Colony wins largest coworking tenant deal in Malaysia worth RM5.6 million

KUALA LUMPUR, MALAYSIA – Media OutReach
– 31st May, 2018 – Luxurious
coworking space and serviced office provider Colony has scored a RM5.6 million
coworking tenant deal, making it the largest of its kind in Malaysia. The deal
will see the undisclosed regional importer and distributor in the food industry
move its regional headquarters to become the anchor tenant of Colony’s soon to
be open KL Eco City location, with over RM4 million in rental and another RM1.6
million for future expansion space that Colony is committed to provide.


This potentially
marks the beginning of a shift in the coworking space industry in Malaysia.
Traditionally dominated by digital nomads, freelancers and startups, coworking
spaces globally have in recent years see a surge in usage among corporates.
This is expected to grow with a CBRE Enterprises Survey revealing that 65% of
enterprise companies plan to incorporate coworking into their portfolio
offerings by 2020. Large deals like this from Colony seem to indicate that the
wave of corporates using coworking spaces has hit Malaysian shores.


Timothy Tiah,
Founder of Colony, added “People often
say that our competitors are other coworking spaces. That can’t be farther from
the truth. Most of the deals we lose, we don’t lose them to other coworking
spaces or serviced offices. We lose them to traditional office space
“.


In the coming
years, Colony expects the facilities and services of its luxury coworking
spaces to grow and correspond with its increasing prices. The Company aims to
introduce more services and facilities not found in traditional office spaces
and that also distinguish itself from the typical coworking spaces.


“We
won this deal not because we were the cheapest in price but because we have a
very differentiated product and a compelling offering that it actually makes
sense to base even a large company out of Colony instead of having a
traditional office lease”.
-Nitaya Pirinyuang, General Manager of
Colony


Along with other
pre-launch deals, Colony @ Eco City that is only due to open at the end of June
already has over 50% of its space booked up.


This
landmark deal is a milestone for 10-month old Colony that just recently took in
an investment from Cornerstone Partners Group at a US$15-US$20 million
valuation. The Company has raised US$5 million to date.

 

About Colony

Colony is a luxurious
coworking space and serviced office provider based in the heart of Kuala Lumpur
with plans and pricing curated to eliminate hefty set-up costs,
maintenance hassle, and long-term rental contracts. Raved over for its chic and
Instagram-worthy interior, the company aims to enable guests to focus on their
life’s work and reach new heights while all else is taken care of. The company
is backed by Oak Drive Ventures, Cornerstone Partner’s Group and family offices
around the region.

https://www.colony.work

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