The local shared workspace company will launch nearly 10,000 square metres of working space in cities of Bangkok and Kuala Lumpur, as well as an addition of 50,000 square metres in Vietnam.
On the heels of robust growth in its home country, UPGen will now expand further into Southeast Asia for the first time with new locations in Bangkok and Kuala Lumpur in the fourth quarter of 2019.
The new sites will span over almost 10,000 square metres across these two cities, together with 50,000 square metres of space being added on to UPGen’s smart office portfolio in Vietnam.
The continued expansion follows a significant equity investment by Northstar Group in 2018. Its series B fundraising is now in progress.
“I am excited to introduce our disruptive coworking model in Bangkok as well as Kuala Lumpur where each market faces different, unique challenges,” said Nam Do, co-founder of UPGen.
According to Do, while Southeast Asia’s economy is expanding rapidly, the region still lacks an infrastructure that could support and enable fast-growing corporates or startups as they move through different stages of growth.
UPGen’s expansion to Thailand and Malaysia, as well as in its own country, is thus to cater to the needs of many fast-growing corporates and start-ups in the region. In Thailand and Malaysia, small- and medium-sized enterprises (SMEs) account for more than 98 per cent of total enterprises in both countries and collectively generate about 40 per cent of their GDP.
Founded in Hanoi in 2016, UPGen is one of only a few home-grown work space operators that pursue regional expansion.
The corporates and startups it currently works with include Tiki, Vietnam’s largest e-commerce retailer, ride-hailing firm Be Group, media company Yeah1 and Standard Chartered Bank, among others. UPGen also counts Vietnam’s VPBank as its strategic partner.
UPGen’s flexible work spaces provide a low-cost solution for businesses with fast-growth in headcount or looking for better space in a prime location, offering smart financing solutions by turning capital expenditure into sustainable, monthly operating expenses including the cost of the work space’s design and fit out.
Tags:
Tags:
With strategic deals and strong policy alignment from the Vietnamese government, Excelerate Energy aims to anchor Vietnam’s LNG ambitions in the region.
Scheduled for completion in 2027, the logistics facility will be the first of its kind in Vietnam significantly boosting parcel processing capacity up to 7 million parcels daily.
Gamuda Land will use the loan to invest in a luxury real estate project in Ho Chi Minh City.
Amid global economic volatility, WHA Group has rapidly rolled out multiple expansion projects in Vietnam, signaling its strategic focus on the country.
Hai Phong Port JSC. has inaugurated international container terminals No. 3 and 4 at Lach Huyen, raising its throughput capacity to 3.5 million TEUs per year.
Hoang Huy expects revenue to exceed VND4 trillion and post-tax profit to reach up to VND2 trillion in fiscal year 2025-2026, targeting annual growth of over 30% for the next five years.
