KUALA LUMPUR (June 4): Luxury co-working and serviced office provider, Colony Space CBD Sdn Bhd plans to tap into Southeast Asia’ growing markets beginning with Bangkok and Manila, by the end of this year.
Founder and executive director Timothy Tiah said the company, which popularly known as Colony, aimed to open at least three luxury co-working spaces in each city with total investments of US$7 million (RM29.2 million).
“Many foreigners who are Colony’s regular tenants, keep asking us to spread outside Malaysia to cater to their needs, hence the plan to venture out, with Bangkok and Manila being our first cities.
“Later, if the feedbacks are good, we will consider expanding into other cities. But of course, this depends on investors, as well as our own financial position,” he told Bernama, recently.
Tiah also said that the decision to expand was timely as the demand for such concept was on the rise.
“As the trend of sharing workspace grows and gaining popularity, especially among millennials, the demand for comfortable working spaces from the new start-ups due to technology revolution is also increasing,” he said.
To-date, Colony Space has opened three co-working spaces, namely in KLCC, KL Eco City and KL Sentral, with investment amounting to RM3 million and RM5 million for each location.
It also planned to launch two more co-working spaces — one in Star Boulevard KLCC and the other at Mutiara Damansara, by June this year.
Headquartered in Kuala Lumpur, the company’s mission is to transform the work experience with beautiful serviced office spaces, and world-class amenities; creating the office of the future.
Elaborating further on the latest trend in the industry, Tiah said co-working space was an ideal concept for start-ups, however, it has now garnered interest from large corporations as well.
“They find the concept improves productivity, as well as giving them easy access to upcoming innovators.
“Having (their) teams working alongside start-ups and scale-up businesses, give them (big corporations) access to a huge amount of energy and ideas,” he said, adding that co-working is a unifying community and big companies have understood it well.