Landmark joint venture between CapitaLand-backed The Work Project and Australian property giant Dexus to expand Australia’s flex office market. The Joint Venture aims to become leading flex operator in Australia’s central business district (CBD) market.
February 05, 2024
[SINGAPORE, 5 FEBUARY 2024] The Work Project (TWP), Asia’s home-grown premium flex working solutions operator majority owned by CapitaLand, announced that it has entered into an agreement with Australian property giant Dexus to form Australia’s first joint venture premium flex coworking operator. The new joint venture, The Work Project Sydney Pty. Ltd., represents around a combined 14,000 square meters of flex space across Sydney, Melbourne, Brisbane and Perth CBDs primarily located in Dexus-managed buildings.

The 50/50 joint venture signals Australia as a mature flex market with encouraging growth potential.

“This joint venture represents TWP's next growth stage and helps fill a much-needed gap amid increasing demand for premium flexible space in prime locations across the region,” said Junny Lee, Founder and CEO of The Work Project. “The co-working space market has evolved dramatically and together with Dexus, we have discovered a collaborative, creative and customer-centric approach to growth. This will further solidify our position as a leading provider of premium flexible workspaces in the Asia Pacific region.”

“On-demand premium space and services are becoming increasingly important to our 
customers,” said Andy Collins, Executive General Manager of Office at Dexus. “Partnering with a highly experienced regional operator enables us to leverage proven expertise to create an exceptional customer offering that helps accelerate the diversification of our leasing offering to include core leasing, flexible workspace, co-working, meeting and event spaces and serviced offices.”

TWP was created by hoteliers and is committed to delivering turnkey flexible spaces underpinned by 5-star hospitality values and standards. The group is now majority-owned by CapitaLand and is Singapore's largest premium serviced office operator, with 14 sites across Hong Kong, Singapore, and Sydney. In Sydney, TWP operates the premium co-working facility at Quay Quarter Tower where Dexus is headquartered and is planning to open two new sites in Sydney in 2024.

The operation of the current Dexus Place locations will transfer to TWP, with Dexus Place and TWP retaining their brands. Dexus Place offers flexible space solutions to its customers, including access to meeting rooms and event space. At the same time, TWP sites operate across larger-scale locations and include a full-service workspace offering.