# CapitaLand-backed The Work Project takes Singapore’s premium flexible workspace brand to London

- **Source:** EdgeProp Singapore
- **Published:** 2026-06-29T00:30:00.000Z
- **Author:** Cecilia Chow
- **Original:** https://www.edgeprop.sg/property-news/capitaland-backed-work-project-takes-singapores-premium-flexible-workspace-brand-london
- **Topics:** Commercial & Industrial, New Launches, Investment & Capital Markets

## Featured rationale

The mandates from major London landlords signal confidence in TWP’s premium offering and could support further flexible-workspace expansion as occupiers seek shorter, more adaptable leases.

## AI summary

CapitaLand-backed The Work Project secured three London flexible workspaces totalling 82,000 sq ft within two years, including 26,000 sq ft at 105 Victoria Street.

## Original article

When London's biggest office landlords, Brookfield Properties and BGO, went looking for a premium flexible workspace operator for some of the city's newest landmark office developments, they passed over established European and American brands.

Instead, they chose Singapore's The Work Project (TWP), a co-working operator majority-owned by CapitaLand. Its latest deal at BGO's landmark 105 Victoria Street marks TWP's third location in London.

For Korean-turned-Singapore citizen Junny Lee, founder and CEO of TWP, the latest expansion marks a significant milestone, making the company the first Asian co-working operator to establish a meaningful presence in Europe's most competitive co-working market.

Read also: The Great Room by Industrious to launch 10th location at Keppel South Central

In the Asia Pacific market, TWP has expanded alongside a dominant property developer. In Singapore, where CapitaLand is its majority shareholder, the operator has a presence in almost all of the developer's Grade-A office towers. In Australia, listed property giant Dexus owns a 50% stake in TWP's Australian business.

A different playbook for London

According to CBRE, Central London's office stock totalled about 234 million sq ft last year. By comparison, Singapore's office stock stood at 49 million sq ft as at 1Q2026, making London's office market nearly five times larger.

"London is a different story," says Lee. "First of all, the London market is huge."

Unlike many Asian gateway cities, where office ownership is concentrated among a handful of major landlords, London's office market is far more fragmented. As a result, TWP has adopted a different expansion strategy, partnering with multiple landlords across the city.

"Our strategy in London is a bit different," says Lee. "We're going to be working with multiple landlords."

TWP's first London location, a 30,000 sq ft space at One Leadenhall, opened in January in partnership with Brookfield Properties.

Its second, a 26,000 sq ft workspace at Cavendish Place, occupies two restored Grade II-listed Georgian townhouses, which UK developer Unity Group is restoring. The development is scheduled for completion in 1Q2028.

Read also: JustCo opens first luxury co-working space in Singapore, aims to double Asia Pacific footprint

The latest addition is a 26,000 sq ft workspace at BGO's 105 Victoria Street, a 455,000 sq ft net-zero office development in Westminster, due for completion in 3Q2026.

Rigorous selection process

Winning the mandates, however, was far from straightforward. Both Brookfield and BGO conducted months-long selection processes, evaluating some of the world's largest European and American flexible workspace operators. TWP was the only Asia-Pacific operator invited to participate.

Representatives from Brookfield and BGO flew to Singapore and Australia to visit TWP's workspaces in person. They toured both newly opened locations and older centres to assess how the spaces had aged over time.

They also spoke to TWP's landlord partners — including CapitaLand — as well as consultants and customers, to understand what it was like working with the company.

"They really did their research," says Lee.

‘The dark horse from Singapore’

"We were the dark horse," recalls Lee.

“Everybody who was shortlisted already had a presence in London — and, in fact, multiple locations,” he adds. “We were the only Asia-Pacific company invited into the process."

Three factors ultimately tipped the balance in TWP's favour, notes Lee. First, the landlords liked what they saw — not just the design of the centres, but also how well they had been maintained over time. Second, they liked what they heard from existing landlord partners about the long-term relationships TWP had built.

Read also: The Great Room CEO Jaelle Ang to step down

Finally, Lee believes TWP benefited from the reputation established by other Singapore hospitality brands, such as Raffles Hotel, Ascott and Pan Pacific, which have successfully expanded into London.

Lee believes London's maturity makes TWP's achievement even more significant. According to CoworkingCafe, the UK had 4,270 co-working locations as at 1Q2026, with Greater London accounting for 1,209 of them. By comparison, Singapore has only about 220 co-working locations.

