The next unicorn: JustCo set to be billion-dollar start-up

By Timothy Tay & Cecilia Chow / EdgeProp | December 21, 2018 9:00 PM SGT
Kong Wan Sing, CEO of the home-grown co-working space provider, outlines an ambitious plan to roll out new spaces that will see the company double in size and have a presence in almost every major Asian city by end-2019
Kong: Around Asia, JustCo is opening a new co-working space every three weeks (Pictures: Samuel Isaac Chua/The Edge Singapore)
JustCo, one of the biggest co-working space providers in Singapore, has 13 co-working spaces already in operation locally. Two more are set to open next year: at 20 Collyer Quay in 1Q and China Square Central in 4Q. Yet, the company’s appetite for growth is unabated.
“In the last four months, we have more than doubled our footprint in Singapore and around Asia,” says Kong Wan Sing, founder and CEO of JustCo. “Next year, we will double in size every six months. Around Asia, Just- Co is opening a new co-working space every three weeks.”
Apart from Singapore, the company already has a presence in Sydney and Melbourne in Australia; Beijing and Shanghai in China; Bangkok, Thailand; Jakarta, Indonesia; Seoul, South Korea; and Taipei, Taiwan. In the pipeline to open next year are spaces in Kuala Lumpur, Malaysia; Manila, the Philippines; Tokyo, Japan; and Hong Kong. “By 2019, we will be the only space provider with a presence in all these key cities in Asia,” notes Kong.
Scaling up
“Co-working is not a fad like bubble tea; [it] is here to stay,” Kong says. “And in this business, you need to have scale. There’s a lot of consolidation in the market right now, with some of the smaller players going out of business because they lack scale.”
According to CBRE Research, at least 10 boutique co-working locations of under 10,000 sq ft each have ceased operations over the last 12 to 18 months. “The wave of intense competition in the co-working segment has edged out the smaller players,” says Desmond Sim, CBRE head of research for Singapore and Southeast Asia.
Earlier this month, JustCo opened a new 20,990 sq ft co-working space at The Plaza Tower in central Jakarta (Picture: JustCo)