KUALA LUMPUR: WeWork, one of the world’s largest co-working space chains, is setting up shop here, by early 2019, a market which is already home to more than 20 co-working space companies, even though still in its infancy.
WeWork’s local partner, Daman Land director Datuk Douglas Cheng, WeWork Southeast Asia managing director Turochas “T” Fuad and director of engineering (technology) Beverly Dolor, witnessed the ceremony to announce their entry on Wednesday. The space will have the capacity to accommodate 1,900 members across five floors.
Situated in the heart of Kuala Lumpur’s Golden Triangle, WeWork’s Equatorial Plaza space will be the largest in Southeast Asia.
With convenient access to public transport and situated within close proximity to dining, business services and entertainment options, WeWork Equatorial Plaza will expand its footprint in Southeast Asia, with the company growing to 16 locations with more than 11,000 desks across the region in just one year. Other cities with WeWork locations include Singapore, Ho Chi Minh, Manila, Jakarta and Bangkok.
“With Malaysia experiencing a sustained, strong outlook amidst steady growth forecasts of Asia, its thriving environment and unique position in Southeast Asia makes it a truly exciting market for us to enter. Together with our partner Daman Land, this represents the beginning of our journey in Malaysia. As a gateway into the Asean economy, our presence in Kuala Lumpur will broaden the potential for our members to connect, operate and grow beyond borders,” said Fuad.
“We provide a one-stop solution in terms of design, build out to management and... leveraging our brand value, global footprint and strong member base – we look forward to partnering with landlords as we further build our presence in Malaysia and beyond. What we are doing here is transforming the future of work in our continuing mission to humanize work, life and play – to create buildings with dynamic environments for creativity, focus and connection, where companies and people can grow together – and we are committed and excited to bring that here to Malaysia.”
Approximately 75% of WeWork members are small businesses, including first-time entrepreneurs, local companies and non-profits, and growing startups. According to WeWork, these entrepreneurs have reported that rather than setting up at home, or at the local coffee shop or traditional office, the co-working space concept gives them a competitive edge.
Statistics it said showed that after three years, new businesses at WeWork are 12% more likely to survive than their peer companies.
“Underpinned by the country’s thriving enterprise, startup and SME ecosystem, we are excited to chart Malaysia’s next phase of growth together with WeWork to innovate the local ecosystem and foster greater flow of business into the nation, ”Cheng said in a statement.
“Through this partnership, we look forward to tapping on the impact that WeWork has created on the value of the buildings and leveraging on WeWork’s celebrated approach to not only nurturing communities but also impacting the neighborhood and city. As Malaysia moves forth in a new era, I have no doubt our partnership will play an invaluable part in establishing Malaysia as the frontier in the future of work.”
