JustCo Holdings Limited: Asia Pacific’s leading co-working space operator

Co-working workspace champion with proven expertise

About JustCo

Founded in Singapore in 2011, JustCo Holdings Limited is a leading flexible workspace platform operator across Asia Pacific. The company runs 54 centres across 12 cities in Australia, Japan, South Korea, Singapore, Taiwan, Thailand, and Vietnam.

As of 31 December 2025, JustCo manages approximately 37,500 workstations and 1.77 million sq ft of net lettable area.

Our brand portfolio addresses a wide spectrum of customer preferences and price points. It comprises The Collective, the luxury offering; JustCo, the premium brand; and the boring office, the essentials brand.

JustCo was listed on the Singapore Exchange Mainboard on 22 May 2026.  It raised S$100 million to fund its expansion plans.  Of which, JustCo raised S$69.8 million from cornerstone investors.  The eight cornerstone investors are Farglory International, JPMorgan Asset Management, Fullerton Fund Management, and Maybank Asset Management.

Post listing, founder and CEO Kong Wan Sing holds total direct and deemed interests of 21.7% of the company.  As at 24 June 2026, including his purchases post listing, Mr Kong’s shareholdings increased to 21.9%.  GIC Realty and Frasers Property Limited are controlling shareholders with 22.7% and 17.6% shareholdings, respectively. 

Justco’s business is underpinned by a dual operating model — traditional leases and management contracts — and a three-tier brand portfolio spanning luxury, premium, and essentials-focused flexible workspace products.

Dual Operating Model

JustCo operates its centres under two distinct models, allowing it to balance growth with capital efficiency:

• Traditional Lease Model. JustCo funds the full upfront capital investment and operates the workspace directly, capturing the full operating upside while managing occupancy and cost efficiency. As of 31 December 2025, 28 centres (~1.02 million sq ft NLA) operate under this model.
• Management Contract Model. JustCo manages the workspace on behalf of the landlord, receiving a share of revenue or operating profits. The landlord funds all or substantial capital investment, making this an asset-light, capital-efficient approach. As of 31 December 2025, 22 centres (~0.75 million sq ft NLA) operate under management contracts.

The management contract model offers lower balance sheet risk, more predictable fee-based income, and improved return on invested capital. 

JustCo plans to grow the management contract footprint to approximately 28 centres by end 2026.

Multi-Brand Portfolio

JustCo serves a wide spectrum of customer needs through three distinct brands:

• The Collective (Luxury). Targets senior executives and large corporates seeking premium Grade A office environments with concierge-style hospitality, curated dining experiences, and bespoke interiors. Launched in February 2025 in Tokyo, with rapid expansion to Taipei, Bangkok, Osaka, and into India and Singapore.
• JustCo (Premium). The flagship brand, positioned for startups, SMEs, and large corporates. Deployed across Grade A and B office, retail, and industrial properties. First opened in Singapore in 2011 and expanded internationally from 2018.
• the boring office (Essentials). A digitally-led, e-commerce-first essentials brand targeting cost-conscious and digital-native businesses. Transparent pricing, move-in as fast as the next day. Launched in Singapore in July 2025.

Strategy  

JustCo has expanded its operational footprint to cover 10 of the top 12 Asia Pacific markets by GDP. It is at an inflection point, having built a scalable platform and demonstrated profitability. 

Its vision is to expand from 12 to 20 cities, and from 54 to over 100 centres, with a long-term vision to become the global benchmark for flexible workspace. 

As at 31 December 2025, JustCo has 4,035 members occupying 29,422 workstations, compared with 3,176 members occupying 26,765 workstations as at 31 December 2023. Its 2026 expansion plan is anchored on three strategic pillars.

Core focus in Japan

JustCo plans to deepen its presence in existing markets, with Japan remaining the key growth focus amid strong demand for flexible office space. 

Expansion will be driven by new centres in prime business districts and strengthened partnerships with developers and corporate clients. 

In 2026, JustCo is looking to open nine new centres, adding approximately 179,000 sq ft of NLA and around 3,600 workstations to its committed pipeline. 

Total addressable market (TAM) expansion into new markets 

JustCo is planning to enter Hong Kong, India, Malaysia, and the Philippines. The initial target is to add around 192,000 sq ft or about 3,900 workstations. 

Protect and grow existing markets

JustCo will continue executing its "protect and grow" strategy by selectively expanding its network in existing markets to strengthen its competitive position. 

Leveraging the high barriers to entry in the flexible office sector, the committed and pipeline expansion is expected to add approximately 318,000 sq ft of NLA and 6,300 workstations. 

