Co-working operator JustCo this month achieved the latest milestone in its Southeast Asia expansion, after a Bangkok-based unit of Singapore-listed Frasers Property announced the formal creation of a joint venture with the Singaporean flexible office provider.
Thailand-listed Ticon Industrial Connection announced the JV to the stock exchange, with the industrial developer set to hold 51 percent of the new entity, which aims to creation shared office communities in the Kingdom, with JustCo holding 49 percent.
“We are now very excited to be an exclusive partner with Ticon, a company with such business reputation and local market knowledge,” JustCo Founder and CEO Kong Wan Sing said in a statement. “This partnership helps JustCo accelerate our ambitious opening plans in Thailand and in the rest of the Asian region, where we aim to open 100 centers by 2020.”
New Centre Set to Open on Wireless Road
JustCo followed up on the stock exchange announcement by unveiling the imminent opening of its second co-working centre in Bangkok, a three-storey facility close to the US Embassy on Wireless Road.
Slated to open later this month, the 3,500 square metre (37,600 square foot) space in the Capital Tower Building of the All Seasons Place complex is opening just a few months after JustCo opened its first Bangkok centre in the AIA Sathorn Tower in Yannawa district.
Ticon President Sopon Racharaksa portrayed the new partnership as part of the modernisation of Thai industry.
“Thailand’s economy, the second largest in Southeast Asia, is promoting technology and innovation in line with the Government’s “Industry 4.0” model,” Sopon said in the statement. “We are taking important steps to bring in new adjacent businesses and smart solutions into our existing business platform to that will be powered by technology and community-centric services.
Thailand JV Follows $189M in Thai Investments
The new joint venture comes less than two months after Ticon parent firm, Frasers Property Limited, which is controlled by Thai tycoon Charoen Sirivadhanabhakdi, joined Singaporean sovereign wealth fund, GIC, in committing $177 million to join JustCo in growing its co-working platform across Southeast Asia.
During October last year the Singaporean firm established its first Thai connection after closing a $12 million investment from Bangkok-based residential developer Sansiri. In December 2017, JustCo unveiled a joint venture with Indonesian conglomerate Gunung Sewu to launch four centres in the country, starting with a 20,000 square foot co-working space slated to open by July in Jakarta’s Sudirman business district.
Founded and led by Kong Wan Sing since 2015, the high-end flexible space brand is operated by JustGroup, which started up serviced office platform JustOffice in 2011.