Thailand’s MQDC to open five coworking centres in India by next year
New Delhi: Bangkok-based property development company Magnolia Quality Development Corporation (MQDC) has put on hold its plan to invest in property development in India due to the Covid-19 pandemic and will instead focus on expanding its co-working brand, a top company executive told ET.
MQDC entered India with a co-working cafe in Delhi in 2019.
“In January-February, we were looking for more properties in central business districts but then the lockdownhappened. It has pushed the plans but we are hopeful of adding five more co-working centres with the investment of Rs 12 crore each,” said Chulamas Jitpatima, country director at MQDC India Real Estate Pvt Ltd.
The international property development organisation said it is looking for a joint venture and is even ready to invest in a greenfield high-end residential project as part of its expansion plan in the country after reassessing the market.
“If you look at our main business, it is property development and we are into the premium residential segment. The plans to invest in India other than co-working have been pushed but are certainly on,” she added.
Established in 2006, MQDC has offices in Shanghai and New Delhi and operates 350 seats in Thailand and 400 seats in India under the brand name of Whizdom.
“Whizdom Club aims to transform India’s co-working segment with innovative facilities and services for students, young professionals, and startupreneurs. We have 50% open space at our co-working facility with a cafe, which was open for the public also,” she said.
“Covid certainly impacted the business but we intend to operate the remaining centre by early next year,” she added.
The co-working cafe in Greater Kailash operates with 50% occupancy and fresh leasing has started post lockdown.