JustCo will selectively scale in Singapore, South Korea, Taiwan, Thailand, Vietnam, and Australia. The aim is to add 10 new centres in 2026.

As of 31 December 2025, JustCo manages approximately 37,500 workstations  across 50 operational centres or 1.77 million sq ft of net lettable area.

With the expansion plan in progress, JustCo will add 13,800 new workstations in 2026, or +36.8% year-on-year, across 28 new centres or 689,000 sq ft of net lettable area.

JustCo also plans to expand into co-living spaces as an adjacent revenue stream, aligned with its 'work-live-play' concept. This targets the same corporate and expatriate customer base, enabling cross-sell opportunities and operational synergies.

Revenue model

JustCo generates revenue from three primary sources: 

1. membership revenue, comprising recurring fees from flexible workspace and managed office solutions;
2. services revenue, including meeting rooms, event spaces, virtual offices, and value-added services such as IT support, business services, and office fit-out and customisation; and
3. management fee income, earned from operating flexible workspaces on behalf of joint ventures, associates, landlords under management contracts, and other third-party facilities. 

Additional revenue comes from pay-per-use offerings, such as Hot Desk (Day) passes and meeting rooms, as well as value-added services including administrative and business support, IT and technology solutions, and office fit-out and customisation.

Key strengths

Established presence in Asia Pacific hubs

JustCo has established double-digit penetration share in several key cities: approximately 35.3% in Taipei, 17.7% in Bangkok, 15.6% in Singapore, and 13.4% in Melbourne.

 Its operational footprint spans markets that collectively account for over 70% of total APAC (ex-Mainland China) GDP in 2024, covering 10 of the top 12 APAC markets by GDP.

Proprietary in-house tech, design and operational capabilities 

JustCo has developed a proven workflow that could achieve faster time-to-market,  ramp up occupancy of new centres rapidly.   

Upon launch of new centres, JustCo could typically reach Cash EBITDA breakeven in 5 months on average.  The new centres could achieve full payback of capital costs in 15.8 to 24.0 months, depending on operating model. 

Across Mature Centres opened post-January 2022, 66% have achieved payback as of 31 December 2025. Mature Centres are those that have been opened for business and in operation for more than 12 months.  They comprise 94% of total NLA as at 31 December 2025.

JustCo has demonstrated consistent ability to ramp up new centres rapidly. New locations across South Korea, Taiwan, and Thailand achieved 81–84% occupancy within six months of launch, while Singapore, Australia, and Japan centres reached 84–89% occupancy within nine months.

Strong brand franchise underpinned by a loyal customer base

JustCo's member base is increasingly sticky. Key retention metrics show rising renewal success rate in FY2024 and FY2025.

Membership tenure has remained stable at 15.0–15.4 months, weighted by workstations.

Over 54% of workstations are held by members with a tenure of three years or more.

JustCo provides one-stop solutions to Large Corporates with multi-city expansion plans. Large Corporates account for 53.3% of occupied workstations, providing revenue stability. Flexible workspaces offer multi-geography expansion capability, customisation, and cost control without major upfront investment. 

SMEs and Startups, account for 46.8% of occupied workstations, typically require smaller floorplates and value flexibility. 

Thus, JustCo serves as “gateway” for multi-city expansions and “aggregator” of fragmented demand. 

Technology platform

JustCo's integrated proprietary technology stack — J-Force (CRM), J-Data (intelligence), J-Store (e-commerce), J-App (member app), and J-AI (AI engine) — enables data-driven pricing, real-time inventory management, and personalised customer engagement. 

JustCo is supported by a dedicated research and development team in China.  The flexible workspaces are designed with integrated technology and shared amenities, allowing members to access a wide range of workplace services through JustCo’s mobile app or online platform. These include booking meeting rooms and event spaces, providing feedback, and accessing printing, mail, and parcel services.

 Industry outlook 

The Asia Pacific flexible office market is at an inflection point. 

According to CBRE Research, the flexible office space market recorded a 16.6% CAGR between 2022 and 1H2025 and is forecast to grow at a still robust 13.8% CAGR from 1H2025 to 2027, highlighting a sizeable and expanding addressable market for flexible workspace operators.

Low penetration rates 

Penetration rates reached 5.9% as of 1H2025, up from 4.4% in 2022, and are expected to reach 7.5% by 2027 — still far below the 10.6% seen in mature markets such as Central London. 

Structural demand growth

According to the independent market research report (CBRE), demand for office space will remain resilient, supported by economic growth, business expansion, and rising employment. Stricter return-to-office (RTO) policies across the Asia-Pacific region are also supporting strong office leasing demand as utilisation increases. 

