WeWork says no plans to exit Singapore but landlords watching closely

TROUBLED co-working giant WeWork has no plans to exit any of its 14 locations in Singapore, but its landlords here are watching carefully after the New York Stock Exchange-listed company said on Tuesday (Aug 8) that there is “substantial doubt” about its ability to continue operating. 

“Singapore is and remains a key market for WeWork. We have no plans to exit any of our 14 locations, which continue to track high occupancy,” a WeWork spokesman told The Business Times on Thursday.

In a filing with the US Securities and Exchange Commission on Tuesday, WeWork said its ability to continue as a going concern depends on whether it can improve liquidity and profitability over the next 12 months. It will focus on reducing rental costs, negotiating more favourable leases, increasing revenue and raising capital, it said.