WeWork completes lease negotiations with Singapore landlords, targets May 31 to emerge from bankruptcy

Global flexible workspace company WeWork has already publicized that it has indeed closed out a number of lease contract arrangements with its Singapore business landlords. This finishes up the property rationalisation exercise of its Singapore account that started off last September.

” Singapore has long been a center for international companies that are take advantage of our system to uphold their expansions, along with fast-moving SMEs and startups that tap into our regional network to regulate their tasks,” says Balder Tol, general manager, Australia & Southeast Asia, WeWork.

In other key industry, WeWork says that it has made “considerable” improvement in its recurring financial rebuilding in the US and Canada, and has finished contract settlements on 90% of its worldwide realty portfolio. The firm has targeted May 31 to emerge from bankruptcy protection.

Hidalgo adds in: “Singapore has been, and will definitely continue to be, a top priority market for WeWork, and we are thrilled to commit even more later on of work through our goods and user experience.”

The company embarked on a global property rationalisation method in September last year, just before the firm declared bankruptcy proceeding in the US 2 months afterwards in November 2023. “The restructuring efforts we have performed stand WeWork as the primary property associate to property managers and members for the long-term,” claims Claudio Hidalgo, WeWork’s COO.

In Singapore, this rationalisation exercise did not see the co-working manager prematurely end any one of its workplace contract, and the company states that it prepares to stay in its existing buildings in the city-state for the near future. WeWork manages 14 sites in Singapore, and its largest space is the 21-storey, Grade-An establishment at 21 Collyer Quay which is contracted from CapitaLand Integrated Commercial Trust.

19 Nassim condominium


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