MQDC India invests over Rs 10 crore to develop 42,000 sq ft co-working space in Gurugram
Representative ImageNEW DELHI: MQDC India, Indian arm of Thailand-based Magnolia Quality Development Corporation (MQDC), has invested over Rs 10 crore to develop its second co-working facility, Whizdom Club India, at Golf Course Road, Gurugram, informed Chulamas Jitpatima, country director of the company.
Spread over 42,000 sq ft, this co-working space offers a seating capacity of over 450. The company expects 20-30 per cent occupancy in next 1-2 months for this center.
The company plans to open 4-5 centers within the next three years and is mostly focusing on Delhi-NCR. “Following the Gurugram launch, we are exploring the development of additional intra-city centers and evaluating various asset classes for large-scale property developments,” she said.
It had launched its first space at Greater Kailash-II, New Delhi in 2019 with an investment of Rs 10-12 crore. Spread across 22,000 sq ft, the center has over 400 seats and currently has 80 per cent occupancy. Jitpatima while talking about why it took them four years to launch their second center said, “We are an international developer coming into India. So there are certain complexities and learning curve that we have to go through. To find a space that matches what we need and the level of details, location is time consuming. We plan to open more centers, but definitely, not as aggressive and not as fast as others in India.”MQDC India is also looking to enter the property development in the country and has been exploring the opportunity for the last one year. The company would be partnering with a local developer or a local partner. Jitpatima said, “We’re at a stage where we look at forming good partnerships with local industry players and to explore property development in parallel.”
It is bringing its trading business to India as well. “So we’ve been setting that up over the past year and a half,” said the country director.
