Frasers Property, GIC, JustCo invest $177m to develop Asian co-working platform
Frasers Property, Singapore’s sovereign wealth fund GIC and co-working space provider JustCo are jointly investing $177 million to develop a co-working space platform across Asia.
Lee Kok Sun, GIC Real Estate’s CIO, says the co-working movement “embraces the flexibility of the sharing economy and is fast changing the way office space is designed, leased, used and operated.”
The investment expands JustCo’s presence in Southeast Asia and expands into other Asian markets such as Greater China, Korea, Japan, Vietnam, Malaysia, the Philippines, Australia and India. Founded in 2015, JustCo currently has 11 locations in Singapore, with two more scheduled to open in July. It also has locations in Indonesia and Thailand, and aims to operate 100 centers in the region by end-2020.
