China's Coworking Giant Ucommune Opens with a Bang at Suntec City Space Launch

China's Coworking Giant Ucommune Opens with a Bang at Suntec City Space Launch

BEIJING, Aug. 15, 2018 /PRNewswire/ -- China's largest co-working space provider Ucommune held a launch ceremony for its Suntec City coworking space yesterday, on the heels of its 300mn RMB (US$43.5mn) pre- D round funding announcement on the same day. Founder and chairman Dr. Mao Daqing confirmed his commitment to further growth and expansion in the South East Asian market.

The second Ucommune space in Singapore launched yesterday with the attendance of prominent business leaders including Mr Lee Yi Shyan, chairman and non-independent non-executive director of OUE Lippo Healthcare Limited, chairman and director of OUE USA Services Corp, and chairman of Business China.

The announcement comes after Ucommune's fourth acquisition this year and is a clear indication of the brand's commitment to grow its global footprint. "Coming from a Chinese background, it's been an incredible learning journey for us at Ucommune. I am heartened to see the local entrepreneur community flourishing and excited to grow together with our members through tapping the community synergy, our cross-border network and the broad spectrum of services on our integrated online platform," says Mao, former SVP at Vanke and founder & chairman of Ucommune, valued $1.8bn as of Aug 2018.

Mao said that the Ucommune brand has evolved from a coworking service provider to an integrated experience provider -- offering design, digital, financing and professional business solutions. Underlining this is the commitment to the brand ethos of connecting like-minded community members, and to providing integrated and efficient solutions that help SMEs grow. According to Mao, the company has plans to open another space in a central location later this year.

The second space of its kind in Singapore, the Ucommune Suntec City coworking space is located in the Suntec compound in Singapore's CBD. Spanning an area of 13,800 sqf, the second Ucommune space in Singapore provides 300 work stations and started operations in April 2018, offering long-term, hot-desk and short-term leasing solutions to SMEs from Singapore and China. The company's new facility in Singapore will join its other 160 locations in 35 cities around the world as a part of its expanding global network, offering crafted spaces and efficient services to members, while the growing network of partner service suppliers brings more expertise to the Ucommune community members.

Ucommune's co-working spaces incorporate cutting-edge IoT technologies and a proprietary platform that caters perfectly to growing SMEs that value operational cost efficiency. Its broad range of cross-industry services integrating legal, IT, accounting and marketing functions provide a premium platform that facilitates the business expansion and growth for start-ups with a focus on mainland China in particular.  

Flexible coworking solutions become in vogue

The footprint of co-working spaces is increasing year-to-year thanks to its growing appeal for SMEs and MNCs. Coworking as a smart office solution reduces rental costs, the second largest overhead cost in business operation. Coworking spaces provide custom-made solutions for corporations, without having to pay contracting fees. Coworking as a cost and energy-efficient alternative to traditional office rental has growing traction with a group of more digital-savvier, work-on-the-go business owners.

"At Ucommune, it was and has remained our purpose to build an integrated eco-system that ultimately serves the purpose of easing the pain points for SMEs and start-ups alike," Mao says. "Coworking has evolved tremendously over the last two years to a service that encompasses traditional rentals, bespoke design, community networking and new retail. Ucommune has evolved from a single space provider to an integrated lifestyle experience where people from all backgrounds and walks of life can convene, connect and innovate together."

In attendance at the launch of the Suntec Tower II space covering a total area nearly 14,00 sqf yesterday were other important business leaders, including Mr JK Chan, CEO of ARA Reit; Mr. Koh Boon Pin, SVP Capital Market DBS; and Mr. Kwek Wei Geng (President and CEO office) associate, Guocoland.

Ucommune has established itself as a co-working space leader and integrated service solution provider within just three years. It has grown to cover over 160 locations in over 35 cities globally, including but not limited to Singapore, New York, Beijing, Taipei, Hongkong, Shanghai, Shenzhen, Tibet, servicing over 8,000 enterprises and 150,000 individual members in total.

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