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CapitaLand latest to enter co-working space arena

Developer partners Collective Works under a 50-50 joint venture to turn Capital Tower's 12th floor into co-working space

Published Wed, Mar 23, 2016 · 09:50 PM

CapitaLand

Singapore

THE concept of co-working space is gaining traction with office landlords here, with CapitaLand being the latest to introduce this in its headquarters building.

CapitaLand is partnering co-working space operator Collective Works under a 50-50 joint venture to turn the entire 12th floor at Capital Tower into co-working space. Spanning some 22,000 square feet, this can potentially house up to 250 companies.

Collective Works will manage the co-working space on behalf of the JV.

When asked about the rent, a CapitaLand spokeswoman said the JV leases the space at Capital Tower from the landlord CapitaLand Commercial Trust (CCT) at "market rent".

Estimates of Grade-A office rents in Tanjong Pagar by property consultants range from S$8 to S$8.50 per square foot (psf) per month. The average rent of remaining leases expiring at Capital Tower disclosed by CCT was S$9.…