Categories: Top News

CO3 allocates RM13m for 4 more co-working spaces

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Local start-up CO3 Social Office Sdn Bhd is allocating RM13 million to set up four more co-working spaces within a year, following the opening of its first location in Puchong here yesterday.

Co-founder and chief executive officer Yong Chen Hui said the amount is expected to be spent starting from now through to the second quarter of next year.

“To date, we have an occupancy rate of 80% and are hoping to increase the number soon. This 22 400 sq ft place is able to accommodate 400 members,” he said during the official launch yesterday.

Yong revealed that the next location has been identified in Petaling Jaya, and the startup is aiming to place four times as much members at a space measuring 50,000 sq ft, which will be set up in a five-storey facilities office.

For the next three locations, Yong said the group is still identifying the locations based on the group’s feasibility study.

He said the opening of its first coworking space will prove that the concept is acceptable in Malaysia.

The launch of its Puchong space saw an exclusive “Wu Chun’s Social Gathering with Malaysia’s Top 50 Social Media Influencers” event, followed by the grand opening ceremony, as well as entertainment by a live band and DJ.

This marks the beginning of a new solution for companies in attracting and retaining talent, as well as transforming real estate costs into a renewed source of revenue.

With millennials slowly taking over the workforce, talent attraction and retention is more challenging than ever.

“CO3 Social Office positions itself as a unique solution to this problem, by augmenting the importance of heartware, encompassing human-centric elements such as freedom, dignity, and trust to enhance a company’s ability to retain talent.

“To most millennials, surrounded by quality people and finding purpose in what they do is a major factor in their decision to stay.

“CO3 Social office is more than just space, it is a community where talent development programmes such as in-residence and visiting mentors, volunteer efforts, and relevant events are able to add variety and value to an employee’s work life,” he said.

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