Having secured three London locations totalling 82,000 sq ft in just two years, Lee believes there is still ample room for growth.

"We'd rather build more depth in London before we expand into other UK cities or other global cities."

Overseas expansion – by invitation

So far, the overseas expansion into Australia and the UK has come about “fortuitously”, he says. “I wasn’t looking for it; the landlords came across our brand in Singapore and invited us to their market.”

He points to Australia, where TWP’s flagship coworking space opened at Quay Quarter Tower in 2022. The new 49-storey tower is a redevelopment of the former AMP Centre, built in 1976. AMP Capital, the developer, was acquired by Dexus in 2022.

According to Lee, representatives from Dexus visited TWP in Singapore and also toured their locations. “At that time, we were still relatively small,” he says. “But they invited us to Sydney. There was also a competitive process, and they likewise spoke to stakeholders, landlords, and CapitaLand. They liked what we did, and that's how we were selected for Quay Quarter Tower."

Following Dexus’s acquisition of a 50% stake in TWP, the co-working operator has expanded alongside Dexus beyond Sydney to Melbourne, Brisbane and Perth. However, Sydney is where it has maintained the largest presence.

Still expanding in Singapore

While expanding overseas, TWP continues to grow its Singapore footprint. In March, it opened a 39,000 sq ft flexible workspace at Geneo, operated under CapitaLand's Bridge+ brand.

"What I love about Geneo is that it has transformed perceptions of Singapore Science Park," says Lee. "It rivals any CBD office building."

Earlier this month, TWP doubled its footprint at Parkview Square to 30,000 sq ft after securing an additional floor. "The building has so much character," says Lee. "We've wanted another floor there for a long time."

TWP's largest Singapore location is at CapitaSpring, where it has 68,000 sq ft space, followed by CapitaSky at 79 Robinson Road, with 56,000 sq ft and Capital Tower, with 50,000 sq ft. Meanwhile, its first Singapore location at OUE Downtown Gallery, which opened a decade ago with 24,000 sq ft, still retains some of its earliest customers.

"We still have customers at OUE Downtown Gallery whom I signed myself, and who have been there since day one," says Lee.

Designing in harmony with the building

Every TWP location starts with the architecture of the building it occupies. At Parkview Square, for instance, the interiors are designed to complement the building's contemporary interpretation of Art Deco.

The 41,000 sq ft TWP at Asia Square Tower 2 is the result of a collaboration between world-renowned botanist Patrick Blanc, international design studio Hassell and Korea-based art gallery Huue.

Rather than imposing a standard design language across its portfolio, TWP tailors each workspace to complement the building's architecture and character.

"A lot of times, we even talk to the architect to understand what inspired the design of the building," says Lee. "It's the same thing with our buildings in London."

Among TWP's strongest-performing locations are three centres located almost directly opposite one another in Singapore's CBD — OUE Downtown Gallery, Capital Tower and Capital Sky at 79 Robinson Road.

Lee attributes their success to the area's connectivity, with Tanjong Pagar MRT Station just a short walk away and a wide range of food options nearby. At the same time, he believes each centre attracts a distinct clientele because every workspace is designed around the building it occupies.

Why London could overtake Singapore

While Singapore is currently TWP’s largest market, Lee says he won’t be surprised if it is eventually overtaken by London, simply because of the market's size.

CBRE anticipates that London’s co-working or flexible office market will reach 50 million sq ft by 2030, or about 20% of the office market.

Today, the flexible space accounts for about 20 million sq ft, representing about 12% of the total London office market. CBRE attributes the rise to “evolving occupier demand for flexible solutions and increased landlord participation in the sector.”

Increasing demand for flexible workspace

While the ongoing war in the Middle East has resulted in logistical challenges and cost inflation, Lee remains optimistic about the sector. “Businesses want agility,” he says. “With technology, AI, the world of work is becoming increasingly unpredictable. And if anything, companies want even more agility because of that.”

That also leads to greater demand for flexibility in terms of leases. Most companies are less willing to commit to a 10-year lease, given the higher risk. “I truly believe that flexible space providers like us are making the office sector more sustainable, because our infrastructure, spaces, furniture and fit-outs are constantly being ‘recycled’ with new customers taking up the space vacated by those who exit,” he notes.

"One of the things that really saddens me when I go around looking at offices is seeing companies terminating long-term leases early and disposing of perfectly good furniture and fit-outs," says Lee.

