• Expects steady-state annualised revenue of approximately S$4 million
• 100% buyout adds a fourth centre in Singapore, adds over 45 clients
• Managed workspace portfolio in Singapore doubles to approximately 76,000 sq. ft. in just two years

SINGAPORE, July 7, 2026 /PRNewswire/ -- Smartworks Space Pte. Ltd. ("Smartworks Space") today announced the acquisition of 100% of Workstudio Spaces Pte. Ltd. ("Workstudio") through an all-cash share purchase transaction with an equity value of S$2.47 million. The transaction has been completed and fully funded through funds available with the company, with Workstudio becoming a wholly owned subsidiary of Smartworks Space.

The acquisition adds approximately 26,000 sq. ft. of premium managed office space at 78 Shenton Way in the Central Business District (CBD), taking Smartworks Space's portfolio to four centres spanning ~76,000 sq. ft. with seating capacity exceeding 1,500 - more than doubling its footprint in two years - alongside existing centres at Great Eastern Centre, Keppel Bay Tower and Manulife Tower.

Workstudio serves more than 45 clients at healthy occupancy levels with a projected potential annual revenue run rate of S$4 million.

Smartworks Space is a wholly owned subsidiary of BSE and NSE-listed Smartworks Coworking Spaces Limited, India's largest managed office platform by total area under management and continues to be the only homegrown and listed Indian flexible workspace provider with an international presence. 

Commenting on the acquisition, Prerna Jhunjhunwala, Director, Smartworks Space Pte Ltd. stated, "Singapore has always been central to our Asia-Pacific ambitions. We're seeing a clear shift in the way businesses think about their workplaces. Enterprises today want the flexibility to scale without compromising on quality. We are glad to be part of their growth stories and provide them with cost efficiency, operational flexibility, scalability, and a high-quality workplace environment. This acquisition deepens our presence in Singapore and, more importantly, strengthens our ability to grow alongside our clients as their workplace strategies evolve."

The deal comes as Singapore's office market faces tightening supply. According to an industry report, CBD Grade A vacancy excluding new supply fell to 5.6% in Q2 2026, the lowest level in nine quarters, as demand continues to outpace new stock. With limited new supply expected before 2028, the market is likely to remain supply-constrained, supporting further rental growth. Against this backdrop, multinational corporations and regional headquarters are increasingly adopting managed offices - prioritising asset-light models, lower upfront capital and predictable costs - while a flight-to-quality trend draws occupiers to sustainable Grade A buildings such as the LEED Gold and Green Mark Gold-certified Manulife Tower, where Smartworks Space operates.

About Smartworks Space Pte. Ltd.

Smartworks Space Pte. Ltd. is a Singapore-headquartered managed office solutions provider delivering fully managed workspaces to enterprises, multinational corporations and high-growth businesses. The Company now operates four premium centres across Singapore, providing scalable workplace solutions designed to support evolving business needs.

Smartworks Space is a wholly owned subsidiary of BSE- and NSE-listed Smartworks Coworking Spaces Limited - India's largest managed office platform by total area under management and one of Asia's leading managed workspace operators.