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Designs on expansion

Nov 17, 2009

LOCAL interior design firm Grandwork Interior, which has bagged numerous awards in recent years, is seeking to continue to expand its operations in the hope of going public within the next two to three years.

The company has previously won the Singapore Prestige Brand Awards (SPBA) and Enterprise 50 Awards and was once again a winner at the Enterprise 50 Awards this year.

Grandwork Interior's managing director Jay Chiu said that apart from having an outstanding management team, the company's relentless search for talent is also an important factor that helped it clinch this year's Enterprise 50 Awards.

Grandwork Interior was established in the mid-1990s. Its main areas of business are interior design and custom-building of furniture for projects of different sizes. Grandwork Interior's customers include high-end commercial projects, offices and up-scale restaurants.

Building long-term relationships with customers

Grandwork Interior spans many countries around the world and the company has partnered various luxury brands in Singapore and abroad to provide furniture fittings and decor. Some of their internationally renowned customers include Club 21, Prada and Kinokuniya. In fact, many of the high-end brand outlets in the newly opened ION Orchard shopping mall were decorated by Grandwork Interior.

Mr Chiu said that Grandwork Interior places strong emphasis on establishing long-term relationships with its customers to ensure that the company understands their needs. In order to maintain its competitiveness, the company has to respond swiftly to challenges and market demand by providing appropriate and unique products that meet the needs of its customers.

Mr Chiu pointed out that the company mainly provides its services to high-end brands, with the majority being retailers. Most of its customers already enjoy a certain reputation in their respective fields and therefore require high quality professional services.

Apart from completing its projects on time, Grandwork Interior has continued to come up with new ideas to improve the spatial aesthetics and practicality of its designs. Mr Chiu believes that the development of new markets will help the company obtain more local and overseas construction contracts.

The greater health awareness among consumers nowadays has also helped to bring business opportunities to the company.

Grandwork Interior provides services that are notably different from its competitors, such as using renovation materials that are free from formaldehyde and other environmentally friendly products that meet the demands of consumers.

Mr Chiu said, however, that the economic crisis has impacted the company to a certain degree, especially with regards to its overseas projects.

The company had no choice but to postpone some of its projects in the first quarter and was forced to change the way it conducts some of its operations.

Hopes turnover can hit $100 million in three years

The local market has continued to feel the lingering impact of the economic crisis but the situation has improved as a result of government stimulus measures.

Grandwork Interior foresees a gradual rebound in the number of projects and sales volume but predicts that the growth rate will be gradual.

Mr Chiu believes that the company will see an improvement in its results with the opening of the two integrated resorts and the unveiling of more shopping malls.

Mr Chiu also said that the company remains optimistic about Singapore's economic outlook and believes that the economy can resume healthy and stable growth in 2010.

With the recent closer cooperation between Asean countries and China as well as Japan, the company will also seek to expand its business in these markets to boost its operational efficiencies across the Asia Pacific.

Grandwork Interior recorded a turnover of $25 million in 2007, which soared to $40 million in 2008. Mr Chiu said that the company will seek to achieve its turnover target of $100 million within the next three years.

He revealed that Grandwork Interior plans to move into the Indian market early next year and is aiming to go public within the next two to three years.