(From left to right) Wayne Yap Assistant General Manager of Paramount Coworking, Benjamin Teo Deputy Group CEO of Paramount Corporation Berhad and Jeffrey Chew Group CEO of Paramount Corporation Berhad
Kuala Lumpur, 21 February 2024: Co-labs Coworking is expected to further grow its network of space offerings in the Klang Valley this year, and even considering the viability of extending its presence to the north and south of the peninsula, even as it launched its seventh space at The Five, Damansara Heights here today.
“Today, Co-labs Coworking is one of the top three coworking space operators in Malaysia, and we are poised to grow further beyond.
“We are now in the final negotiations for our eighth location that we aim to launch by the middle of the year. For our members, it means they can cross-locate under our Co-labs Coworking passport system, which means a bigger community and more opportunities for collaboration,” said Paramount Corporation Berhad Deputy Group CEO Benjamin Teo, who is also a director of Paramount Coworking. Co-labs Coworking is a brand under Paramount Coworking, a subsidiary of Paramount Corporation Berhad.
Teo said, “We are at an inflection point in our industry. Today, in 2024, only two percent of the total office supply is made out of flexible office. Our bullish thesis is that this will grow to 10-15 percent in the next five years.”
“With remote work and flexible schedules becoming increasingly popular, coworking is the perfect solution to meet the changing demands of the post-COVID office landscape. Our spaces are designed to accommodate a mix of in-person and virtual collaboration, with more open spaces and shared facilities. Through our community programming, we place a greater focus on wellness and sustainability, with our spaces designed to promote employee health and environmental sustainability.
“This is in fact the beginning of greater things,” he said.
Co-labs Coworking’s optimism can be seen by its 47% growth in the last three months. It is today one of the top three coworking space operators in Malaysia.
“We have expanded Co-labs Coworking by 52,000 sq ft since November 2023, from 115,000 sq ft to 167,000 sq ft,” said Teo.
“We took up an adjoining space at Tropicana Gardens Mall at Kota Damansara, and opened up two new spaces, Ken TTDI at Taman Tun Dr Ismail in Kuala Lumpur and The Five at Damansara Heights,” he said.
Co-labs Coworking The Five, which offers 15,407 sq ft of coworking space across two levels at Block C of The Five @ KPD, has been open for business since 15 January 2024. It is located at one of the five low-rise buildings that house restaurants and cafés, retail outlets and office spaces. It is also a short walk from the Semantan MRT station.
The interior design of Co-labs Coworking The Five maintained the signature warmth of wood of the brand on table tops and flooring. With the design philosophy to work with the best features of any existing space, the design team blended old with new, as The Five building is about 50 years old.
Co-labs Coworking has kept the metal window frames of the building, and added on integrated metal cable trays with light fittings along the ceiling, creating an ‘industrial feel’. As a Malaysian brand, Co-labs Coworking has used batik on light fittings, ceiling, walls and ottoman.
“Our coworking spaces are reenergizing these buildings, built in the early 1970s, with young people and their creativity energy and productivity,” he said.
“Co-labs Coworking is not just an office space but a space for creativity, collaboration and community, for growth and productivity. Our community team members organise and curate activities that foster collaboration and community,” he said.
