US co-working company WeWork has launched its flagship office tower in Singapore, one of its fastest-growing markets, as it expands. WeWork, majority-owned by Japan’s SoftBank Group, moved into 21 Collyer Quay in the heart of Singapore’s Raffles Place central business district, its largest location in the Asia-Pacific region, which includes Australia, South Korea and Southeast Asia. The 21-storey building is the former headquarters of HSBC in Singapore. It has more than 20,400 square meters of Grade A office buildings. Famous tenant co-working startup – IPO in New York…
US co-working company WeWork has launched its flagship office tower in Singapore, one of its fastest-growing markets, as it expands.
WeWork, majority-owned by Japan’s SoftBank Group, moved into 21 Collyer Quay in the heart of Singapore’s Raffles Place central business district, its largest location in the Asia-Pacific region, which includes Australia, South Korea and Southeast Asia.
The 21-storey building is the former headquarters of HSBC in Singapore. It has more than 20,400 square meters of Grade A office buildings.
well-known tenant
The co-working startup – which went public in New York last October after a failed 2019 IPO before the Covid-19 pandemic wreaked havoc on the global economy – has secured tenants such as Anglo American Insurance Company Willis Towers Watson and Singaporean financial services provider Capital C.
Balder Tol, general manager of WeWork Australia and South East Asia, said: “As a global organisation, we have publicly committed to be fully profitable by the end of the year, and Singapore as a market is a core contributor to this.”
Last month, the company reported that its second-quarter net loss shrank 31% from a year earlier to $635 million, while revenue rose 37% to $815 million in the same period.
WeWork’s Singapore Growth Drivers
Besides Singapore, cities like London, New York, San Francisco and Sydney are all key markets for WeWork, according to Tol. The city-state has 14 office locations in Singapore, accounting for about half of the company’s total office space in the Asia-Pacific region, and is a key contributor to the company’s growth.
Singapore continues to attract multinational companies seeking to set up regional offices in Singapore, which is also aimed at attracting top global talent through the introduction of new five-year work visas. WeWork’s offices in the city have an occupancy rate of about 90 percent, which exceeds the group’s global average of 72 percent.
