Co-working leader JustCo eyes IPO and foray into co-living sector

/ EdgeProp Singapore

May 7, 2026 9:42 PM SGT

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Kong Wan Sing, executive chairman and CEO of JustCo. The flexible workspace firm plans to also start a co-living business. (Photo: Samuel Isaac Chua/EdgeProp SIngapore)

JustCo is planning an initial public offering (IPO) to list on the Mainboard of the Singapore Exchange.

This comes as it continues to grow its flexible workspace network while also looking to launch a new co-living business line by 2027 — starting with the premises at 160 Orchard Road, which formerly housed Taste Orchard and OG’s department store.

The Singapore-based flexible workspace operator, which has a presence in several Asia Pacific cities, lodged its preliminary prospectus with the Monetary Authority of Singapore on May 7.

Alongside the offering, cornerstone investors will subscribe for a total of about 74.3 million shares. The cornerstone investors include JPMorgan Asset Management, Amova Asset Management (formerly Nikko Asset Management), Fullerton Fund Management, as well as Wei Chun Chieh, who is the principal of a single family office and also a member of F&B and real estate giant Ting Hsin International Group.

Broadening its operational footprint

JustCo intends to use part of the net proceeds from the IPO and cornerstone shares for strategic investments and capital expenditure, such as fit-outs and IT infrastructure, to expand in existing and new markets.

In particular, the company will open additional flexible workspace centres this and next year. For 2026, these will span a total net lettable area (NLA) of about 689,000 sq ft and 13,800 workstations. The new centres will be located in Bangkok, Bengaluru, Gurugram, Kuala Lumpur, Manila, Mumbai, Seoul, Singapore, Taipei, Tokyo and Yokohama.

In 2027, the company is looking to open more such centres with a total NLA of about 281,000 sq ft and 5,600 workstations.

Its expansion efforts are focused on cities with consistently high demand for office space.

Plans to manage co-living spaces

In tandem, JustCo has been eyeing the co-living sector. It has proposed a new business line of managing living and accommodation spaces that typically feature shared amenities, including serviced apartments.

In January 2026, the company accepted a letter of offer from department store group OG for part of the premises at 160 Orchard Road, which JustCo intends to manage as both a co-working centre and a co-living space.

"We have also signed a management agreement or contracts with the landlord of the building to manage co-living spaces for them in the building under a management contract model, where we expect to receive recurring management fees," it stated in the preliminary prospectus.

It intends to operate a mixed-use "work-live-play" concept at the property, with co-living spaces — in the form of serviced apartments — on the upper floors and flexible workspaces on the lower floors.

The co-living component, which does not require JustCo to fork out any capital expenditure, is expected to be operational by 2027.

The workspace component will incur capital expenditure for fit-out and refurbishment, and is slated to open this year.

Owned by OG, the property at 160 Orchard Road used to be occupied by OG’s department store. It was later renamed Taste Orchard when supermarket chain Hao Mart rented the premises as the master tenant, though the food-focused mall has since ceased operations after OG terminated Hao Mart’s lease.

JustCo said that entering the co-living sector will create adjacent revenue streams and target the same customer base as its core business of co-working. This means it can capture operational synergies, create additional customer touchpoints, and cross-sell integrated services across apartments and flexible workspace offerings.

That said, while co-living is related to the core business, the former focuses on providing residential living arrangements and therefore may differ in key areas such as customer requirements, cost structures, labour needs, and operational models.

Expanding into such business areas thus requires JustCo to understand and address these differences and to adapt its operating model accordingly, it noted in the preliminary prospectus.

Out of the red, into the black

While JustCo incurred a net loss for 2023 and 2024, it booked a net profit for 2025.

Its net loss after tax was US$12.5 million ($15.83 million) in 2023 and US$10.1 million 2024.

The company later improved its profitability, reversing the losses to a net profit after tax of US$2.7 million in 2025.

Revenue and cash Ebitda also grew over the same period. Revenue went up by 26.7% from US$113.8 million in 2023 to US$144.2 million in 2025. Cash Ebitda nearly quadrupled from US$3.4 million in 2023 to US$13.5 million in 2025.

The company operates its business under several brands, including JustCo, The Collective, and The Boring Office.

The JustCo brand is the flagship and largest, positioned as a premium flexible workspace offering for start-ups, SMEs and large corporates, focusing on Grade A and B offices. Since the first JustCo centre debuted in Singapore in 2011, the JustCo brand has expanded internationally into Australia, Taiwan, Thailand, South Korea, Japan and Vietnam.

The company intends to further expand into Hong Kong, India, Malaysia and the Philippines in 2026.

Meanwhile, The Collective focuses on luxury workspaces, located in premium Grade A buildings within prime business districts of major cities. It is designed for senior executives, leadership teams and organisations seeking a “highly refined” work environment with personalised hospitality.

The Boring Office brand is for essentials-focused offerings, catering to cost-conscious entrepreneurs, start-ups and digital-native businesses who want to move in quickly and get straight to work. It is typically located in Grade B office buildings, as well as retail and industrial properties.

Looking ahead, JustCo reckons it is positioned to benefit from the large flexible-office total addressable market, with "significant headroom" for further growth, according to the preliminary prospectus.

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