Perennial: IWG leases Capitol Singapore space for No18 co-working outlet

The Capitol Singapore property located in Singapore's civic district, including conservation buildings, such as the Capitol Theatre. Credit: Perennial Real Estate Holdings. Used with permission.The Capitol Singapore property located in Singapore's civic district. Source: Perennial Real Estate Holdings. Used with permission.

Perennial Real Estate Holdings said on Friday that flexible-workspace provider IWG has leased more than 20,600 square feet at Capitol Singapore for a high-end co-working space with club amenities, branded No.18.

The location on level two of Capitol Piazza, which is expected to begin operations in the third quarter, will be Sweden-based IWG’s first Asian venue for the No18 brand, it said in a filing to SGX before the market open on Friday. It already has locations in Europe and the U.S., it said.

No18 will offer workspaces including furnished private offices, private desks, co-working spaces, lounges and meeting rooms, the filing said, adding the brand’s locations typically would incorporate health clubs, cafes, bars and restaurants and also host parties and events. The space will be around 70 percent private offices and 30 percent club and amenities, it said.

Annie Lee, deputy CEO of Perennial, said No18 will strengthen the tenant mix at Capitol Singapore as part of efforts to reposition the property.

Capitol Singapore, which includes three conservation buildings, is in Singapore’s downtown civic district, with a retail mall at Capitol Piazza, the Capitol Kempinski Hotel Singapore, Capitol Theatre and Eden Residences Capitol, it said.

The business lounge at an IWG facility in Stockholm, Sweden. Credit: Perennial Real Estate Holdings. Used with permission.

The business lounge at an IWG facility in Stockholm, Sweden. Credit: Perennial Real Estate Holdings. Used with permission.

 

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