Thailand to become new regional hub of co-working business

BANGKOK, November 14 (TNA) - Thailand is now targeted to become a new regional hub of the modern co-working business in the foreseeable future, thanks to the agreed cooperation towards the goal by two private firms. Nattakit Tangpoonsinthana, Executive Vice President for Marketing of Central Pattana Public Company Limited (CPN), which is a largest retail property development and investment company in Bangkok under Thailand's renowned Central Group, told journalists that CPN has agreed on a joint venture with the US-based Common Ground Group, a fastest growing brand of the co-working business in Southeast Asia, on launching the "co-working space" investment project under the "Common Ground" brand. Nattakit said CPN plans to inject an investment fund of about 800 million baht to open 20 branches of the "co-working space" business under the Common Ground brand in Thailand over the next five years, each of which is targeted to become a "New Generation of Innovative Coworking Community" where new blood-business operators in the country, especially those running startups and small and medium-sized enterprises (SMEs), can work together in the same area and create their business networks. According to the CPN executive vice president, his Bangkok-based company plans to open the first branch of the Common Ground-branded co-working space business in the capital early next year to keep pace with the world's fast-growing trend of the emerging and potential business. CPN Senior Director for Sale Isaret Chirathivat projected that the co-working space business in Asia should expand by up to 30 per cent by 2030, from only 2 per cent currently, thanks to the growing Asian startups and SMEs that want their prime locations with modern and standard facilities for running their separate businesses with reasonable costs. Isaret pointed out that in Thailand alone, the number of SMES has risen by 8-10 per cent so far, most of which are located in Bangkok. Meanwhile, the Common Ground Group stated that Thailand is the third overseas economy in Asia and the first flagship in Southeast Asia, where there will soon be the Common Ground-branded co-working space business, with its first branch, located on a 4,500 square meter-area, to be opened at the Bangkok CBD in the heart of the city in the coming months. (TNA)