Coworking Space: Overcoming the Pandemic and Transforming Space through Technology
Ucommune Singapore expects Full Profit in 2021
Singapore is the most innovative economy in the Asia-Pacific, and China is Singapore’s largest trading partner. In recent years, the two countries have gradually formed synergy in trade and innovation. As Asia’s leading coworking space, Ucommune is committed to acting as a bridge between enterprises in Singapore and China. Not only will it become the first stop for many Chinese enterprises to expand their business in Singapore, but Ucommune will also serve as an important hub for enterprises in Singapore to expand in China. Since 2020, Ucommune Singapore has been upgrading its spaces using innovative technologies and big data analysis. Through efficient operations and quality services, Ucommune has managed to overcome the impact of the pandemic to the greatest extent and is expected to achieve full profit in 2021.
Ucommune Singapore’s 4 frameworks to bring innovation to the Lion City
As a gateway to Southeast Asia, Singapore is strategically located on global trade, shipping and air routes and is one of the most connected countries in the world. In the 2020 Global Innovation Index report released by the World Intellectual Property Organization (WIPO), Singapore is ranked eighth, making it the most innovative economy in the Asia-Pacific. China, in the 14th place, is the only middle-income economy among the top 30 innovative economies.
In recent years, coworking spaces have become increasingly popular in Singapore due to a growing number of entrepreneurs, freelancers, and a weakening commercial real estate market.
Ucommune is the preferred solution for flexible office spaces to large enterprises and their branches, as well as an ecological service platform for entrepreneurs and micro, small and medium-sized enterprises. To date, Ucommune has four well-located, well-serviced coworking spaces in Singapore.
As the largest technological cluster in Singapore and home to many educational institutes, LaunchPad @ one-north is a vibrant research and business park that serves as a fertile ground for research, innovation, and test-bedding. With a business area of approximately 655 square meters and 137 dedicated desks and private offices, Ucommune LaunchPad @ one-north is a centre for start-ups and high-tech enterprises.
Well known for its “Fountain of Wealth”, Suntec City is the central business district of Singapore. Ucommune Suntec City is adjacent to Suntec City shopping mall, Suntec Convention and Exhibition Center, Mandarin Oriental and many other five-star hotels. With various convenient facilities, it is also surrounded by many Chinese enterprises and listed companies. With a business area of approximately 1336 square meters, the centre has 323 dedicated desks and private offices and homes a wide range of Chinese and multinational enterprise branches.
Shenton Way is Singapore’s financial centre and home to many Singapore exchange centres and investment institutions, as well as many financial enterprises and listed companies such as Temasek Holdings and headquarters of CNBC Asia. It is the most dynamic area in Singapore with a splendid financial environment. With a business area of approximately 1516 square meters and 352 dedicated desks and private offices, Ucommune OUE Downtown 2 is the best choice for financial and investment enterprises.
Located on Victoria Street, a famous commercial district in Singapore, Ucommune Bugis Junction is adjacent to Singapore Management University, the National Library of Singapore, Bugis Junction Shopping Mall, and Esplanade – Theatres on the Bay. It is well surrounded by convenient facilities and a wide range of technological and financial enterprises as well as listed companies. The business area of the centre is approximately 1871 square meters, with 386 dedicated desks and private offices, which is optimal for new media and young entrepreneurs.
Technology-enabled membership system to provide diversified and customized services
To meet the needs of more customers, Ucommune Singapore has successively launched more diversified office products in various projects, such as meeting rooms, short-term leases with non-fixed desks and many other combinations. The flexibility and diversity of revenue streams have enabled Ucommune to increase its revenue drastically in Singapore.
Through the independently developed UClub membership system, Ucommune is able to bring more customized and diversified services to its members. For example, Ucommune has partnered with many world-renowned hotels such as Capella Singapore, Shangri-La Singapore, and The Capitol Kempinski Hotel Singapore to offer discounts for members on hotel bookings.
Under its platform service strategy, Ucommune will continue to upgrade and optimize office products for members and non-members, and the revenue in Singapore will experience a new wave of explosive growth in the foreseeable future.
Ucommune provides precise and personalized services using data
Using data analytics to decrease operational costs and increase revenue is the business logic behind Ucommune Singapore’s growing profit.
The core advantage of intelligent “coworking space” is to use the large amount of data generated by the interaction of “people + space” to drive intelligent services. This improves the quality of our services and greatly reduces the operational costs of different centres.
Through the integrated use of the Internet of Things, intelligent terminals, and mobile phone applications, we can collect real-time data of spaces, facilities, and services in coworking spaces. Strictly by Singapore’s Personal Data Protection Act 2012, the optimal service plan and pricing strategy are determined through intelligent data analysis, maximizing the efficiency of resource utilization and standard of service while reducing operating costs.
Through intelligent analysis, we can derive the behavioral pattern of the life cycle of similar enterprises, predict the moving in, renewing and terminating patterns of enterprises more accurately, and increase the rate of customer acquisition, retention, and efficiency of non-workstation income.
Data-based comprehensive enterprise portrait allows us to provide precise and personalized services, better fulfilling the needs of enterprises in the coworking offices. Hence, we can increase the satisfaction and loyalty of enterprises and form a sustainable community culture and ecosystem.
Unfaltering in the pandemic, Ucommune buck the trend with its growing revenue
Singapore’s coworking market has also been hit hard by the COVID-19 outbreak. As a result of the government’s work-from-home measures, many companies chose to terminate their leases and the rental rate experienced a sharp fall. However, despite the harsh market environment, Ucommune Singapore has managed to withstand the pressure and saw a growth in its revenue.
Work-from-home may be a more suitable arrangement during the pandemic, but it may not be the best solution after the pandemic. It will take some time for enterprises to evaluate their post-pandemic office strategies, and one possible solution is to seek some flexible office spaces in addition to their fixed office. This can be done by renting such spaces from a coworking company, rather than from a single real estate owner.
This has also allowed Ucommune Singapore to buck the trend and experience growth despite the pandemic. Since 2020, many companies under government agencies such as Infocomm Media Development Authority, as well as well-known multinational companies such as Paris Baguette and Xiaomi successively moved into Ucommune Singapore, allowing its revenue to achieve rapid growth.
According to the manager of Ucommune, all centres in Singapore are expected to be fully profitable in 2021 as the government further liberalizes economic activity.