According to JustCo founder and chief executive officer, Kong Wan Sing, JustCo is set to spend more than $100 million in 100 locations in 13 Asian markets including Thailand. Besides Thailand, co working spaces will be set in India, Vietnam, Taiwan, Japan, South Korea, the Philippines, Hong Kong, mainland China, Australia, Singapore, Indonesia and Malaysia.
Bangkok will see five new centers with investment of $3 million to $5 million and each center will be more than 4,000 square meters. China is expected to have as many as 40 centers, according to Wan Sing.
JustCo is aiming to reach a milestone of 250,000 square meters by 2020 in 13 countries which currently have eight co-working space centers and five serviced offices in Singapore, as well as two sites in Bangkok. Another site is expected in 2019 in Bangkok at Samyan Mitr Town. With an occupancy rate of 70 percent, the culmination of co working space results in 70,000 square meters.
Wang Sing, founder and CEO of JustCo said:
“We cannot fix an exact amount for our investment but it will be more than US$100 million. We gained funds from our major shareholders, Frasers Property and GIC, worth US$177 million early this year and that will be enough for our business expansion at this time.
However, if we need to increase our budget for business expansion, we believe that our shareholders will be willing to pay for such expansion.”
Other significant shareholders include developer Sansiri Plc. among others.
Wang Sing further added:
“When we expand our investment to open co-working space that needs an occupancy rate of about 60 per cent, that will generate income to cover our investment within four years. This presents an opportunity for our business expansion.”
A brainchild of JustGroup, JustCo is focused on creating a vibrant coworking space worldwide that caters to local and international businesses. Headquartered in Singapore, JustCo is working on creating an enjoyable and friendly environment.