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News - Detailed News Story

WeWork S'pore expansion on track even as US parent seeks new funding

12 Oct 2019 09:00

By Rachel Mui

WEWORK Singapore is going ahead with its expansion plans in the Republic, seemingly unruffled by woes at its US-headquartered parent company, which is seeking a US$1 billion lifeline from Softbank Group to proceed on a major restructuring.

Its Singapore outfit is poised to have three new locations here by the year's end, even after its parent recently shelved a public listing and is planning layoffs - reportedly in the thousands - that could take place as soon as this month.

WeWork Singapore's new space at 9 Battery Road in the central business district (CBD) has been officially launched, with two other locations at 83 Clemenceau Road and 30 Prinsep Street to be opened later in December. Including the three additions, WeWork will have a total of 12 locations in Singapore; it opened its first space at WeWork Beach Centre in December 2017.

The Battery Road office, which occupies the MYP Centre building, offers members views of Marina Bay through a rooftop terrace, and is the first location in Singapore to feature a "mini-golf playzone", the company said. Prices start at S$2,690 per month for a private office and S$710 per month for a hot desk at this location. Members there include Armstrong Asset Management, a private equity investor focused on South-east Asia's renewable energy assets, and EventBank, a cloud-based event and membership management software company.

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Source: Business Times

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