JustCo

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JustCo is the only Asian coworking space provider that has presence in multiple key cities in Asia, catering to freelancers, entrepreneurs, start-ups, and small and large enterprises.[1][2] Headquartered in Singapore, JustCo was founded by Kong Wan Sing, its current CEO, alongside co-founders Liu Lu and Kong Wan Long. [2]

JustCo
Workspace company
Founded2011
FounderKong Wan Sing
Headquarters
Singapore
Key people
Kong Wan Sing ( Founder and CEO )
ProductsFlexible workspaces for entrepreneurs, startups, small and large businesses
BrandsJustCo
ServicesShared workspaces, coworking spaces and related services
Websitewww.justcoglobal.com
Creative lighting design to enhance coworking spaces for tenants

Milestones[edit]

JustCo was founded in 2011 with the opening of its first centre at 120 Robinson Road. To cater to the demand for shared workspaces, the second space at 6 Raffles Quay was officially launched in February 2016. [3][4][5][6]

In July 2017, JustCo opened its third coworking space spread across two floors at the UIC Building, and the fourth coworking space at premier Grade-A Marina One East Tower in August 2017. [7][8][9]

In May 2018, JustCo was appointed by American multinational telecommunications giant Verizon to help curate and manage Verizon's first Asian innovation community space in Singapore. The new space is located within Verizon’s Singapore headquarters in Ocean Financial Centre, Singapore. [10][11] "This first-in-Asia initiative sees a shift in the relationship between local innovation networks and big corporates,” Wan Sing told Channel News Asia.[10]

In May 2018, JustCo opened its first co-working centre in Bangkok, Thailand.[12][11] The centre is located at AIA Sathorn Tower, and spreads over two storeys with a total area of 3,200 square meters.[13]

In May 2018, JustCo opened another centre in premier Grade-A Marina One West Tower.[2]

In July 2018, JustCo launched a new centre in one of Singapore's shopping malls, Marina Square. The centre spans 60,000 square feet and cater to more than 1,000 members. JustCo is the first co-working operator to be the anchor tenant for a shopping mall.[14][15]

In July 2018, JustCo also launched a new centre at MacDonald House that is located on the fringe of the Arts & Heritage district.[16]

In October 2018, JustCo announced its newly secured lease at China Square Central in Singapore, which will occupy the property’s 2nd floor as one of the project’s anchor tenants. The centre targets to open in the last quarter of 2019. [17]

In December 2018, JustCo made its first entry into Jakarta, Indonesia with the launch of two new centres. Located at AIA Central and The Plaza Office Tower, both co-working centres spread across 1,600 square metres and 1,950 square metres respectively.[18]

In the same month, JustCo was appointed by GuocoLand to be the operator for its co-working space at 20 Collyer Quay, a prime location in Singapore’s Raffles Place. The centre has officially opened in April 2019.[19]

To drive JustCo’s aggressive regional growth across Asia, the company put in place a new organization structure to reflect its growth ambitions in October 2018. Liu Lu was appointed as Chief Operating Officer; spearheading the charge of collaboration and personal experiences amongst businesses across the region. Kong Wan Long will assume the role of Chief Commercial Officer and continue to lead the Enterprise360 team by providing bespoke workspace solutions to Fortune 500 and multinational organisations.[20]

A number of senior hires strengthened the organization: Koay Keng Teik and Ho Seng Chee was appointed as Chief Investment Officer and Chief Corporate Officer, as part of the JustCo leadership team. [20]

In January 2019, JustCo announced plans to double its footprints in Asia Pacific by the first quarter of 2019, with the opening of six co-working centres in Melbourne, Sydney and Seoul.[21]

In February 2019, the JustCo Labs initiative was established by JustCo to serve as a nurturing ground for the next generation of technology innovators and disruptors, supported by industry-focused incubators. [22]

In May 2019, JustCo announced its new market entry into Taipei, with the opening of three new centres in the Xinyi, Songshan and Zhongshan financial districts. This brings JustCo’s portfolio to 32 centres across eight cities within the region. [23]

In the same month, JustCo officially launched its centres in Sydney at 175 Pitt Street [24] and South Korea at Ferrum Tower and Seoul Finance Centre. To date, JustCo has more than 30 co-working centres operating in Singapore, Bangkok, Jakarta, Shanghai, Seoul, Sydney and Melbourne. [25]

