SINGAPORE (March 23): CapitaLand has partnered with Singapore's coworking space pioneer Collective Works to transform the 12th storey of Capital Tower, the former's headquarters, into a premium coworking space, as part of its pilot initiatives to test-bed alternative workspaces.
Collective Works will also manage the coworking space on behalf of the partnership.
CapitalLand says it hopes that the initiative will help shape the future of office buildings in Singapore and change the way office spaces are used.
The coworking concept, which began in the United States, has spread quickly across other gateway cities such as New York, London, Berlin and Paris, followed by South-east Asian countries such as Indonesia, Philippines, Malaysia, Thailand and Singapore. In Singapore, coworking is at a fairly nascent stage with a variety of business models, CapitaLand says.
Research of the office market has revealed emerging interest among operators and customers for innovative, quality coworking spaces in the Central Business District, it adds.
At 10.38am, CapitaLand was down 0.3% at $3.12.