Timothy Tiah

KUALA LUMPUR (July 28): A new concept serviced office space in Jalan Kia Peng here launched yesterday by Colony, a co-working space company, has achieved a 42% occupancy rate and the company is targeting to hit 60% by December, according to its co-founder and executive director Timothy Tiah.

Tiah who co-founded blog advertising company Netccentric — the company behind Nuffnang — in 2007 and led it from start-up to IPO before exiting the firm in 2016, said the estimated 300-seat space is not only targeted at startups and small companies, but also larger corporations.

Tiah, who owns 73% of Colony, said the company has raised RM8 million for its expansion and plans to construct at least two more locations, targeting the MidValley and Sunway area, within the next five years.

Aimed at creating an office environment where employees can build lifestyles surrounding it, Tiah said the company is not looking to compete with other co-working spaces.

“My competition is not really other co-working spaces, [rather] they are offices in general. I’m trying to get companies that are occupying the buildings around here to move out into these kind of spaces. If there are more co-working spaces copying our plans, we would consider ourselves successful in achieving our goal,” he added.

The concept behind KL’s newest co-working entrant is reflected in its design: there’s a nap area for some quick shuteye, a massage room where a certified masseuse can be hired on an ad-hoc basis, an exclusive lounge with high ceilings and full height windows, and access to a rooftop gym and swimming pool where tenants can work out with a full view of the KL city skyline.

“We have a strong belief that work doesn’t need to be all drudgery, that motivated employees perform best when they are happy. Work takes up at least 40 hours of our lives each week and it needs to feel great for us to do great. This is where Colony comes in,” said Colony co-founder and Audrey Ooi.

The most challenging part, Tiah said, is convincing employers to operate in an employee-centric space. Tiah believes Colony can help reduce staff turnover and help companies cut staff retention costs.

“The bosses only care about how this will affect their bottom line, and I have an argument for that. I can pinpoint to them how Colony can save money which is in terms of staff retention. How much money have they lost when their turnover rate is high?” he added. — theedgemarkets.com

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