Funding and expansion[edit]

JustCo is backed by several investors including French asset management firm Tikehau Capital Partners and Singapore-based Pinetree Capital Partners.[26][27]

In October 2017, it was announced that JustCo closed a Series B round at US$200 million valuation after receiving $12 million funds from Thailand’s leading real estate developer, Sansiri, in fueling the expansion for Southeast Asia.[15][28][29][30] Wan Sing sees the importance "to scale up quickly", and JustCo's partnership with Sansiri will allow them to do so.[31] With the expansion, it is stated that JustCo will grow its current member base by five-fold from its current 17,000 community.[32][33][34]

In December 2017, JustCo announced a joint venture in Indonesia with one of Asia’s largest business players, Gunung Sewu. The first JustCo co-working space in Indonesia has been secured at one of the premium skyscrapers developed under Gunung Sewu's property business line - Sequis Tower, Jakarta, opening in July 2018.[35][36]

In May 2018, Singaporean sovereign wealth fund, GIC, mainboard-listed Frasers Property and JustCo jointly invested US$177 million to develop a coworking space platform across Asia. [11][37][38] The joint investment will enable JustCo to build on its presence in Southeast Asia and expand into other parts of Asia, including China, Korea, Japan and Australia. [39] The new injection of funds will also support JustCo's "continued focus on ramping up technology solutions, and enhance service offerings to facilitate collaboration and networking opportunities", the companies claimed.[37]

JustCo’s expansion plans will add value to members who seek greater regional access in existing major cities such as Singapore, Bangkok, Jakarta, Shanghai, Seoul, Sydney, Melbourne, Taipei and in upcoming countries like Japan, Malaysia, Vietnam, Philippines, India and more.

At JustCo, we make work better by revolutionising how people work, and empower our ever-growing community with exceptional flexibility, opportunities and experiences.

Partners[edit]

Over the years, JustCo has established relationships with partners such as Dropbox, Salesforce, PwC’s Venture Hub, Amazon Web Services, Hertz and GOGOVAN. [40][41][42]

References[edit]