Widening gap between peak and average utilisation of office space

The survey showed that in 2025 - 55% of occupiers reach peak utilisation of 80% or more, while 28% reach average utilisation of 80% or more.  The gap, 27% compared with 22% in 2024. 

As office attendance becomes more variable, companies are reconfiguring their workplace layouts to better match changing occupancy levels. This is increasing demand for flexible workspaces, which allow businesses to scale office space up or down without committing to long-term leases on underutilised space.  

Higher ratio of worker to desk implies companies prefer flexible office space

Increasing desk-sharing ratios are accelerating demand for flexible workspace as companies seek capital-efficient alternatives to fixed leases.

According to survey conducted by CBRE, the proportion of shared desks is expected to grow compared to dedicated desks. Companies across APAC are recalibrating desk-sharing arrangements as employees return to the office more frequently. 

Demand for shared workspaces is expected to continue rising, with the proportion of occupiers using shared desks increasing from 49% in 2025 to 62% by 2028, while those relying on dedicated desks decline from 51% to 38%. This 13 percentage point shift reflects companies' growing preference for hybrid workplace strategies that optimise office space utilisation and reduce occupancy costs, supporting longer-term demand for flexible office solutions.

Supply 

The evaluated APAC office leasing markets continue to expand at a modest pace. 

Total office stock increased from 971 million sq. ft. in 2022 to 1.01 billion sq. ft. in 1H2025, representing an 8.0% increase. In comparison, total flexible office stock in evaluated markets in APAC has grown by 46.8% over the same period, to 83.1 million square feet. 

Growth in overall office stock is projected to reach 1.10 billion sq. ft. by 2027, implying a further 9.0% growth or only CAGR 3.7%. On the other hand, the flexible office market is expected to continue to outpace with 38.3% growth over the same period, to 114.9 million sq feet.  This underpinned the significant structural growth headroom within the APAC flexible office market. 

The chart below shows the cities’ vacancy rate for Grade A office stock and penetration rate of flexible workspace as in H1 2025. Cities in North Asia – Tokyo, Taipei and Seoul, are relatively more attractively, supporting the case for JustCo to focus on Japan as the core market.     

Competitors

The APAC flexible workspace sector is competitive but fragmented, with multiple barriers to entry at scale. JustCo's key differentiators include its multi-brand, multi-market platform, enterprise-grade service capabilities, and proprietary technology infrastructure.

JustCo has established double-digit penetration share in several key cities: approximately 35.3% in Taipei, 17.7% in Bangkok, 15.6% in Singapore, and 13.4% in Melbourne. Its operational footprint spans markets that collectively account for over 70% of total APAC (ex-Mainland China) GDP in 2024, covering 10 of the top 12 APAC markets by GDP.

Financial performance

Revenue and profitability

JustCo reported FY2025 revenue of US$150.8 million (pro forma), representing a 17.6% year-on-year increase from FY2024.  The higher revenue was mainly attributed to full consolidation of the group's Japan operations following the acquisition of the remaining equity interests on 1 July 2025.

The portfolio expanded from 41 to 50 operating centres, increasing net leasable area (NLA) to 1.77 million sq ft from 1.57 million sq ft, while occupancy improved to 84% from 78%, supported by higher demand and a greater number of occupied workstations.

Revenue per workstation per month grew from US$429.8 to US$450.7, reflecting both expanding occupancy and service income growth.

Net finance costs increased to US$15.6 million, up 22.9% year-on-year, as JustCo opened new Centres.

After reporting net losses of US$10.1M in FY2024, JustCo turned profitable in FY2025 with net profit after tax of US$2.7M. 

Cash EBITDA grew from US$3.4M (3.0% margin) in FY2023 to US$13.5M (8.97% margin) in FY2025 — a threefold increase. 

Capital management 

As of 31 December 2025, JustCo held US$104.0 million in cash and bank balances with no external bank debt. Lease liabilities of US$402.2M (current and non-current) relate to right-of-use assets under SFRS(I) 16, not financial borrowings. 

The group does not have any outstanding bank loans.

The group's equity base of US$39.4 million reflects accumulated losses from the growth phase, which should be progressively offset by profitability improvements.

Net proceeds from the IPO and cornerstone subscriptions will be deployed toward strategic investments and capital expenditure.

The total cornerstone subscription of 74,291,000 shares at S$0.94 per share implies strong institutional conviction in the business, with eight cornerstone investors including Farglory International, JPMorgan Asset Management, Fullerton Fund Management, and Maybank Asset Management.

Cash flow adequacy

JustCo generated strong operating cash flow in FY2025, at US$105.76 million, increased by 33.7% year-on-year. This was despite the modest net profit due to high non-cash depreciation charges. 

