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Singapore developer eyes co-working space amid cooling residential market

This co-working space targets members selectively

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.

Collision 8 co-working space in Singapore

The competition forced her to differentiate. She developed Collision 8 as a high-end space, offering amenities such as a bar and upscale library for its members, who must apply to be part of the community.

Yong said she assesses an individual's desire to both innovate and collaborate when approving new members.

The space is designed for individual members and small companies, and is already home to startups Hired and Saturday Kids, which moved in days before the official launch.

Despite just opening, Yong is already looking to expand the current space and considering opening up additional locations.