Thailand-based property development firm Magnolia Quality Development Corporation (MQDC) is launching its first co-working project Whizdom Club in India. It is planning to launch two more properties in Delhi NCR and is evaluating opportunities for property development.
The first of the three projects planned for India is located at Greater Kailash-II in South Delhi. The property -- will span 22,000 square feet and have more than 400 seats -- has been leased from DLF.
“After we stabilised this property, we will look at second and third sites. We may not be as fast as the other players, but that is because our product is not that of a fixed format. We will adapt to each of these locations as we go along depending on the gaps and opportunities offered in the area,” Chulamas Jitpatima, Director, MQDC India Real Estate Private, told Moneycontrol.
After Delhi and Gurugram, the company may consider other cities such as Mumbai and Bengaluru, but for now it will only be 'NCR for the next two-to-three years'.
The company is also open to property development opportunities in India. “MQDC is a house of brands. There are at least 10 brands under our portfolio. Some are launched while others are in the pipeline. We would want to partner with another player who shares our vision. We are open to mixed use development, residential, and hybrid model of co-working,” she said.
The firm is not limited by size. “It all depends on how attractive the location is. It could be same size as here and depends on the product mix as well. We are also open to purchase, lease and even joint ventures in the future depending on the opportunities that come by,” she stated.
The target group for the Whizdom Club is 20-40 year-olds working in startups, funded teams, corporates and even students. The idea is to catch them young. “We want to build future lives. Our USP is to provide support in mentoring and not just infrastructure. We also hold several events,” she said.
The company is also active on the events front. Non-members can also book these events. It will also have an ideation lab at its Delhi property. “The vision of global MQDC is to build future leaders. That is the reason why we are targeting students as well.”
Charges per seat depend on the number of lock-in years.
“There are typically hot desks, dedicated or fixed desks, and cabins. Hot desk prices vary anywhere between Rs 13,000 to Rs 16,000 per seat per month depending on occupancy levels. A day pass is also offered to students. We are also launching a programme where students with an ID card can avail of a 30-day free trial. A daily pass for students worth Rs 600 includes access to printing and even events,” she added.
The focus of the firm is on wellbeing, sustainability and improving lives. “All this is reflected in the way we decide the space. We do not maximize the number of seats. Our focus is on natural light, ventilation and minimum use of air-conditioning ducts,” she stated.
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