22/12/2017 – Singapore’s largest premium coworking space provider JustCo has announced the launching of a joint venture in Indonesia with Gunung Sewu, a diversified company with businesses in food, property, insurance, and manufacturing.
This partnership comes almost two months after JustCo has closed its Sansiri-led Series B funding that has brought its evaluation to a US$200 million valuation.
With the new joint venture, JustCo takes 65 percent equity sharing while Gunung Sewu with an undisclosed amount of investment has ownership of 35 percent.
The aim of this joint venture is to replicate the success of JustCo in Singapore and create an enormous, multifaceted community. It will make up a similar myriad of dynamic and talented entrepreneurs, business owners, creative individuals, and location-independent workers.
“When our first meeting with Gunung Sewu kicked off, we knew immediately that our vision, values and strategy creation are aligned,” said Kong Wan Sing, the Founder and CEO of JustCo. “Their local know-how and resources will allow us to enter the Indonesian market with a strong foothold.”
At present, the joint venture is looking to operate four JustCo centers in Indonesia by next year, starting with its first space at Sequis Tower, Jakarta that will open in July 2018.
Sequis Tower is one of Gunung Sewu’s premium skyscrapers developed under its property business line. It represents the next generation of International Grade A office buildings aimed to achieve leadership in Energy and Environmental Design (LEED) Platinum rating.
The location is placed in the heart of Jakarta’s Sudirman Central Business District, within the Golden Triangle of Jakarta. It is within walking distance to the upcoming Istora MRT station, convenient with pedestrian access to nearby Jakarta Stock Exchange, malls, hotels, and banks.
Commenting on the deal, the Chairman of Gunung Sewu Husodo Angkosubroto said, “the joint venture with JustCo is in line with Gunung Sewu’s increased attention in the startup and tech-related businesses.”
“With JustCo’s acute business strategy and tenacity, we are confident and excited how this joint venture will drive more innovative communities and successful entrepreneurship in Indonesia” he added.
Besides, the joint venture has the first mover advantage in Indonesia which will give it the chance to shape and redefine the local work culture and workspace scene.
JustCo currently has 11 centers in Singapore and Shanghai. It is looking to triple the number of coworking centers to 30 in the region, making it the first in Asia in 2018.
In Singapore, Just Co is the first premium co-working space provider to open a center within a shopping mall in the downtown district – Marina Square which is slated to open in mid-2018.
Aside from Jakarta, expansion plans are in place to set foray into strategic key cities like Bangkok, Kuala Lumpur, Ho Chi Minh City and Manila.