Net cash used in financing activities for FY2025 was US$81.5 million, and primarily included the payment of the principal portion of lease liabilities of US$59.6 million, interest paid (including interest expense on lease liabilities) of US$16.6 million and repayment of the principal portion of the fit-out subsidy of US$0.8 million.

JustCo generated positive free operating cash flow in FY2025, at US$92.9 million, an increase of 32.6% year-on-year. 

JustCo is expanding with new centres and workstations in FY2026 and FY2027. The estimated capex for FY2026 and FY2027 are US$42.2 million and US$2.2 million, respectively. 

For FY2026 and FY2027, JustCo plans to add 13,800 workstations and 5,600 workstations, respectively. As shown below, the number of workstations is expected to grow at CAGR 9.5% during the period 2023 – 2027.   

Valuation

At the current price, S$0.65, JustCo is trading at market cap S$320 million. Based on FY2025 financials, JustCo trades at FY2025 P/B 2.3x and EV/EBITDA 7.4x. 

In comparison, the peer group of co-living space operators is trading at an average FY2025 P/B 1.8x and EV/EBITDA 11.3x.

Key risks 

Key risks include execution risk, macroeconomic sensitivity, lease liability exposure and intense competition, foreign exchange risk, and regulatory exposure.

Execution risk in new markets

Entering new markets will entail some execution risk.  Not all the expansion plans will have positive financial contribution.  Between 2022 and 2023, JustCo exited its China and Indonesia operations as they were contributing only minimal revenue, allowing it to focus resources on more profitable markets.

Currently, JustCo is simultaneously expanding to India, Malaysia, the Philippines, and Hong Kong.  Delays, regulatory hurdles, or elevated fit-out costs could introduce complexity, compress margins, or slow the growth trajectory. 

Macroeconomic sensitivity

Flexible workspace demand is correlated with corporate hiring activity. A global or regional economic slowdown could reduce enterprise demand, shorten renewal tenures, or pressure occupancy rates.

Lease liability exposure

JustCo's lease model involves approximately US$402 million in right-of-use liabilities. While no external bank debt exists, long-term lease obligations create fixed cost exposure if occupancy deteriorates.

Foreign exchange risk 

Revenue is earned across multiple currencies (USD, AUD, KRW, TWD, THB, VND, JPY) while reporting in USD. Currency movements could materially impact reported financials.

Competitive intensity

Global operators like IWG/Regus and WeWork, as well as regional players, are potential disruptors. Competition for prime landlord relationships and enterprise clients may intensify as the market grows.

Does not have a dividend policy

JustCo does not have a fixed dividend policy post-IPO. Investors seeking yield should note that capital will be prioritised for expansion in the near term.

Regulatory risks

Operating across 12+ markets exposes JustCo to varied and evolving regulatory environments, including those related to investment restrictions (notably PRC and India restrictions referenced in the prospectus constitution), labour laws, and lease regulation.

Related links:

• JustCo Holdings Limited share price and share price target

Download the full report here. 

Check out Beansprout guide to the best stock trading platforms in Singapore with the latest promotions  to invest in JustCo Holdings Limited.

Join the Beansprout Telegram group for the latest insights on Singapore stocks, REITs, bonds and ETFs. 

Important Disclosures

Analyst Certification and Disclosures 

The analyst(s) named in this report certifies that (i) all views expressed in this report accurately reflect the personal views of the analyst(s) with regard to any and all of the subject securities and companies mentioned in this report and (ii) no part of the compensation of the analyst(s) was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst herein. The analyst(s) named in this report (or their associates) does not have a financial interest in the corporation(s) mentioned in this report.

An associate is defined as (i) the spouse, or any minor child (natural or adopted) or minor step-child, of the analyst; (ii) the trustee of a trust of which the analyst, his spouse, minor child (natural or adopted) or minor step-child, is a beneficiary or discretionary object; or (iii) another person accustomed or obliged to act in accordance with the directions or instructions of the analyst.

Company Disclosure

Global Wealth Technology Pte Ltd (“Beansprout”) does not have any financial interest in the corporation(s) mentioned in this report.

Disclaimer

This report is provided by Beansprout for the use of intended recipients only and may not be reproduced, in whole or in part, or delivered or transmitted to any other person without our prior written consent. By accepting this report, the recipient agrees to be bound by the terms and limitations set out herein.

You acknowledge that this document is provided for general information purposes only. Nothing in this document shall be construed as a recommendation to purchase, sell, or hold any security or other investment, or to pursue any investment style or strategy. Nothing in this document shall be construed as advice that purports to be tailored to your needs or the needs of any person or company receiving the advice. The information in this document is intended for general circulation only and does not constitute investment advice. Nothing in this document is published with regard to the specific investment objectives, financial situation and particular needs of any person who may receive the information. 

