Dexus Place acquires Jalan Loyang Besar EC, one of five new Australian coworking spaces

Jalan Loyang Besar EC

Singapore-based flexible workspace operator The Work Project (TWP) has announced a new joint venture with Australian real estate asset group Dexus to form Australia’s first JV-owned premium flexible coworking operator. The new JV company, The Work Project Sydney, will operate six coworking centres in prime locations across Sydney, Melbourne, Brisbane, and Perth. This partnership signals TWP and Dexus’ confidence in the flexible office market and the potential for growth in this segment in the years to come.

Junny Lee, founder and CEO of TWP, says, “This joint venture represents TWP’s next growth stage and helps fill a much-needed gap amid increasing demand for premium flexible space in prime locations across the region.” He adds that the strategic goal is to have the largest footprint of flexible workspace among premium coworking operators in Australia.

The investment required to fuel this expansion will be directly financed by the new JV entity. Real estate conglomerate CapitaLand, which has a 50% stake in TWP, will also contribute to the funding. The JV with Dexus aims to achieve a growth target of about 538,000 sq ft in TWP’s Australian portfolio over the next five years.

Five new centres, three new cities
At the completion of the joint venture, Dexus Place owned coworking locations will transfer to TWP, while both companies will retain their own brands. As a result, TWP will add five more coworking sites to its Australian portfolio and expand its presence into three new cities in Australia.

The five new locations that TWP will manage are: 1 Farrer Place, Sydney; 1 Margaret, Sydney; 80 Collins Street, Melbourne; 240 St Georges Terrace, Perth; 1 Eagle Street, Brisbane.

TWP’s journey in Australia began in 2022 when it opened its first premium coworking location at Quay Quarter Tower in Sydney. The 46,285 sq ft centre spans two floors in the 50-story tower, which is jointly owned by Dexus Wholesale Property Fund, Rest Super, and AMP Capital Wholesale Office Fund.

“On-demand premium space and services are becoming increasingly important to our customers. Partnering with a highly experienced regional operator enables us to leverage proven expertise to create an exceptional customer offering that helps accelerate the diversification of our leasing offering to include core leasing, flexible workspace, co-working, meeting and event spaces and serviced offices,” says Andy Collins, executive general manager of Office at Dexus Place.

TWP looks for expansion opportunities in Japan and South Korea
The co-working market has evolved, and TWP has discovered a collaborative, creative, and customer-centric approach to growth with Dexus, says Lee. This partnership model involves developers and specialist operators to offer creative and customer-centric workplace solutions.

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Located in the peaceful and well-connected neighborhood of Pasir Ris, Jalan Loyang Besar EC offers the perfect blend of serenity and convenience. Its prime location, just a stone’s throw away from Pasir Ris MRT Station, ensures easy accessibility to all parts of Singapore. For those who prefer to drive, the EC is also easily reachable via major expressways. Designed to cater to the needs of modern families, Jalan Loyang Besar EC offers a lavish and cozy living environment for its residents. Don’t miss the opportunity to call this desirable EC your home. Visit Jalan Loyang Besar EC today and experience the best of both worlds.

In Singapore, the premium co-working operator has achieved its highest revenue per occupied desk (Revpod) due to its stabilised operations in select Grade A commercial properties in the CBD, says Lee. The operator is actively seeking potential sites and partnerships in key gateway cities such as Tokyo and Seoul. Meanwhile, its new JV in Australia will focus on constructing high-quality coworking centres and providing strategic and comprehensive solutions to occupiers, as well as offer advisory services and solutions on space planning, furniture layout, branding options, and flexible terms to meet clients’ workspace needs.

In Singapore, TWP’s other locations include OUE Downtown, Parkview Square, Capital Tower, Great World City, CapitaGreen, and CapitaSpring. In Hong Kong, it has a coworking location in Causeway Bay. “Despite the softening of market Revpod in Hong Kong over the past few quarters, we have maintained an above 90% occupancy at our centre in Causeway Bay,” says Lee.