The Great Room eyes affluent tenants in new 15,000 sqft luxury co-working space
Dedicated offices in Raffles Hotel will be pricier than their current offerings which starts at $2,500 a month.
Bloomberg reported that co-working operator The Great Room will open its fourth location in Singapore at six-star Raffles Hotel where it will occupy 15,000 sqft of space.
According to The Great Room’s co-founder and CEO Jaelle Ang, they will lease the spaces in Raffles for a more expensive rate than their current offerings at their existing Singapore locations were dedicated offices range from $2,500 a month, which, Ang notes, is about 20% higher than rates from WeWork, but a 40% uplift in terms of privacy, security, acoustics and quality of fit-out.
“We’re not targeting the 18-year-old entrepreneur, we’re targeting the 45-year-old who’s had a successful career and is now starting their own business,” Ang told Bloomberg. “They’re happy to pay extra for a premium working environment.”
The CEO also revealed that they are close to signing tenants for its Raffles location, with family offices, private equity and venture capital funds showing particular interest.
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Photo from Bloomberg.