As the residential real estate market slowed in Singapore, Michelle Yong, a residential property developer began looking for new opportunities last year. A friend of hers and entrepreneur, John Tan told her about the booming industry of co-working spaces.
This week, the two opened Collision 8, a membership-based co-working space in Singapore.
"The residential property market has been very subdued of late due to the government's cooling measures," Yong told CNBC. "I was looking for a new growth opportunity."
Yong, a developer at Aurum Land, a subsidiary of Woh Hup, realized the co-working space market was already crowded in Singapore, with more than 40 locations popping up in recent years. Meanwhile, co-working giant WeWork is launching in Asia this year.