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Ucommune Singapore Overcome the Impacts of COVID-19 and Expects to be Fully Profitable in 2021

“Ucommune Singapore has been empowering its spatial operations with innovative technology and big data analysis since 2020. Through efficient management and high-quality services, it has largely overcome the impacts of COVID-19 and is expecting to be fully profitable within 2021.” 

Singapore is the most innovative economy in Asia Pacific, and China is Singapore’s largest trading partner. In recent years, the two countries have gradually developed synergies in economic and trade cooperation, as well as innovation empowerment. As Asia’s leading coworking space provider, Ucommune commits to construct a temporal and spatial bridge between China and Singapore. It has been a reliable space for Chinese companies that are expanding their business to Singapore, as well as Singaporean companies who are also planning to step up their business in China.

Accelerating Innovation in the Lion City: Ucommune Singapore sets up base in four locations

As the gateway country to Southeast Asia, Singapore is strategically located along with global trade, shipping and air routes making it one of the most connected countries in the world.

Global Innovation Index 2020, published by the World Intellectual Property Organization (WIPO), ranked Singapore as the eighth most innovative economy in Asia Pacific while China ranks 14th and is the only middle-income economy in the top 30 innovative economies.

Coworking spaces in Singapore have gained popularity in recent years, thanks to the growth in the number of entrepreneurs, freelancers and a weakening commercial real estate market.

Ucommune Coworking Space Singapore

Ucommune is the preferred solution provider for large enterprises looking for flexible working arrangements and branch office expansion. It is also a corporate eco-service platform for entrepreneurs and SMEs. To date, Ucommune has set up 4 strategically located co-working spaces with distinctive services in Singapore.

Ucommune Singapore One-North

Singapore’s largest technology park one-north is surrounded by tertiary institutes. It is home to a number of major public and private institutional research centres, houses an innovative cluster of R&D, innovation and experimentation platforms, and is the most vibrant and entrepreneurial area in Singapore. Ucommune Singapore (one-north) has an area of approximately 655 square metres and houses 137 open workstations and fixed office spaces. It is a hub for start-ups and high-tech companies.Ucommune Singapore Suntec

Ucommune Singapore Suntec City

Suntec City, known as the “Fountain of Wealth”, is the heart of Singapore’s business district. Ucommune Singapore (Suntec City) is close to Suntec City’s shopping mall, Suntec Convention & Exhibition Centre and many five-star hotels such as Mandarin Oriental Hotel. There is a wide range of easily accessible amenities, as well as many Chinese-invested and listed companies nearby. It has a business area of approximately 1,336 square metres, with 323 open workstations and fixed office spaces that serves as home to many branches of Chinese and multinational companies.

Ucommune Singapore OUE Downtown 2

Shenton Way is the heart of Singapore’s financial district and is home to many of Singapore’s investment institutions. This includes the Singapore Exchange which has a wide range of amenities. The area homes a number of known financial companies like Temasek Investment Group and CNBC Asia Pacific headquarters. This makes it one of the most dynamic and financially vibrant areas in Singapore. It has an approximately 1,516 square metres of office space and 352 open workstations and fixed office spaces. Ucommune Singapore (OUE Downtown 2) is a great choice for financial and investment companies.

Ucommune Singapore Bugis

Located on Singapore’s famous commercial district Victoria Street, Ucommune Singapore (Bugis) is a stone’s throw away from respected areas. This includes Singapore Management University (SMU), the National Library Board (NLB), Bugis Junction and the Esplanade. A suite of amenities and services is readily available, and many fintech firms and listed companies surround it.  It is the preferred office location for new media companies and young entrepreneurs. This space has an area of approximately 1,871 square metres and 386 open workstations and fixed office spaces.

Ucommune Singapore Bugis Junction Lobby

Technological empowerment: membership system offers a diverse range of customised services

In response to the needs of a wider range of clients, Ucommune Singapore has successively introduced more diversified office products. Meeting rooms, hotdesking, short-term leases and various other combination packages has been implemented in Singapore’s various locations. The flexible and diverse revenue streams have enabled Ucommune Singapore to significantly increase its revenue in Singapore.

For example, Uclub has partnered with several world-renowned hotels to bring more customised and diversified services to its members. Hotels such as Capella Singapore, Shangri-La Singapore, Kempinski Singapore etc. now offer member discounts on hotel bookings.

Additionally, the Singapore region is looking at a new exponential revenue growth in the future. This is because of continued optimisation and upgrading of the office products serving both members and non-members under the platform service strategy system of Ucommune.

Data empowerment: Ucommune offers precise and personalised services

Using data analytics to reduce operating costs and increase revenue from structural operations helps Ucommune Singapore to increase its revenue growth. 

The core advantage of smart “shared office space” is the use of the large amount of data generated by the “people + space”. Their interactions drive smart services and improve the quality of office services, which can also greatly reduce the cost of community operations.

Through a combination of IoT, smart terminals, and a self-developed mobile app, Ucommune Singapore collects various behavioural and equipment usage data in the shared office space in real-time. They also use smart data analysis to generate optimal service solutions and pricing strategies, while strictly adhering to Singapore’s personal privacy protection laws.

On one hand, advances in technology have reduced spatial operating costs. It has also maximised the efficiency of resource utilisation and service quality, significantly increasing the return on investment.

More importantly, through intelligent analysis, Ucommune can derive the full lifecycle and behavioural patterns of similar companies. They can more accurately predict the office strategies such as move-in, lease renewal and lease surrender, increasing customer acquisition rates, lease renewal rates and non-workstation revenue.

With an all-round enterprise portrait based on data, Ucommune can provide more accurate and personalised services. This will help businesses to truly meet the shared office needs of resident enterprises, increase their satisfaction and loyalty, and form a sustainable community culture and ecology, while enhancing revenue and controlling costs.

 

Defying COVID-19: Ucommune achieves revenue growth against all odds

The Singapore co-working market has also been hit hard since the outbreak of the new COVID-19 pandemic. The “work-from-home” policies implemented by the government have caused many companies to opt out of lease renewals. As such, occupancy rates have dropped significantly. Under tough market circumstances, Ucommune’s operations in Singapore have withstood the pressure and have seen a counter-trend growth.

Working from home may be an appropriate measure during the pandemic. However, it may not be the most suitable solution for work in the post-pandemic stage. It will take some time for companies to assess their post-epidemic office strategy. One possible option is to seek a portion of flexible office space in addition to fixed office space. Renting such space from a shared office operator, rather than from a single property owner like before is more flexible.

This trend has also presented an opportunity for Ucommune to grow against the backdrop of the pandemic. Since 2020, many Singapore government agencies such as companies under GovTech and multinational companies have moved into Ucommune Singapore. Paris Baguette and Xiaomi are one of them, and it results in rapid revenue growth for Ucommune Singapore.

According to the General Manager of Ucommune Singapore, the Ucommune communities in Singapore are expected to be profitable by 2021 as the Singapore government further opens up economic activities.