Friday, 19 March 2021, 16:00 HKT/SGT

Homegrown Property Developer Taps into RM128B Flexible Workspace Industry

MELAKA, Mar 19, 2021 - (ACN Newswire) - Award-winning property company, Sheng Tai International Sdn Bhd (Sheng Tai International), continues to catalyse Malaysia's, particularly Melaka, economic growth by signing a landmark agreement with the world's largest global workspace provider, International Workplace Group plc (IWG) with brands including Regus and Spaces.

The franchise agreement includes Sheng Tai International and IWG collaborating to open flexible workspace in Malaysia. With the agreement, Sheng Tai International becomes IWG's first partner since it opened up franchise opportunities in 2019 in the country.

Sheng Tai International has invested approximately RM8 million to begin this partnership with three centres in the company's commercial properties in Melaka. The first centre, which will be developed under Regus, will open in Metrasquare, Melaka, by the end of the second quarter (Q2) 2021. While the second centre, under Spaces, will open at The Sail in 2025.

Tuan Yang Terutama Tun Seri Setia Dr Hj Mohd Ali Bin Mohd Rustam, Yang di-Pertua Negeri Melaka, was present to witness the signing ceremony. Representing Sheng Tai International in the signing event and exchange of documents was Dato' Leong Sir Ley, Founder and Chairman of Sheng Tai International and Collin Tan, Director. While IWG was represented by Vijayakumar Tangarasan, Country Head for Malaysia, Indonesia and Brunei as well as Premita Dhaliwal, Head of Partnership Growth - Malaysia.

Dato' Leong Sir Ley, Founder and Chairman of Sheng Tai International, said, "We are delighted to work with IWG to expand Malaysia's flexible workspace industry."

"We believe this is the right time to invest in the flexible workspace industry in Malaysia, especially in Melaka, in line with the optimistic outlook post-COVID-19 for the state and country. The pandemic has provided Melaka as well as flexible workspace industry an additional edge."

"More and more people and global brands are looking at strategic locations that are beyond the city centre. In addition, the pandemic has accelerated the growth of flexible workspace trends around the world."

"With our unique establishments in Malaysia coupled with IWG's modern and world-class amenities, we are poised to appeal to discerning entrepreneurs, SMEs and multinational corporations, re-energising the economy in and around Melaka," added Dato' Leong.

"We also look forward to opening more flexible workspaces throughout Malaysia in the next five years."

Gareth Haver, Regional Chief Executive Officer of IWG, said, "When we decided to open up franchising opportunities, we knew we needed strong partners, but more importantly, people who share our vision and values."

"So we are thrilled to open a new chapter with Sheng Tai International. They have ambition and a solid track record that goes beyond the property. I believe their ability to draw global brands here during the pandemic is a testament to this," Premita Dhaliwal from IWG Malaysia added.

Melaka Trade Square (Metrasquare) is a 6-acre commercial development comprising a residential component called the Metrasquare Serviced Suites, a three-star premium hotel called Hotel Metrasquare, a five-star hotel called Ames Hotel as well as retail lots, meeting and conference facilities, F&B amenities, as well as an upcoming Melaka historical gallery and art social space.

Located just five minutes drive away from the Ayer Keroh toll off the North-South Expressway, Metrasquare is also close to the Melaka International Trade Centre (MITC), government offices, hypermarkets and a host of tourist attractions such as Melaka Zoo and Night Safari; Melaka Bird Park; Wonderland Theme Park; Melaka Planetarium, World's Bees Museum and Melaka International Trade Centre.

Flexible workspaces are due to grow exponentially in Malaysia as companies of all sizes adopt progressive hybrid work patterns. Businesses have realised that a hybrid model not only means happier and more engaged employees, but also a significant saving for the bottom line. A study reported by EY shows that companies can save about $11,000 for each employee that works in a hybrid manner.

Earlier this month, IWG announced a record start to 2021, adding half a million users to its network so far this year as well as penning its largest ever deal with NTT, Nippon Telegraph and Telephone Corporation. The deal will provide NTT's 300,000 employees across its portfolio of companies and global network with access to IWG's more than 3,500 workspaces globally.

For more information about Regus in Melaka, kindly contact Sheng Tai International at +6011 3737 3399.

About Sheng Tai International Sdn Bhd

Sheng Tai International Sdn. Bhd., formerly known as Sheng Tai Realty Sdn Bhd., is a diversified property development, real estate, investment management and hospitality company with specialised expertise in the area of property tourism. The company was founded by Dato' Leong Sir Ley ("Dato SL Leong"), one of Malaysia's very first businesswomen who single-handedly venture out of the country by setting up a significant network of real estate investment platform overseas. The company offers various categories of quality investment grade products with professional services and a warm, humanistic attitude. We welcome productive collaboration and corporate partnerships with the focal point of providing our foreign and local guests with comprehensive solutions and tailored experience.

Established in 2012 amid the storm of global economic turbulence, our continuing success owes to our ability to swim against the tide and see opportunity in every challenge. Our commitment to growth and quality excellence is an approach that has changed little since our emergence as a budding enterprise.

Locally, Sheng Tai International Sdn. Bhd. is well known in the industry through its subsidiaries such as Plentifield Marketing Sdn. Bhd., and Sheng Tai Impression Sdn. Bhd. At the international front, our presence is currently marked through our overseas arm called Sheng Tai International (HK) Limited, which has been operating since 2012 and served as an important gateway to the Hong Kong and Chinese markets. The company also recently opened its China's flagship branch in Shanghai in September 2019; Tokyo in May 2020 and Beijing in October 2020.

Today, Sheng Tai International is an award-winning developer who has branched out across various parts of Asia, offering an extensive range of real property products, services and brands that cater to the luxury, upscale, and economy markets.

Sheng Tai International now has more than 500 personnel who are highly passionate and energetic, ensuring top quality services to our customers. The team is driven by strong corporate values that emphasise on integrity, professionalism and trustworthiness. Continuing our ethos of passionate expansion and conscientious innovation, Sheng Tai International aims to set a benchmark as the curator of contemporary living and the leading influence in inventive real estate business models. For more information about Sheng Tai International, please visit http://shengtaiinternational.com.

About IWG Plc

IWG is the world's largest provider of flexible workspaces and has remained at the forefront of enabling and providing flexible workspaces. It offers a wide variety of flexible office options around the world, including Regus, Spaces, HQ, and Signature. IWG helps millions of people and their businesses to work more productively by providing a choice of professional, inspiring and collaborative workspaces, communities and services. IWG operates in over 1,100 towns and cities in more than 120 countries. For more information about becoming an IWG franchise partner visit: https://franchise.iwgplc.com

This press release is issued on behalf of: Sheng Tai International Sdn Bhd

For further enquiries, please contact:
I-Mae Liew
Tel: +6012 383 5688

Topic: Press release summary
Source: Sheng Tai International Sdn Bhd
Sectors: Daily Finance, Real Estate & REIT
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