SINGAPORE (Jan 11): IWG, the global provider of flexible workspace solutions, has leased over 20,600 sf of space at Capitol Singapore to launch its premium co-working space branded as No18. The exclusive space at Capitol Singapore will be No18’s first venue in Asia when it commences operations in 3Q19. Capitol Singapore, owned by Perennial Real Estate Holdings, is the integrated luxury lifestyle destination located in Singapore’s Downtown Civic District, comprising a retail mall Capitol Piazza, The Capitol Kempinski Hotel Singapore, Capitol Theatre and Eden Residences Capitol. Last March, Perennial Real Estate became the sole owner of Capitol Singapore project after buying out co-owner, Pontiac Land Group affiliate Chesham Properties, to the tune of roughly $528 million after development of the heritage site was delayed by disagreements between the co-owners. Originating from Stockholm, Sweden, No18 is positioned as a prestigious workplace. It offers a range of options to satisfy the personal work style of their members, ranging from private offices, which are elegantly furnished and customised according to each individual’s taste and equipped with state of the art technology and business services, private desks and co-working spaces, to beautifully-designed lounges and classy meeting rooms. Typically, the facilities also incorporate health clubs, cafes, bars and restaurants, and host parties, events and functions to facilitate business and social networking among its residents. Located on Level 2 of Capitol Piazza, about 70% of No18 will be catered for private offices and 30% for club and amenities. There is also an event space within the premises. Shares in Perennial Real Estate closed 1 cent lower at 62 cents on Thursday.
IWG has leased more than 20,600 sq ft in downtown Singapore to launch No 18, its premium brand in Asia. Located at Capitol Singapore, a luxury life-style destination development, 70% of the space will be for private offices with the remaining 30% dedicated to club style amenities incorporating an event space. The centre is due to open in Q3.