Amidst rising rental cost of office space in the Central Business District, startups and offshore companies looking to establish their presence in Singapore could look to shared offices – serviced offices and co-working spaces as ideal platforms to jumpstart their operations in a competitive market. Keppel Land is no stranger to the office market; Keppel REIT’s portfolio comprising numerous premium office buildings including Ocean Financial Centre, Marina Bay Financial Centre Tower 3 (33%), Keppel Bay Tower(a joint venture between Keppel Land, Keppel Corp and Mapletree) and sold its assets Keppel Towers, Keppel Towers 2(f.k.a. GE Tower) with future development plans in mind and they are currently embarking on a new business venture – Workspace at Keppel Towers, to provide shared office facilities to cater largely to small startups in the service industries.
Workspace at Keppel Towers
Strategically nestled in the quant part of Tanjong Pagar Commercial District, Keppel Towers (10 Hoe Chiang Road, Singapore 089315) is a 27-storey office building within 5 minutes walk to Tanjong Pagar MRT station and is surrounded by a host of amenities such as supermarket, hawker centre, F&B outlets, retail shops and banking facilities. Boasting a net lettable area of 364,000 square feet, Keppel Towers along with Keppel Towers 2 were originally earmarked for redevelopment.
Located on the 4th level of Keppel Towers within a 6,400 square feet space, Workspace at Keppel Towers offers a hybrid of workspaces – amalgamating the benefits of serviced office and co-working spaces. Licensees are offered fully flexible office space ranging from fully furnished offices suites for 2-30 executives, to hot desking options(workstations). There is also an option of a designated workstation to facilitate the ease of collaborating with fellow co-workers or from another organization. As with most serviced offices, high speed WIFI, printing and cleaning, usage of meeting and conference facilities within the premises and a responsive centre manager who answers incoming calls in the licensee’s company are all part of the package. There is also a pantry area and common breakout areas where executives could sneak a break with complementary coffee and tea.
Among the shared facilities are choice of conference rooms (up to 16 persons), roof garden for functions (for rent) and parking spaces(common areas) for riders who cycle to work. There may be plans to work with a gym operator to incorporate a gym within its premise at some stage in the near future.
Indicative prices start from $500/mth for a hot desk package, $700/mth for a permanent workstation and between $750/mth onwards for an office suite.
City Developments Limited was one of the first major landlords to enter the serviced office market, the latest venture being a new serviced office office in South Beach (CDL is part of the South Beach Consortium) and now Keppel Land is making their first foray into the serviced office/co-working space market. It appears that it’s a market that warrants close attention from major landlords, particularly in times when leasing activity is slow and commercial tenants are changing their leasing patterns structurally. It won’t be surprising to see more major landlords joining the game and taking the serviced office/co-working space concept internationally to their commercial portfolios.
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