Archive for category: Misc

The nearest MRT stations to River Valley Green Condo are Somerset MRT and Fort Canning MRT, both of which are less than a 10-minute walk away. This convenient location makes it an ideal choice for those who rely on public transportation for their daily commute or leisure activities.

Nestled in the heart of Singapore, River Valley Green Condo boasts an unbeatable location near several Mass Rapid Transit (MRT) stations. These stations are crucial hubs in Singapore’s public transportation system, providing easy access for residents to all corners of the city. Just a short walk from River Valley Green Condo are Somerset MRT and Fort Canning MRT, ensuring hassle-free travels for residents. This coveted proximity to MRT stations makes River Valley Green Condo an ideal choice for individuals who rely on public transportation for their daily activities or recreational ventures.

The Work Project (TWP), a Singapore-based flexible workspace operator, has announced a joint venture with Australian real estate asset group Dexus to form Australia’s first JV-owned premium flexible coworking operator.

The new JV company, The Work Project Sydney, will encompass six coworking centers spanning 150,640 sq ft of premium office space across the central business districts in Sydney, Melbourne, Brisbane, and Perth. This 50/50 joint venture signals confidence in the flexible office market by TWP and Dexus, as well as the growth potential in this market segment.

According to Junny Lee, founder and CEO of TWP, “This joint venture represents TWP’s next growth stage and helps fill a much-needed gap amid increasing demand for premium flexible space in prime locations across the region.”

The strategic goal is to have the largest footprint of flexible workspace among premium coworking operators in Australia. “The aim of the JV partnership with Dexus is to achieve a growth target of about 538,000 sq ft in our Australian portfolio over the next five years,” says Lee.

The investment required to fuel this expansion will be directly financed by the new JV entity, either through its balance sheet or capital injection, he adds.

TWP has a 50% stake in CapitaLand after the conglomerate invested $27 million in the coworking operator in 2018. The JV with Dexus will aim to achieve a growth target of about 538,000 sq ft in our Australian portfolio over the next five years, says Lee.

At the completion of the joint venture, the operation of Dexus Place owned coworking locations will transfer to TWP, with Dexus Place and TWP each retaining their own brands. As a result, TWP will add five more coworking sites to its Australian portfolio and expand TWP’s presence into three new cities in Australia.

The five new locations that TWP will manage are: 1 Farrer Place, Sydney; 1 Margaret, Sydney; 80 Collins Street, Melbourne; 240 St Georges Terrace, Perth; 1 Eagle Street, Brisbane.

The Work Project made its debut in Australia in 2022 when it opened its first premium coworking location at Quay Quarter Tower in Sydney. It’s Sydney center spans 46,285 sq ft across two floors. The 50-story Quay Quarter Tower is jointly owned by Dexus Wholesale Property Fund, Rest Super, and AMP Capital Wholesale Office Fund.

According to CapitaLand’s Andy Collins, executive general manager of Office at Dexus Place, “On-demand premium space and services are becoming increasingly important to our customers.”

“The co-working space market has evolved dramatically and together with Dexus, we have discovered a collaborative, creative and customer-centric approach to growth,” says Lee. He adds that this type of collaborative partnership model involves developers and specialist operators to offer creative and customer-centric workplace solutions.

In Singapore, TWP’s home country, the premium co-working operator has achieved its highest revenue per occupied desk (Revpod) due to its stabilised operations in select Grade A commercial properties in the CBD, says Lee.

“In Singapore, we saw a rebound in rates from the second half of 2022 until the end of 2023 as the market recovered from Covid-19 and the return-to-office trend gained traction. There was also a growing demand for quality spaces, resulting in low vacancy rates for premium grade A buildings,” he says.

In November 2022, TWP started welcoming tenants to its latest Singapore center at 6 Battery Road. The 47,000 sq ft coworking space occupies the third, sixth, and seventh floors in the 42-storey Grade A office building in Raffles Place. The entire space was fully leased by the end of last year.

In Singapore, the coworking operator’s other locations include OUE Downtown, Parkview Square, Capital Tower, Great World City, CapitaGreen, and CapitaSpring. In Hong Kong, it has a co-working location in Causeway Bay. “Despite the softening of market revpod in Hong Kong over the past few quarters, we have maintained an above 90% occupancy at our center in Causeway Bay,” says Lee.

Looking ahead, he says that TWP is actively seeking potential sites and partnerships in key gateway cities such as Tokyo and Seoul. Meanwhile, its new JV in Australia will focus on constructing high-quality co-working centers and providing strategic and comprehensive solutions to occupiers. They will also offer advisory services and solutions on space planning, furniture layout, branding options, and flexible terms to meet clients’ workspace needs.