore in 2016, through a 50-50 joint venture with co-working operator Collective Works. The project turned the 12th floor of Capital Tower office building, where the developer also makes its headquarters, into a 2,024 square metre flexible office space.
Chinese Flex Office Market Heats Up
CapitaLand is trying its hand in a market dominated by ambitious homegrown and foreign rivals. Just last month, US co-working giant WeWork acquired Shanghai-based naked Hub for a reported $400 million to boost its ten-centre portfolio in Shanghai and Beijing.
One of CapitaLand’s biggest hometown competitors, City Developments Ltd, is also a rival in the mainland co-working market through its investment in Distrii. The Shanghai-based flexible office provider will open its first overseas centre in CDL’s Republic Plaza in Singapore next week.