Smartworks plans to double Singapore portfolio to 76,000 sq. ft. in two years through Workstudio acquisition
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Smartworks Coworking Spaces, India's largest managed office platform by total area under management, has proposed to acquire Singapore-based flexible workspace provider Workstudio Spaces Pte as it looks to strengthen its presence in Southeast Asia.
The proposed acquisition will be executed through the company's wholly owned subsidiary, Smartworks Space Pte. Ltd., according to an official statement.
The transaction is expected to be completed in July 2026, subject to requisite approvals, and will be funded through the subsidiary's internal accruals. The Gurugram-based company, however, did not disclose the financial details of the deal.
"The proposed acquisition will be met through funds available with the subsidiary, reflecting its disciplined approach to executing strategically aligned transactions at a competitive valuation," Smartworks said in an exchange filing.
Singapore footprint to more than double
Workstudio operates around 26,000 sq. ft. of flexible workspace in Singapore and has healthy committed occupancy levels. Following the completion of the acquisition, Smartworks' Singapore portfolio will expand to four centres, with its total footprint in the city-state increasing to around 76,000 sq. ft. and seating capacity exceeding 1,500.
The acquisition will more than double Smartworks' presence in Singapore over the past two years to 76,000 sq. ft., strengthening its position in one of Asia's leading business and financial hubs, the release noted.
"Singapore remains a strategically important market, supported by strong enterprise demand, a clear flight to quality, and structurally healthy operating margins. Our existing centres in Singapore have been profitable over the past two years," said Neetish Sarda, Founder and Managing Director of Smartworks.
He added that Workstudio would complement the company's existing operations by providing access to a high-demand micro-market, diversifying its Singapore portfolio and broadening its enterprise client base.
The proposed acquisition is expected to deepen Smartworks' relationships with enterprise customers in Singapore, diversify its presence across key business districts and strengthen its ability to deliver managed workspace solutions to multinational companies and global capability centres.
As of March 31, 2026, Smartworks had a total portfolio of around 16.1 million sq. ft. across 66 centres in 15 cities in India and Singapore. The company currently serves more than 770 clients, including Fortune 500 companies, global capability centres and large Indian enterprises.
The FY26 was a landmark year for Smartworks following its listing on the domestic bourses in July 2025. The company crossed 10 million sq. ft. of operational area, becoming the first listed flexible workspace platform in India to achieve the milestone, reported a profit after tax of ₹11 crore against a loss of ₹63 crore in FY25, and built a contracted rental revenue pipeline exceeding ₹5,200 crore.
On Thursday, shares of Smartworks Coworking Spaces ended 1.76% higher at ₹489.20, with a market capitalisation of ₹5,589.7 crore.