"I see it all the time — perfectly good furniture being thrown away and probably ending up in landfill."

For that reason, TWP designs its workspaces to be timeless, allowing interiors, furniture and fit-outs to remain relevant for decades rather than being constantly replaced.

## Chinese translation

> Translation model: grok

### 嘉德支持的The Work Project将新加坡高端弹性办公品牌带到伦敦

The Work Project正于伦敦竞争激烈的弹性办公领域站稳脚跟

当伦敦最大的写字楼业主Brookfield Properties与BGO，为该市部分最新地标写字楼项目物色高端弹性办公运营商时，它们并未选择成熟的欧美品牌。

相反，它们选择了新加坡的The Work Project（TWP）——这家联合办公运营商由嘉德（CapitaLand）控股。其在BGO地标项目105 Victoria Street的最新合作，标志着TWP在伦敦的第三个点位。

对由韩裔入籍新加坡的TWP创办人兼首席执行官Junny Lee而言，此次扩张是重要里程碑，使公司成为首个在欧洲竞争最激烈的联合办公市场建立实质据点的亚洲联合办公运营商。

在亚太市场，TWP一直与强势房地产开发商并肩扩张。在新加坡，嘉德为其大股东，运营商几乎进驻该开发商所有甲级写字楼；在澳大利亚，上市地产巨头Dexus持有TWP澳大利亚业务50%股权。

伦敦的不同打法

据世邦魏理仕（CBRE），伦敦市中心写字楼存量去年约2.34亿平方英尺。相比之下，截至2026年第一季度，新加坡写字楼存量为4900万平方英尺，伦敦写字楼市场体量接近新加坡的五倍。

“伦敦是另一回事，”Lee说。“首先，伦敦市场非常大。”

与许多亚洲门户城市写字楼产权集中于少数大型业主不同，伦敦写字楼市场远更分散。因此，TWP采取了不同的扩张策略——与全市多家业主合作。

“我们在伦敦的策略有点不一样，”Lee说。“我们会与多家业主合作。”

TWP的首个伦敦点位位于One Leadenhall，面积3万平方英尺，与Brookfield Properties合作，于1月开业。

第二个点位是Cavendish Place的2.6万平方英尺办公空间，占用两栋经修复的二级登录乔治亚联排住宅，由英国开发商Unity Group修复，预计2028年第一季度完工。

最新加入的是BGO旗下105 Victoria Street的2.6万平方英尺空间。该项目位于威斯敏斯特，为净零写字楼开发，净可出租面积约45.5万平方英尺，预计2026年第三季度完工。

严格的甄选过程

赢得委托并非一帆风顺。Brookfield与BGO均进行了长达数月的甄选，评估一些全球最大的欧美弹性办公运营商。TWP是唯一获邀参与的亚太运营商。

Brookfield与BGO的代表飞赴新加坡与澳大利亚，实地走访TWP工作空间，既看新开业点位，也看较旧中心，以评估空间随时间如何老化。

他们还与TWP的业主伙伴——包括嘉德——以及顾问与客户沟通，了解与该公司合作的体验。

“他们确实做了功课。”Lee说。

“来自新加坡的黑马”

“我们是黑马，”Lee回忆。

“入围的每家都已经在伦敦有据点——事实上是多点布局，”他补充。“我们是唯一获邀进入流程的亚太公司。”

Lee指出，最终有三个因素使天平倾向TWP。首先，业主喜欢所见——不仅是中心设计，还有随时间维护得有多好。其次，他们从现有业主伙伴那里听到的、关于TWP所建立的长期关系，也令其满意。

最后，Lee认为TWP受益于其他新加坡酒店及服务品牌——如莱佛士酒店（Raffles Hotel）、雅诗阁（Ascott）与泛太平洋（Pan Pacific）——成功拓展伦敦所建立的声誉。

Lee认为，伦敦市场的成熟度使TWP的成就更显分量。据CoworkingCafe，截至2026年第一季度，英国共有4,270个联合办公点位，其中大伦敦占1,209个。相比之下，新加坡仅约220个联合办公点位。

两年内拿下三个伦敦点位、合计8.2万平方英尺后，Lee认为仍有充足增长空间。

“我们宁愿先在伦敦做深，再扩展到英国其他城市或其他全球城市。”

