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

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.