  1. ^ Haynes, Barry P.; Nunnington, Nick; Eccles, Timothy (2017). Corporate Real Estate Asset Management. UK: Routledge. pp. 410–423. ISBN 978-1-138-91507-7.
  2. ^ a b c "JustCo plans to dominate Asia". Retrieved 2018-06-22.
  3. ^ "Co-working space seen as boon for office landlords and tenants". AsiaOne. Retrieved 2017-06-07.
  4. ^ hermes (2016-02-11). "Short-term space provider's long view". The Straits Times. Retrieved 2017-06-07.
  5. ^ hermesauto (2016-04-07). "CBD office rents fall 3.9% in Q1 with outlook still weak: DTZ". The Straits Times. Retrieved 2017-06-07.
  6. ^ hermes (2016-05-23). "Co-working spaces help to keep costs down". The Straits Times. Retrieved 2017-06-07.
  7. ^ Shafeeq, Jacquelyn Cheok, Syarafana. "Coworking spaces set to proliferate and become a real estate asset class". The Business Times. Retrieved 2017-06-07.
  8. ^ "Homegrown firm looks to 'super-size' co-working spaces in Singapore". Channel NewsAsia. Retrieved 2017-06-07.
  9. ^ Khoo, Lynette. "The future of work". The Business Times. Retrieved 2017-09-11.
  10. ^ a b "Verizon launches first Asian innovation-community space in Singapore". Channel Asia Singapore. Retrieved 2018-06-22.
  11. ^ a b c Setboonsarng, Chayut. "Singapore's co-working space firm JustCo plans 100 centres in Asia..." U.S. Retrieved 2018-06-22.
  12. ^ GmbH, finanzen.net. "JustCo and Sansiri celebrate the grand opening of the largest co-working space in Thailand | Markets Insider". markets.businessinsider.com. Retrieved 2018-06-22.
  13. ^ "JustCo, Sansiri celebrate the opening of the largest co-working space in Thailand". Digital News Asia. 2018-06-04. Retrieved 2018-06-22.
  14. ^ "JustCo to launch co-working space in MacDonald House". Retrieved 2018-06-22.
  15. ^ a b "JustCo to open four co-working spaces in Bangkok and 30 in Asia-Pacific in 2018". Retrieved 2017-11-20.
  16. ^ "JustCo to launch co-working space in MacDonald House | EdgeProp.sg". www.edgeprop.sg. Retrieved 2018-06-22.
  17. ^ "Co-working startup JustCo leasing 2nd floor of Fraser Property's China Square Central".
  18. ^ "JustCo, Jasa Co-Working Space Asia Hadir di Jakarta".
  19. ^ "JustCo to operate GuocoLand's co-working space at Collyer Quay".
  20. ^ a b "Co-working operator JustCo announces new senior management appointments".
  21. ^ "JustCo to open 6 co-working spaces in Korea and Australia". The Business Times. 2019-01-28. Retrieved 2019-06-14.
  22. ^ "Co-working space provider JustCo Lab, VC firm Trive unveil incubator programme for early-stage startups". The Business Times. 2019-02-11. Retrieved 2019-06-14.
  23. ^ Chong, Claudia (2019-05-15). "Singapore's JustCo secures three new co-working centres in Taipei". The Business Times. Retrieved 2019-06-14.
  24. ^ "Asia's fastest growing coworking space is coming to Australia". Startup Daily. 2019-05-03. Retrieved 2019-06-14.
  25. ^ NEWSIS (2019-05-08). "프리미엄 공유오프스 '저스트코' 서울 진출". newsis (in Korean). Retrieved 2019-06-14.
  26. ^ "Office space on demand". The Edge Markets. 2017-05-11. Retrieved 2017-06-07.
  27. ^ "Singapore Business Review".
  28. ^ Ellis, Jack (12 October 2017). "Singapore co-working space JustCo hits $200m valuation after closing series B". Tech in Asia. Retrieved 12 October 2017.
  29. ^ Tay, Timothy (12 October 2017). "Thai developer Sansiri invests in Singapore-based co-working provider JustCo". EdgeProp. Retrieved 12 October 2017.
  30. ^ "Sansiri Investment Boost JustCo Valuation to $200M | Mingtiandi". www.mingtiandi.com. Retrieved 2017-10-20.
  31. ^ "JustCo to open four co-working spaces in Bangkok and 30 in Asia-Pacific in 2018 | EdgeProp.sg". www.edgeprop.sg. Retrieved 2018-06-22.
  32. ^ "Singapore's JustCo raises US$12 million to expand its reach in Southeast Asia - Reuters". Retrieved 2018-01-10.
  33. ^ Sansiri Has $390 Million Investment Budget for 2018, retrieved 2017-11-16
  34. ^ "Sansiri invests US$80 million in 6 international brands in synergy with its vision to globally invest in next generation living". AsiaOne. Retrieved 2017-11-16.
  35. ^ "JustCo, Gunung Sewu to form co-working space joint venture - Reuters". Retrieved 2018-01-10.
  36. ^ "JustCo, Gunung Sewu in joint venture to develop co-working in Indonesia". Digital News Asia. 2017-12-22. Retrieved 2018-01-09.
  37. ^ a b Mui, Rachel. "Frasers Property, GIC, JustCo invest US$177m to develop co-working space platform across Asia". The Business Times. Retrieved 2018-06-22.
  38. ^ hermes (2018-05-17). "Frasers Property, GIC and JustCo in $238m tie-up". The Straits Times. Retrieved 2018-06-22.
  39. ^ "GIC, Frasers Property, JustCo invest S$237m to develop co-working platform in Asia". Channel NewsAsia. Retrieved 2018-06-22.
  40. ^ Suhrawardi, Rebecca. "Bangkok Based Sansiri Is On A Mission To Create A Global Lifestyle Of Cool". Forbes. Retrieved 2017-11-20.
  41. ^ "Exclusive: For startups, vision without execution is hallucination, says Ludo Ulrich, Salesforce - DealStreetAsia". www.dealstreetasia.com. Retrieved 2017-06-07.
  42. ^ "Singapore: JustCo partners PwC Venture Hub; AIRmaker-Arrow Electronics pact - DealStreetAsia". www.dealstreetasia.com. Retrieved 2017-06-07.