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Frasers Property, GIC fuel JustCo's Asian expansion with US$177M investment

Singaporean wealth fund GIC Real Estate and listed developer Frasers Property Ltd. are investing US$177 million in a local co-working space provider that seeks to expand abroad.

JustCo, which has existing operations in Singapore, Indonesia and Thailand, aims to operate 100 centers across Asia by 2020-end. Armed with the additional funds, it intends to enter the Southeast Asian countries of Vietnam, Malaysia and the Philippines and expand into Korea, Japan, Australia, India and the greater China region comprising China, Hong Kong, Taiwan and Macau.

Lee Kok Sun, GIC's chief investment officer, said in a statement that the investment supports its expectation of a long-term growth potential of the co-working sector.

JustCo was founded in 2015 and claims to be the biggest premium co-working space provider in the city-state. Founder and CEO Kong Wan Sing said the latest round of investment will specifically be used to enhance its offerings "through multi-geographical footprints."