Dedicated offices in Raffles Hotel will be pricier than their current offerings which starts at $2,500 a month.
Bloomberg reported that co-working operator The Great Room will open its fourth location in Singapore at six-star Raffles Hotel where it will occupy 15,000 sqft of space.
According to The Great Room’s co-founder and CEO Jaelle Ang, they will lease the spaces in Raffles for a more expensive rate than their current offerings at their existing Singapore locations were dedicated offices range from $2,500 a month, which, Ang notes, is about 20% higher than rates from WeWork, but a 40% uplift in terms of privacy, security, acoustics and quality of fit-out.
“We’re not targeting the 18-year-old entrepreneur, we’re targeting the 45-year-old who’s had a successful career and is now starting their own business,” Ang told Bloomberg. “They’re happy to pay extra for a premium working environment.”
The CEO also revealed that they are close to signing tenants for its Raffles location, with family offices, private equity and venture capital funds showing particular interest.
Here’s more from Bloomberg.
Photo from Bloomberg.
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