Media OutReach – 25 July 2023 – The Work Project (TWP) has announced plans to become the largest coworking operator in Grade A or premium-grade commercial buildings in Singapore’s Central Business District (CBD) by end-2023. They currently occupy 3 floors in Capital Tower and 1 floor in CapitaGreen, and will be expanding both premises by the end of the year. TWP’s portfolio of locations in the CBD core also includes CapitaSpring, Asia Square, CapitaSky, Downtown Gallery, and Six Battery Road.
Unbeatable Connectivity and Convenience in Prime CBD Locations
TWP is a premium shared office brand in Singapore, focusing on delivering cutting-edge design and professional shared services. TWP centres are well-equipped with customisable private office suites, dedicated desks and hot desks, meeting rooms with high-tech video-conferencing capabilities, and value-add amenities such as lounges with designer furniture, gourmet pantries, phone booths for Zoom calls, and collaboration zones for multi-modal working.
TWP’s network of coworking spaces in the CBD offers its members unparalleled connectivity across Singapore. Proximity to Raffles Place, Tanjong Pagar, Shenton Road and Marina Bay MRT stations as well as connected bus routes ensures members can look forward to smooth commutes at any time of day. Extensive dining and wellness options are also available at connected retail outlets and shopping malls, offering TWP members ample options for business and leisure meetings alike.
Meeting Continued High Demand for Flexible Work Arrangements in Singapore
TWP’s strategic expansion has been driven by strong recovery rates in the commercial rental market over the past year. Brandon Chua, TWP Singapore Country Head, expressed his confidence in the company’s approach: “With the recent strong rebound of commercial rents in the core CBD, we have seen our portfolio achieving occupancy rates and revenue per occupied desk (revpod) surpassing pre-Covid 19 times. Even during downtimes, we see customers taking flight to quality and the demand for core CBD offices remains reasonably strong despite competitive prices.”
The expansion also allows TWP to better cater to its enterprise clients, defined as those requiring more than 25 desks in private offices. This supports the growing trend of corporate users in the coworking industry, as opposed to freelancers, start-ups and small businesses. Advantages such as cost savings, less fixed overheads, flexibility, and turn-key solutions are major drivers behind this growth of the corporate segment within the coworking industry.
Noeleen Goh, Head of Real Estate at TWP, highlighted this appeal of coworking to larger corporate clients, stating, “Our largest client is a tech client who occupies over 500 desks with us in one location. The appeal of coworking to such a large client is the speed at which we can deliver customised solutions, the convenience of a menu of professional shared services available to them, and ultimately, the flexibility and scalability we can offer.” TWP’s locations within the CBD core are also particularly attractive to corporations seeking to attract and retain top talent, while maintaining a convenient and prestigious addresss.
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