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Colony, Malaysia’s leading luxury coworking space and serviced office officially launched its fourth location and debut in Selangor, Colony @ Mutiara Damansara
With the move of two large corporations, Carsome and Mamee-Double Decker, Colony has successfully achieved 92% occupancy on the first day of opening, making their Mutiara Damansara centre the fastest of the group’s expanding portfolio to achieve profitability.
This positive outlook paves the way for Colony as they make track towards their upcoming flagship expansion. With the culmination of Colony’s sustained success, an upcoming RM6.1 million property is designed to be Kuala Lumpur’s premiere workspace destination, with aims of dramatically rewriting the co-working experience Colony has to offer. Colony @ Star Boulevard KLCC will take over the penthouse and rooftop of Star Boulevard at Jalan Yap Kwan Seng.
“Colony was selected due to their differentiated product and service offering which were aligned with our requirements for the property. Their presence provided us with the quality offering we intend to deliver to our customers at Star Boulevard KLCC. With Colony’s management, we are confident that their presence would assist in driving up rental rates as well as value in the long run for all stakeholders involved.” said Vincent Tan, Managing Director of LAB Properties.
According to Timothy Tiah, co-founder and CEO of Colony, "At other properties, we had to deal directly with the owners, but in this case, we had a professional firm representing the developer and owners to ensure the tenant mix was not compromised."
"LAB Properties was appointed as the retail consultant and asset management company for the property by the developer Alpine Return and its respective owners. Their role and objective was to qualify tenants who occupied Star Boulevard KLCC, to drive up the rental rates and property values in the long run."
"In the preliminary stages, Colony was shortlisted as one of the potential anchor tenants and we managed to work hand-in-hand with LAB properties to curate a unique offering in line with Star Boulevard KLCC’s positioning. This enabled us to work really closely with LAB Properties to make Colony @ Star Boulevard KLCC our flagship space – one like no other."
"The result is a flagship penthouse coworking space with premium interiors and opulent ambience coupled with a 12,000 square foot rooftop garden where guests can mingle in lush greenery held against the backdrop of the soaring Petronas Twin Towers."
"We normally look for JV (joint venture) models where the landlord puts in 70% to 90% of our capital expenditure in return for a profit or revenue share. Every now and then, we have property developers who visit us to check out our concept to see if we're a fit to their developments. We're really blessed to be able to find KYM Tower and Star Boulevard, both locations that share our vision of creating a premium-quality workspace at a prime location."
"We want to give each of our centres their own personalities, so all five of our centres have their own design themes. For Colony @ Mutiara Damansara, the style is inspired by Wes Anderson."
"Audrey Ooi, our co-Founder, is in charge of the interior decoration of all Colony's centres, she would work with our interior designers to come up with a concept. Even though all locations are different in style, the brand’s signature aesthetic of monochromatic motifs, gleaming gold accents, and the blending of contemporary fixtures still promises the same Colony experience."
“When Colony chooses to expand to new locations, we seek to redefine how the experience at work can be for our guests in the area. To achieve that, up to the standards of Colony, we have to assemble an exceptional project team. We’ve been able to do just that with our team and we can’t wait to unveil what we’ve prepared for you when our flagship opens in August,” says Timothy Tiah.
"This year, our main focus is to make all five of our centres profitable. Right now we have four open, and while three of them are profitable, one of them isn't. The fifth outlet will be opening in August, so we will have to see – it normally takes about five to six months on average for a centre to turn an operational profit."
At Colony, monthly rental begins from RM410 for each open hot desk seat, RM910 for each reserved desk, and a private office starts from RM3,488. Time-based passes are priced from RM338 for 100 hours. Event spaces and meeting rooms are also available for reservation from RM128 per person.
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