Mingtiandi

Asia real estate and outbound investment news

  • Facebook
  • LinkedIn
  • RSS
  • Twitter
Remember Me

Lost your password?

Register Now

Loading...
  • Capital Markets
  • Events
    • Mingtiandi 2025 Event Calendar
    • Mingtiandi APAC Residential Forum 2025
    • Mingtiandi Singapore Forum 2025
    • Mingtiandi APAC Logistics Forum 2025
    • Mingtiandi APAC Data Centre Forum 2025
    • Mingtiandi Tokyo Forum 2025
    • More Events
  • MTD TV
    • Residential
    • Logistics
    • Data Centre
    • Office
    • Singapore
    • Tokyo
    • Hong Kong
    • All Videos
    • Post-Event Stories
  • People
    • Industry Moves
    • MTD TV Speakers
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail
  • Research & Policy
  • Advertise

Singapore’s JustCo to Expand into Australia, Korea in 2019 1H

2019/01/31 by Jesus Alcocer Leave a Comment

JustCo Kong Wan-sing

JustCo’s Kong Wan-sing is set to open in Australia and Korea

Singapore-headquartered co-working provider JustCo announced plans this week to double its APAC footprint in the first few months of this year by opening or securing nine new centres in Australia, East and Southeast Asia.

At the centre of the GIC-backed company’s 2019 program is a plan to open a 90,000 square foot (8,631 square metre) facility on William Street in Melbourne — among four Aussie openings planned for the first half of this year and its first steps outside of Asia.

The company, which currently enrolls close to 17,000 members, says it will secure or open nine new centers in the region by the end of this quarter, expanding its portfolio to 29 locations.

Expanding into Australia and Korea

In addition to the William Street facility, another five of the company’s latest slate of locations will be in Seoul, Sydney, and Melbourne. The firm will also continue to expand its presence in Singapore, Shanghai, Bangkok, and Jakarta during the period.

“2019 is starting strong for us as we enter new cities in Korea and Australia and announce more locations in Hong Kong, Taiwan, Vietnam, Malaysia, and the Philippines,” said founder and CEO Kong Wan Sing.

The co-working operator’s announcement come nine months after Justco had revealed plans in May last year to open 50 centers in Asia by 2019, and 100 centers by 2020, as well as to acquire tech companies to complement its real estate operations.

JustCo’s member base climbed 42 percent last year, Kong pointed out. This quarter, the company’s headcount will grow by 60 percent in order to accommodate the expansion, according to a statement released this week.

Bigger Centres and More Services

The company has steadily shifted towards larger locations, which Kong said is a key part of its competitive advantage.

The new locations received 50 percent pre-lease commitment by large companies, he added. Last year, 60-70 percent of the company’s clients were corporates, according to a statement by Kong, referenced by the Financial Times.

A growing portion of the Singaporean firm’s revenue has begun to come from management contracts. In July of last year, JustCo announced a deal to operate half of Verizon’s 20,000 square foot office in Singapore. This year it announced it would manage GuocoLand’s three-level 16,000 square foot space at 20 Collyer Quay in Singapore, which is set to open in April of this year.

Investors Double as Landlords

Last year, the firm received a $177 million capital injection from Singapore’s sovereign wealth fund GIC and Singapore-listed developer Frasers Property, which is controlled by Charoen Sirivadhanabhakdi, the billionaire chairman of Bangkok-based alcohol giant Thai Bev. The investment, which gives JustCo access to properties owned by the two firms, has helped the flexible office firm to secure prime locations.

The co-working space will open its first Korea location at GIC-owned Seoul Finance Center. In the fourth quarter, the company will open a center in Singapore’s China Square Central, owned by Frasers.

In Thailand, JustCo brokered similar agreements with developers TICO and Sansiri, which purchased a six percent stake in the co-working firm last year, valuing it at $200 million. In Indonesia, it partners with diversified conglomerate Gunung Sewu.

JustCo will face stiff competition in Australia from WeWork (which operates 16 facilities in the country) and local providers Hub Australia and WorkClub also plan to expand in 2019.

Flexible office space in Southeast Asia, including co-working and flexible offices, increased at a compound annual growth rate of 40 percent over the past three years in terms of area — faster than in Europe (21.6 percent), and the United States (25.7 percent).

Flexible offices now account for approximately 2 percent of office space in the region, up from 0.5-1 percent in 2015, according to a November 2018 report by real estate consultancy JLL.

Share this now

  • LinkedIn
  • Share
  • Tweet
  • Email

Filed Under: Flexible Office Tagged With: Australia, daily-sp, fl-sea, highlight, JustCo, Kong Wan Sing

Leave a Reply

Your email address will not be published. Required fields are marked *

Get Mingtiandi Delivered

  • This field is for validation purposes and should be left unchanged.

MTD TV

SDAX Ties Up With ESR $1.5B Asia Data Centre Fund: MTD TV
China Rental Housing Sector Here to Stay Says Warburg Pincus Executive

More MTD TV Videos>>

People in the News

EQT_David Kim
Asia Real Estate People in the News 2025-06-21
singh-anshuman
Asia Real Estate People in the News 2025-06-16
Raymond Lee Paul Hastings
Law Partner Picks Up Hong Kong Home of Former Birmingham City Boss for $37M
Teo Chee Hean Temasek
Asia Real Estate People in the News 2025-06-09

More Industry Professionals>>

Latest Stories

Chan Hung Ming Grand Ming
Bain Capital in Exclusive Talks to Acquire Hong Kong Data Centre Projects for Up to $274M
Stuart Dawes Gateway
Aussie Shed Surge Continues with $87M Gateway Portfolio Disposal
EQT_David Kim
Asia Real Estate People in the News 2025-06-21

Sponsored Features

How to Create a Win-Win for Investors and Occupiers
Lingeage Logistics Cold Storage Complex
Mount Maunganui Cold Storage Facility for Sale
7 in 10 Senior Directors Confident in Data Centres, but Talent Shortage Will Widen

More Sponsored Features>>

Connect with Mingtiandi

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Real Estate News

  • Capital Markets
  • Mingtiandi 2025 Event Calendar
  • MTD TV Archives
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail

More Mingtiandi

  • About Mingtiandi
  • Contact Mingtiandi
  • Mingtiandi Memberships
  • Newsletter Subscription
  • Advertise
  • Terms of Use
  • Privacy
  • Join the Mingtiandi Team


© 2007-2025 China Advertising Media Ltd (Samoa). All rights reserved.

We use cookies in accordance with our Privacy policy to provide the best user experience on Mingtiandi and to safeguard user data. By continuing to browse you consent to the policy. AcceptRefuse