Developer of Discovery Bay offers 20,000 sq ft of cheap co-working space to help start ups

HKR International, the developer of Discovery Bay, on Thursday said it is providing 20,000 square feet of space in CDW Building in Tsuen Wan – the largest so far under a government scheme to promote technology development and youth entrepreneurship.

The developer said it has signed a leasing agreement with Hong Kong Cyberport Management Company, the operator of Cyberport, under the “Space Sharing Scheme for Youth” rolled out by the government in October.

“CDW Building has a special place for the group,” said Victor Cha Mou-sing, deputy chairman and managing director of HKR. “It is where the group first set foot in Hong Kong and our business blossomed from here. We wish young entrepreneurs every success with their new business start-ups.”

In October, the government announced about 90,000 square feet of shared working space would be available to start-ups, young entrepreneurs and artists to nurture the city’s emerging and creative industries.

Chief Secretary Matthew Cheung said 10 building owners had agreed to rent out space in 10 revitalised industrial or commercial buildings.

So far, Emperor Group has offered 3,000 square feet of co-working space in a commercial building in Wan Chai, and Hip Shing Hong has released 5,560 square feet at its building in Wong Chuk Hang.

Participating landlords must offer the space for at least six years, and they can choose to run and manage it themselves or outsource it to a third party. Rent for operators must not exceed 30 per cent of the market rate, while the rent for users will be capped at 50 per cent of the prevailing market rate.

Cyberport pioneered co-working space in Hong Kong with the launch of “Smart-Space” in 2009 providing flexible offices for local start-ups and overseas companies.

Over the years Smart-Space has been home to many outstanding technology companies, including

Dragon Law, Lattice, APrivacy and BULL.B Tech.

“This will be the eighth Smart-Space operated by Cyberport. With our solid experience in

providing comprehensive incubation and support programmes, we are confident that this new

Smart-Space will become a cradle for success for young and passionate entrepreneurs,” said Dr George Lam, chairman of Cyberport.