海外扩张——受邀而行

迄今为止，进军澳大利亚与英国的海外扩张都“颇为偶然”，他说。“我并没有主动寻找；是业主在新加坡看到我们的品牌，邀请我们进入他们的市场。”

他以澳大利亚为例：TWP旗舰联合办公空间于2022年在Quay Quarter Tower开业。这座49层新塔是对1976年建成的前AMP Centre的重建；开发商AMP Capital于2022年被Dexus收购。

据Lee介绍，Dexus代表到访新加坡的TWP并参观其点位。“当时我们还相对较小，”他说。“但他们邀请我们去悉尼。也有竞争流程，他们同样与利益相关方、业主和嘉德沟通。他们喜欢我们所做的，于是我们被选中入驻Quay Quarter Tower。”

Dexus收购TWP 50%股权后，这家联合办公运营商随Dexus从悉尼扩展至墨尔本、布里斯班与珀斯。不过，悉尼仍是其最大据点。

新加坡仍在扩张

在海外扩张的同时，TWP继续扩大新加坡版图。3月，其在Geneo开设3.9万平方英尺弹性办公空间，以嘉德Bridge+品牌运营。

“我喜欢Geneo的地方，是它改变了人们对新加坡科学园的认知，”Lee说。“它可以媲美任何CBD写字楼。”

本月早些时候，TWP在Parkview Square再获一层，面积扩大一倍至3万平方英尺。“这栋楼很有个性，”Lee说。“我们想要再多一层，已经想了很久。”

TWP在新加坡最大的点位是CapitaSpring，达6.8万平方英尺；其次是79 Robinson Road的CapitaSky，5.6万平方英尺；以及Capital Tower的5万平方英尺。与此同时，其十年前以2.4万平方英尺开业的首个新加坡点位OUE Downtown Gallery，仍保留部分最早的客户。

“在OUE Downtown Gallery，仍有我亲自签约、从第一天就在的客户。”Lee说。

与建筑和谐共构的设计

每一个TWP点位都从所在建筑的建筑语言出发。例如在Parkview Square，室内设计旨在呼应大楼对装饰艺术（Art Deco）的当代演绎。

Asia Square Tower 2的4.1万平方英尺TWP，是与世界知名植物学家Patrick Blanc、国际设计工作室Hassell以及韩国艺廊Huue合作的成果。

TWP并未在整个组合中强加统一设计语言，而是按每栋建筑的建筑与性格量身定制工作空间。

“很多时候，我们甚至会与建筑师交流，理解建筑的设计灵感，”Lee说。“在伦敦的大楼也是一样。”

TWP表现最强的点位中，有三个几乎正对位于新加坡CBD——OUE Downtown Gallery、Capital Tower，以及79 Robinson Road的Capital Sky。

Lee将成功归因于该区域的连通性：步行即可达丹戎巴葛地铁站，周边餐饮选择丰富。同时，他认为每个中心吸引不同客群，因为每个工作空间都围绕所在建筑设计。

为何伦敦可能超越新加坡

尽管新加坡目前仍是TWP最大市场，Lee表示若最终被伦敦超越，他不会惊讶——单纯因为市场规模。

CBRE预计，到2030年，伦敦联合办公或弹性办公市场将达5000万平方英尺，约占写字楼市场的20%。

目前，弹性空间约2000万平方英尺，约占伦敦写字楼市场总量的12%。CBRE将上升归因于“租户对弹性方案的需求演变，以及业主对该领域参与度提升”。

对弹性办公空间需求上升

尽管中东持续战事带来物流挑战与成本通胀，Lee对行业仍保持乐观。“企业要的是敏捷，”他说。“有了科技、AI，工作世界正变得越来越不可预测。正因为如此，企业反而想要更多敏捷性。”

这也带来对租约弹性的更大需求。多数企业面对更高风险，更不愿承诺十年租约。“我真心相信，像我们这样的弹性空间提供商正在让写字楼行业更可持续，因为我们的基础设施、空间、家具与装修，会随新客户接手旧客户腾退的空间而不断‘循环利用’。”他指出。

“我四处看办公室时，最让我难过的一件事，是看到企业提前终止长期租约，并处理掉完好的家具与装修，”Lee说。

“我经常看到——完好的家具被扔掉，很可能最终进了填埋场。”

因此，TWP将工作空间设计得经久不衰，使室内、家具与装修可在数十年间保持相关性，而无需不断更换。