Nothing in this document shall be construed as, or form part of, any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities. The data and information made available in this document are of a general nature and do not purport, and shall not in any way be deemed, to constitute an offer or provision of any professional or expert advice, including without limitation any financial, investment, legal, accounting or tax advice, and shall not be relied upon by you in that regard. You should at all times consult a qualified expert or professional adviser to obtain advice and independent verification of the information and data contained herein before acting on it. Any financial or investment information in this document are intended to be for your general information only. You should not rely upon such information in making any particular investment or other decision which should only be made after consulting with a fully qualified financial adviser. Such information do not nor are they intended to constitute any form of financial or investment advice, opinion or recommendation about any investment product, or any inducement or invitation relating to any of the products listed or referred to. Any arrangement made between you and a third party named on or linked to from these pages is at your sole risk and responsibility. 

You acknowledge that Beansprout is under no obligation to exercise editorial control over, and to review, edit or amend any data, information, materials or contents of any content in this document. You agree that all statements, offers, information, opinions, materials, content in this document should be used, accepted and relied upon only with care and discretion and at your own risk, and Beansprout shall not be responsible for any loss, damage or liability incurred by you arising from such use or reliance. 

This document (including all information and materials contained in this document) is provided “as is”. Although the material in this document is based upon information that Beansprout considers reliable and endeavours to keep current, Beansprout does not assure that this material is accurate, current or complete and is not providing any warranties or representations regarding the material contained in this document. All opinions contained herein constitute the views of the analyst(s) named in this report, they are subject to change without notice and are not intended to provide the sole basis of any evaluation of the subject securities and companies mentioned in this report. Any reference to past performance should not be taken as an indication of future performance. To the fullest extent permissible pursuant to applicable law, Beansprout disclaims all warranties and/or representations of any kind with regard to this document, including but not limited to any implied warranties of merchantability, non-infringement of third-party rights, or fitness for a particular purpose. 

Beansprout does not warrant, either expressly or impliedly, the accuracy or completeness of the information, text, graphics, links or other items contained in this document. Neither Beansprout nor any of its affiliates, directors, employees or other representatives will be liable for any damages, losses or liabilities of any kind arising out of or in connection with the use of this document. To the best of Beansprout’s knowledge, this document does not contain and is not based on any non-public, material information. The information in this document is not intended for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be contrary to law or regulation, or which would subject Beansprout to any registration requirement within such jurisdiction or country. Beansprout is not licensed or regulated by any authority in any jurisdiction or country to provide the information in this document.

As a condition of your use of this document, you agree to indemnify, defend and hold harmless Beansprout and its affiliates, and their respective officers, directors, employees, members, managing members, managers, agents, representatives, successors and assigns from and against any and all actions, causes of action, claims, charges, cost, demands, expenses and damages (including attorneys’ fees and expenses), losses and liabilities or other expenses of any kind that arise directly or indirectly out of or from, arising out of or in connection with violation of these terms, use of this document, violation of the rights of any third party, acts, omissions or negligence of third parties, their directors, employees or agents. To the extent permitted by law, Beansprout shall not be liable to you, any other person, or organization, for any direct, indirect, special, punitive, exemplary, incidental or consequential damages, whether in contract, tort (including negligence), or otherwise, arising in any way from, or in connection with, the use of this document and/or its content. This includes, without limitation, liability for any act or omission in reliance on the information in this document. Beansprout expressly disclaims and excludes all warranties, conditions, representations and terms not expressly set out in this User Agreement, whether express, implied or statutory, with regard to this document and its content, including any implied warranties or representations about the accuracy or completeness of this document and the content, suitability and general availability, or whether it is free from error. 

If these terms or any part of them is understood to be illegal, invalid or otherwise unenforceable under the laws of any state or country in which these terms are intended to be effective, then to the extent that they are illegal, invalid or unenforceable, they shall in that state or country be treated as severed and deleted from these terms and the remaining terms shall survive and remain fully intact and in effect and will continue to be binding and enforceable in that state or country. 

These terms, as well as any claims arising from or related thereto, are governed by the laws of Singapore without reference to the principles of conflicts of laws thereof. You agree to submit to the personal and exclusive jurisdiction of the courts of Singapore with respect to all disputes arising out of or related to this Agreement. Beansprout and you each hereby irrevocably consent to the jurisdiction of such courts, and each Party hereby waives any claim or defence that such forum is not convenient or proper.