The site will be situated in CBD
Hong Kong co-working space operator Campfire Collaborative Spaces has announced it will launch its first location in Singapore in Q3 of next year.
In an official press release, Campfire said the location will take up an entire 16-floor, 85,000 sq ft building at 139 Cecil Street, which is located in the Central Business District (CBD).
The site will be branded as a “mixed-use development” as opposed to it just being a co-working space.
The building currently sits as an 11-storey building and is undergoing major renovation works. The additional five floors are being added, and they will feature a roof terrace with a sky pool, rooftop bar, outdoor dining area and cabanas.
The newly-renovated building will also house private and shared offices, F&B and retail outlets, a full-service gym, car parking, events, conferencing, education, wellbeing and recreation facilities.
The co-working space industry in Singapore is booming, According to Colliers International Group, flexible workspace stock in Singapore has nearly tripled since 2015, with 2017 — representing a 44 per cent growth Year-on-Year (YoY).
Colliers forecast the sector to be firmly on track for another 30 per cent growth in total stock over 2018, given operators’ aggressive expansion plans.
Prominent co-working giant WeWork has been on launching spree; just within CBD alone, it already has five sites. There is also a swathe of other smaller co-working spaces contesting for real estate in the area, such as Collective Works, Just Co, and more.
Campfire’s entry will intensify competition for tenants; though, it’s too early to say whether the influx of co-working spaces has led to market saturation.
Founded just two and a half years ago, Campfire now has 20 sites across four countries occupying over 580,000 sqft globally. The company has locations in Australia and the United Kingdom,
Last year, Campfire bagged a US$6 million seed round from a group of undisclosed angel investors in the real estate industry.
Image Credit: Campfire Collaborative Spaces
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