Working from anywhere is the future, with co-working spaces as part of the solution, says JustCo CEO

SINGAPORE - The future of work is doing so from anywhere in a conducive environment and having the technology to enable that flexibility, said Mr Kong Wan Sing, founder and chief executive of home-grown co-working space operator JustCo.

While Covid-19 has upended everything people know about work, he believes people globally recognise that everybody needs a place to collaborate and work.

“We won’t have a business if people recognise that they don’t need to go back to office. That’s not the case right now,” he said.

“But when I say go back to the office, it doesn’t mean going in for 9-to-5, Monday to Friday. We go back to the office to collaborate, meet and discuss issues with customers or colleagues. So from a business perspective, I’m very glad.”

And there is room for co-working spaces amid a back-to-the-office trend, with demand coming from family offices and financial institutions.

Mr Kong has also observed a shift in how companies use workspaces, such as moving away from conventional leases to flexible solutions.

For example, some enterprises often use flexible workspaces to complement their current real estate needs as a strategic extension of their core office. This includes wanting a city presence, a space for senior leadership or as a base for specific projects.

“The appeal lies in the combination of a prime address and hospitality-led service without the long-term commitments or operational overhead of a traditional office,” he added.

Opening its first luxury brand in Singapore

Indeed, the increasing demand from family offices and financial institutions here has led to the company’s first luxury 25,000 sq ft workstation in Pasir Panjang Road.

The Collective brand, which focuses on luxury and offers elevated experiences, opened for bookings in January, and officially opens on Feb 6. Set on the 30th floor of Labrador Tower, about 90 per cent of its offices boasts floor-to-ceiling windows that overlook the Keppel harbour and Sentosa.

Mr Kong said The Collective brand was first launched in Japan in 2024 at GranTokyo South Tower – a premium building with direct access to Tokyo Station – as it was not able to find the right location for this brand in Singapore then.

“We are very selective in picking the right location and building because The Collective brand will probably have one or two locations in each city. It’s just like your hotels. You won’t have many Ritz-Carltons in Singapore, right?”

The concept offers gourmet breakfast daily and aperitif hour prepared by an in-house mixologist. He said: “It offers a different service and hospitality. There are people who want a different kind of tea and coffee. They want a drip coffee and a latte.”

When asked about the latest interior trends, Mr Kong said the design team focuses on elements that cater to the local market and requirements. Given its location near the waters, The Collective features nautical-inspired decor and maritime design sensibilities.

“So the luxury you see in India is different from the luxury you see in Singapore. No location is a duplication,” he said, adding that the Indian market, for example, enjoys having gold elements.

Growing its presence

There are currently more than 20 JustCo locations in Singapore – which comprises about 30 per cent of its overall portfolio with locations across the Asia-Pacific, such as in Tokyo, Seoul, Bangkok, Taipei, Melbourne and Sydney.

Mr Kong said demand has been growing in Singapore as flexible working has become a norm – occupancy rates are at 90 per cent, with several locations running at full capacity.

Monthly rates for private offices starts from $500 per workstation for its JustCo brand, while hot desks start from $280. Meanwhile, prices start from $1,000 per workstation for The Collective brand.

It has not been easy getting to where the business is today, Mr Kong said. “Many people will ask me: How did WeWork file a bankruptcy, and you are still around?”

He added: “It’s a very tough business. When Covid-19 hit, the business was really suffering.

“You have to be very disciplined financially and operationally. It sounds simple, but it’s not. When you open a location, how do you underwrite this location? You do your calculation, and you must be very stringent.”

The discipline has paid off, with the business cash flow positive for the last three years.

WeWork, once

one of the most valuable co-working start-ups in the US

, was cleared of bankruptcy in May 2024 and

gave up two prime locations in Singapore

in November 2024. The company is still operating more than 10 buildings in Singapore, according to its website.

For Mr Kong, whose family is in the real estate business, the siren call to be an entrepreneur is almost innate. After graduating with a US degree in finance and information systems, he rejected an offer from investment company Goldman Sachs and opted instead to start his own company in Boston.

He eventually went back to Singapore to help out with the family business. “It’s in my genes,” he said.

He saw a business opportunity and opened the first JustCo location at Samsung Hub in 2011. The first five years was about building up the business in Singapore and testing the model, he said.

“After that, we were saying we want to grow overseas, so I did about four rounds of fundraising in the span of four years. GIC and Frasers Property are currently our largest shareholders.”

Demand is key. “If the size of the market is so small that you can only open in one location, then you don’t have a network. It’s very tough,” said Mr Kong.

He also credits technology for helping take JustCo as far as it has today. The company focuses on technology and predictive artificial intelligence to not only help it gauge demand, but to also efficiently manage its services.

JustCo has an app on which members can request a service or to provide feedback.

He said: “How many gadgets do you log into the Wi-Fi? How often do you book the meeting room? How often do you have a visitor visit you? How often do you lodge a complaint or feedback? Are you happy or not happy?

“It’s the accumulation of data for the last 15 years that allows us to be able to do that. All these technologies enable us to service our clients and know them better.”