Frasers Property Commercial (Thailand) or "FPCT", a leading grade A commercial property developer in Bangkok's CBD, announced its recent deal with JustCo, Asia's leading flexible workspace provider, to develop a revolutionary and innovative co-working space at Silom Edge. Silom Edge is FPCT's newly launched mixed-use project on the prime corner of Silom-Rama 4. At over 4,400 sq.m. or 40% of Silom Edge's total space, 'JustCo x Silom Edge' will provide a 'Co-creation Platform' that encourages collaboration amongst growing start-ups, digital entrepreneurs, SMEs, and large corporation within its network.
After launching Silom Edge in October, FPCT received a high level of leasing enquiries. JustCo will occupy four full floors at Silom Edge, with capacity for over 900 members and is expected to welcome a thriving start-up community. Known as Bangkok's sandbox community, the growth of startups in Bangkok, which has been increasing significantly since 2019, accelerated amid COVID-19 as businesses looked to expand their customer touchpoints and offer an omnichannel experience.
This partnership with JustCo is aligned to FPCT's strategy to drive its business with the Core & Flex model, serving changing demands for office space in the Next Normal. To fulfill the needs of flexible space/contract and serve the market with high-standard workspace, FPCT will bring its expertise in developing and managing commercial assets as it joins hands with JustCo, the leader of flexible workspace solutions who has strong financial capability and market presence in Thailand, Singapore, Indonesia, China, Australia, South Korea, Taiwan, and Japan.
Mr. Withawat Koottatep, First Executive Vice President of Commercial Development of Frasers Property Commercial (Thailand), said: "Silom Edge has gained a lot of attention and positive feedback. The 'JustCo x Silom Edge' project will strengthen the property's positioning and concept as the sandbox community for startups. Once the project is completed, 12,000 sq.m. of office space will be added to our portfolio and improve building performance. We expect to expand our customer segments to start-up businesses and online platforms, which currently represent 20% of the demand for Grade A office space in the Bangkok CBD and see potential growth in flexible office and hybrid working."
Ms. Wimolnit Lertpitakkit, General Manager of JustCo Thailand and Indonesia, said: "The shift towards hybrid work models is gaining momentum, and JustCo is excited to be part of this evolution in Thailand. Based on expert research, it is forecasted that the flexible office inventory will increase from the current 5% of the total office market to 30% in 10 years. There is huge potential for growth, and we are convinced that our customizable mix of office solutions will complement the real estate needs of modern businesses today."
Under Silom Edge's concept of "BE DIFFERENT. BE CONNECTED", JustCo x Silom Edge aims to provide a co-working space that cultivates collaboration, creativity and innovation amongst its network of members. Additionally, a 'Co-creation Platform' will be developed to facilitate and support tenants from product/service ideation to commercialization.