PETALING JAYA (July 23): Amid Malaysia’s soft office market, luxury serviced office and co-working space provider Colony Space Asia Sdn Bhd revealed a prototype for its future luxury office suites called Jamestown Suite today.
The company touts it as the most expensive office suite in the country, with monthly rents of RM46.50 psf – or RM10,000 for a 215 sq ft space designed for one occupant.
CBRE | WTW managing director Foo Gee Jen said at RM46.50 psf, it will surpass the average RM15 psf that Menara 3 commands, which is currently the highest in the Kuala Lumpur city centre, possibly even the whole of Malaysia.
However, he stressed that co-working spaces typically have short leases and come with additional features and services.
Indeed, expect amenities such as a fully stocked mini bar, lounge set, flat screen TV, personal butler service and even a Google Home device that acts as your personal assistant by updating you about your daily schedule, turning on the lights or even drawing the curtains in the suite.
"One thing all co-working spaces and serviced offices share in common is that we spend a lot on common areas but the offices themselves where our guests spend the most time are generally basic with just a simple table and chair.
“At Colony we care a lot about our guest experience and that includes the experience they have in their own offices.
“So we're pioneering this new concept which we believe will eventually become the standard of the industry,” said Colony Space Asia founder Timothy Tiah in a statement today, adding that he hopes to pioneer the concept of "workcation" by allowing users to rent the room for RM300 a day.
Meanwhile, Colony general manager Nitaya Pirinyuang added that a price war has erupted due to higher competition among service providers offering similar-looking spaces.
“Our unique offering and premium market has allowed us to raise rates in the past year and we're constantly looking at ways to increase the value we provide our guests which correspond to higher rates,” said Pirinyuang.
Indeed, it appears to be bucking the trend by charging a premium – higher stock of spaces have pushed vacancies up and pressured rents, with the average gross rent for buildings in the CBD at RM2.26 psf per month, said JLL Property Services (Malaysia) Sdn Bhd in February.
The first Colony co-working space is located in Vipod Residences at Jalan Kia Peng, KLCC.
The company recently launched its second co-working space on July 18 at KL Eco City, on the fringe of Kuala Lumpur.
It is expected to open its third location by the end of this year at Q Sentral in KL Sentral and has disclosed RM20 million in funds raised to build spaces since its inception.