Homegrown property developer taps into RM128b flexible workspace industry
18 MARCH , MELAKA – Award-winning property company, Sheng Tai International Sdn Bhd (Sheng Tai International), continues to catalyse Malaysia’s, particularly Melaka, economic growth by signing a landmark agreement with the world’s largest global workspace provider, International Workplace Group plc (IWG) with brands including Regus and Spaces
The franchise agreement includes Sheng Tai International and IWG collaborating to open flexible workspace in Malaysia. With the agreement, Sheng Tai International becomes IWG’s first partner since it opened up franchise opportunities in 2019 in the country.
Sheng Tai International has invested approximately RM8 million to begin this partnership with three centres in the company’s commercial properties in Melaka. The first centre, which will be developed under Regus, will open in Metrasquare, Melaka, by the end of the second quarter (Q2) 2021. While the second centre, under Spaces, will open at The Sail in 2025.
Tuan Yang Terutama Tun Seri Setia Dr Hj Mohd Ali Bin Mohd Rustam, Yang di-Pertua Negeri Melaka, was present to witness the signing ceremony. Representing Sheng Tai International in the signing event and exchange of documents was Dato’ Leong Sir Ley, Founder and Chairman of Sheng Tai International.. While IWG was represented by Premita Dhaliwal, Head of Partnership Growth – Malaysia.
Dato’ Leong Sir Ley, Founder and Chairman of Sheng Tai International, said, “We are delighted to work with IWG to expand Malaysia’s flexible workspace industry.”
“We believe this is the right time to invest in the flexible workspace industry in Malaysia, especially in Melaka, in line with the optimistic outlook post-COVID-19 for the state and country. The pandemic has provided Melaka as well as flexible workspace industry an additional edge.”
“More and more people and global brands are looking at strategic locations that are beyond the city centre. In addition, the pandemic has accelerated the growth of flexible workspace trends around the world. ”
“With our unique establishments in Malaysia coupled with IWG’s modern and world-class amenities, we are poised to appeal to discerning entrepreneurs, SMEs and multinational corporations, re-energising the economy in and around Melaka,” added Dato’ Leong.
“We also look forward to opening more flexible workspaces throughout Malaysia in the next five years.”
Gareth Haver, Regional Chief Executive Officer of IWG, said, “When we decided to open up franchising opportunities, we knew we needed strong partners, but more importantly, people who share our vision and values.”
“So we are thrilled to open a new chapter with Sheng Tai International. They have ambition and a solid track record that goes beyond the property. I believe their ability to draw global brands here during the pandemic is a testament to this,” Premita Dhaliwal from IWG Malaysia added.
Melaka Trade Square (Metrasquare) is a 6-acre commercial development comprising a residential component called the Metrasquare Serviced Suites, a three-star premium hotel called Hotel Metrasquare, a five-star hotel called Ames Hotel as well as retail lots, meeting and conference facilities, F&B amenities, as well as an upcoming Melaka historical gallery and art social space.
Located just five minutes drive away from the Ayer Keroh toll off the North-South Expressway, Metrasquare is also close to the Melaka International Trade Centre (MITC), government offices, hypermarkets and a host of tourist attractions such as Melaka Zoo and Night Safari; Melaka Bird Park; Wonderland Theme Park; Melaka Planetarium, World’s Bees Museum and Melaka International Trade Centre.
Flexible workspaces are due to grow exponentially in Malaysia as companies of all sizes adopt progressive hybrid work patterns. Businesses have realised that a hybrid model not only means happier and more engaged employees, but also a significant saving for the bottom line. A study reported by EY shows that companies can save about $11,000 for each employee that works in a hybrid manner.
Earlier this month, IWG announced a record start to 2021, adding half a million users to its network so far this year as well as penning its largest ever deal with NTT, Nippon Telegraph and Telephone Corporation. The deal will provide NTT’s 300,000 employees across its portfolio of companies and global network with access to IWG’s more than 3,500 workspaces globally.
Source: iProperty