Friday, 6 July 2018

(NST) Colony thrives, set for expansion

CO-WORKING space or serviced office is no longer considered a new phenomenon.

Entrepreneurs, especially those who are just starting out, prefer to look for comfortable and productive working environment that offers cheap shared desks to break away from the restrictions of traditional offices and to concentrate on building their business.

Traditionally dominated by digital nomads, freelancers and startups, there is a surge globally among corporates looking for co-working spaces. A CBRE Enterprises Survey revealed that 65 per cent of enterprises plan to incorporate co-working into their portfolio offerings by 2020.

According to Knight Frank Malaysia’s 2018 Outlook, demand for serviced offices and co-working spaces are projected to grow across an eclectic mix of industries and professions as they search for contemporary work environments.

More recently in Kuala Lumpur, new high-end co-working spaces have been cropping up, featuring hotel-like amenities and luxurious fit-outs.

Colony, a luxurious serviced office and co-working space provider, is set to open its third location in Kuala Lumpur by the end of this year.

The new location is at KL Sentral in Brickfields and can accommodate over 200 guests in private offices and fixed desks.

Colony has committed a RM4.5 million investment to this new location.

“People used to ask me where the next Colony would be. The answer to that is really easy. Colony will be present in all the prime locations in each city we’re in. Our first location is in KLCC area, the second in KL Eco City and now the third one in KL Sentral,” said founder Timothy Tiah.

Colony not only offers a comfortable and productive working environment, it also offers reserved desks, hot desks and private suites, along with exclusive amenities such as nap rooms, massage room, swimming pool access, and in-house Espressolab coffee.

Since its inception a year ago, the company has flourished in its prime Kuala Lumpur city centre locations, accomplishing successful growth and raking in impressive profits.

In April, the one-year-old company sold a stake to Cornerstone Partners at RM64 million to RM80 million valuation. In May, it announced its largest co-working anchor tenant for its KL Eco City location that will bring in RM5.6 million in revenues.

Cornerstone Partners Group owns hotel assets around Asia, including the DoubleTree Resort by Hilton in Penang, the Kimpton in Taipei, Taiwan, and the upcoming citizenM Kuala Lumpur.