Mainboard-listed JustCo has unveiled JustCo Place at 160 Orchard Road, its first integrated “work-live-connect” space, also marking the listco’s maiden entry into the co-living sector with the launch of JustAt, a new brand.
JustCo replaces troubled supermarket chain Hao Mart at Orchard Point, becoming a master tenant under landlord OG. “We want to give [the asset] a new life,” says executive chairman and CEO Kong Wan Sing in a media briefing on July 7.
An artist's impression of JustCo Place. Photo: JustCo
Under the master lease with OG, JustCo Place will comprise 40 retail units from the basement to the second floor, a 64,000 sq ft premium JustCo co-working space on levels three and four and 123 serviced apartment units spanning about 100,000 sq ft under the JustAt brand from levels six to 10. The fifth floor is the rooftop of the co-working space, along with some parking spots.
The tenure of the master lease with OG is “close to the 8.8-year weighted average lease expiry of JustCo’s Singapore portfolio”, says Lee Hui Yeow, JustCo’s CFO.
The project introduces an asset-light expansion model for JustCo’s entry into co-living. Under the arrangement, OG will undertake the significant capital expenditure (capex) required to refurbish the serviced apartments and enhance the building facade, while JustCo will undertake the capex in fitting out the co-working space and the retail podium.
Responding to City & Country’s queries, JustCo indicates that OG is “putting significant investment to enhance the building and the retrofit of the co-living serviced apartments”. JustCo will be funding the fit-out of the co-working centre and the retail podium, but declined to reveal exact capex figures.
Kong says this arrangement provides “downside protection” to JustCo. “Structuring it this way keeps our capital exposure disciplined, [as we] invest in the areas we control end-to-end, [including] design, curation and the members’ experience; while the single-largest line item — the serviced apartments’ retrofit — sits with the landlord under management contract rather than our balance sheet”, says JustCo.
‘Work-live-connect’
Kong describes JustCo Place as the “evolution of JustCo’s platform into a broader work-live-connect ecosystem”. “[It] brings together premium workspaces, co-living and curated retail experiences under one destination.”
The upcoming apartments range from studio to three-bedroom configurations, accommodating up to 475 guests in total. “Most of the apartments will be one-bedroom units and [span] about 400 to 500 sq ft,” says JustCo.
Under a management agreement with OG, JustCo will operate the serviced apartments after the landlord completes enhancement works. JustCo will announce room rates closer to JustAt’s opening in January 2027. Pricing is expected to be in the mid-market range, “above student hostel pricing but below high-end”, says Kong.
Kong expects expatriates and employees of multinational corporations to check in. They will also have access to JustCo’s co-working facilities downstairs, across the street at The Centrepoint and other available locations in Singapore, he adds.
Located between Somerset and Dhoby Ghaut MRT Stations, the basement to the fifth floor of the property was previously named Taste Orchard by former master tenant Hao Mart. That venture lasted 22 months, between February 2024 and December 2025, before the Singapore High Court granted OG possession of the retail mall. Hao Mart and its subtenants were ordered to vacate the premises by Dec 31, 2025.
Before Taste Orchard, landlord OG had operated its flagship department store at the property for 18 years.
Deloitte to take up entire JustCo space
Meanwhile, the co-working component has already secured Deloitte Singapore as its sole anchor tenant, with the professional services firm committing to occupy 100% of the 64,000 sq ft space. Kong says the co-working space can “accommodate about 1,000 to 1,200 workstations”.
Deloitte currently occupies 150,000 sq ft of office space at OUE Downtown in the Central Business District (CBD), which is under OUE REIT’s portfolio.
City & Country understands that Deloitte will move a portion of its staff from OUE Downtown to JustCo at 160 Orchard Road in September.
OUE REIT has a portfolio of commercial and hospitality properties. As at March 31, Deloitte is OUE REIT’s top commercial tenant by gross rental income, at 6.8%.
A DBS Group research report published in January notes that OUE REIT faces a “significant lease expiry” in December 2026 but the REIT manager “expressed confidence in achieving positive outcomes either through renewal at higher rents or re-letting at market levels”.
The manager of OUE REIT declined to comment as the REIT is in its blackout period ahead of its results for 1HFY2026 ended June 30, which will be released July 22.
Unlike a typical JustCo co-working space, the one at JustCo Place will be occupied entirely by Deloitte during its tenancy, with the “typical average lease of about 15 months before customers’ leases are up for renewals”, says Kong.
Kong says he is pleased to see strong market validation of demand, with a leading global brand committing to occupy its entire co-working space ahead of opening. “This reflects the continued demand for high-quality flexible workspaces from enterprise customers and reinforces our confidence in the long-term fundamentals of the sector.”
For the retail component, Kong says retail tenants have yet to be announced, but the company has received an “overwhelming response” from retailers. “We’ve had strong interest from both established brands and operators with new concepts,” he adds.
Scheduled to open also in January 2027, the retail podium will contain food and beverage tenants, alongside other lifestyle and wellness brands, says JustCo. The development will also be connected to The Centrepoint and Orchard Plaza via link bridges.
‘Proof of concept’
Kong describes JustCo Place as a “proof of concept” that could be replicated elsewhere if successful. “If this works well, we hope other building owners will see the value and partner [with] us on similar projects in Singapore and overseas.”
If the concept proves successful, Kong says JustCo intends to pursue similar projects with other landlords across the 12 cities where it operates, though he expects only a handful of such mixed-use developments in a single city.
“If there is an opportunity to work on [such] a project in other parts of Singapore or overseas — we are very open to it. But I don’t foresee this concept to be [across] the remaining 20 locations in Singapore…You will probably [see] one or two in a single city, depending on how big the city is,” he adds.
On whether JustCo is positioning itself alongside co-living operators such as The Assembly Place and Coliwoo, Kong says the company’s ambition is not to become a co-living operator on its own. “The idea is not to go into that co-living business, but the opportunity is really to [create] a ‘work, live and connect’ ecosystem,” he says, emphasising that the company will enter such projects when these three elements come together.
Beyond Singapore, JustCo has confirmed expansion plans across Kuala Lumpur, Mumbai, Seoul, Tokyo and Yokohama.
The company says the upcoming openings, together with JustCo Place, provide visibility into its near-term growth pipeline and demonstrate the continued execution of its expansion strategy outlined in its IPO prospectus.
JustCo, which was listed on the Singapore Exchange in May, has seen its share price slump some 40% from 94 cents at debut to 56 cents as at July 8.
Photos: JustCo, Albert Chua/The Edge Singapore
