Tuesday, August 04, 2020

Vietnamese work space provider invests in the Thai market

Sep 25. 2019
Photo by:UPGen
Photo by:UPGen
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By The Nation

Vietnam based UPGen, the largest flexible and custom work space solutions provider, marked a major milestone today as the Group announced its expansion into Southeast Asia that will see it launching new sites in both Bangkok and Kuala Lumpur in the fourth quarter of 2019.



The new sites will span nearly 10,000 square metres, increasing UPGen’s existing portfolio of smart office space managed across Hanoi and Ho Chi Minh City. UPGen is also strengthening its market-leading position in Vietnam by rolling out another 50,000 sqm of spaces in the country.

The continued expansion follows a significant equity investment by Northstar Group in 2018. A series B fundraising is currently underway.

“Southeast Asia’s economy is rapidly expanding, yet the region lacks an infrastructure which supports and enables fast-growing corporates or start-ups as they move through different stages of growth. I am excited to introduce our disruptive coworking model in Bangkok as well as Kuala Lumpur, two markets that faces unique challenges. We offer a solution to the real pain points which hinder growth in the Vietnamese cities that we operate in and see great potential for our approach and services in other, comparable, Southeast Asian cities. For us, it is about being a platform for growth for our clients and helping them achieve the success to which they aspire,” co-founder Nam Do said

UPGen’s flexible, 360-degree approach to managing work space means a client’s space has its own look and feel, equipped with the necessary tools for employees to do their job better, function efficiently, as well as be more productive. UPGen offers two main solutions to clients; UPBase – shared workspaces and UPScale – one-site custom solutions. UPBase helps clients create performance boosting work spaces with the flexibility and room to grow or downsize as needed one month to the next while UPScale creates a space for companies that is totally unique to their corporate style and has their own look and feel.

Many fast-growing corporates and start-ups call Thailand and Malaysia home. Small and medium enterprises (SMEs) make up more than 98 per cent of total enterprises in both countries and generate about 40 per cent of GDP. 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 fittings. 

Founded in Hanoi in 2016, UPGen is one of only a few home-grown work space operators to be pursuing regional expansion. As the country’s key community builder, the Group also helps create exposure, enables connectivity in the ecosystem, supports scalability, and attracts talent for clients. The corporates and start-ups it currently works with include Tiki, Vietnam’s largest e-commerce retailer, ride-hailing firm Be Group, dynamic media company Yeah1 and Standard Chartered, among others. UPGen also counts Vietnam’s VPBank as strategic partner.

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