Daily Briefing: Temasek unit to acquire controlling stake in US cloud provider; WeWork to open two new locations in Singapore

And ST Hospitality Group launches a new line of co-living hotels in Chinatown.

From DealStreetAsia:

Temasek’s ST Telemedia is set to acquire a controlling stake in US-based cloud service provider 2nd Watch, according to an announcement.

2nd Watch said that the investment will add to its Singapore unit’s managed cloud services capabilities. The transaction is currently pending regulatory approvals.

The company’s existing shareholders such as Madrona Venture Group, Columbia Capital and Delta-v Capital, among others, will continue to retain a significant stake in it.

Headquartered in Seattle, 2nd Watch offers managed cloud services and provides strategy consulting to some of the world’s leading brands, besides managing their IT infrastructure that resides in a hybrid cloud environment.

Read more here.

From Reuters:

Office-sharing startup WeWork will open two new locations in Singapore, even as it seeks a $1.38b (US$1b) lifeline from its biggest backer Softbank Group Corp to progress a major restructuring.

The New York-based startup, which abandoned an initial public offering because of investor concerns, will open new locations at 83 Clemenceau Avenue and 30 Prinsep Street.

The surprise plan to boost its footprint in the city state contrasts with reports of its parent, The We Company, considering a curb on expansion plans in China as part of the company’s new emphasis on controlling costs.

The loss-making startup is looking to trim its workforce and slow expansion to preserve cash as it seeks alternative sources of funding, sources told Reuters.

Read more here.

From TTG Asia:

Food and beverage firm Katrina Group’s hospitality arm ST Hospitality Group has launched the first of its new line of co-living hotels across Asia-Pacific in Chinatown.

ST Signature Chinatown incorporates custom-built technology like the smart Chat-In technology, a self check-in solution which uses a virtual host to enable guests to check in and out of the hotel more efficiently.

The 40-key co-living hotel in Chinatown also circumvents a traditional room layout, with the rooms designed to be spacious enough to be comfortable and compact enough to reduce their carbon footprint.

ST Signature Chinatown marks Katrina Group’s first major expansion after the acquisition of Straits Organization. It will be followed by the group’s flagship property opening later in October in Tanjong Pagar, before a wider roll-out in the Asia-Pacific region.

Read more here.