1. Company Overview

Founded and headquartered in Singapore, JustCo Holdings Limited (SGX: JCO) operates one of Asia-Pacific’s leading flexible workspace platforms. 

Incorporated in May 2018, the company provides workspace solutions through three distinct brands catering to different customer segments:

• The Collective – A luxury flexible workspace offering positioned at the premium end of the market, featuring thoughtfully designed interiors, concierge-style services, and curated hospitality experiences.

• JustCo – The company’s flagship premium brand offering fully-equipped flexible workspaces with layouts designed to support collaboration while maintaining functionality.

• the boring office – An affordable and customisable workspace solution focused on simplicity and practicality.

As at FY2025, JustCo operates 54 centres across 12 cities in eight countries, comprising approximately 37,500 workstations and 1.89 million square feet of net lettable area.

Its current footprint includes:

• Singapore (20 centres)
• Bangkok, Thailand (6 centres)
• Ho Chi Minh City, Vietnam (1 centre)
• Taipei and Hsinchu, Taiwan (5 centres)
• Seoul, South Korea (6 centres)
• Tokyo and Osaka, Japan (6 centres)
• Bengaluru and Gurugram, India (4 centres)
• Sydney and Melbourne, Australia (6 centres)

Looking ahead, the company plans to expand its network to more than 100 centres across 20 cities by 2029. New markets targeted include Kuala Lumpur, Manila, Hong Kong, Yokohama, Chennai, Hyderabad, Mumbai, and Pune.

Among JustCo’s clientele are established multinational corporations and high-growth companies such as Coupang, DiDi, General Electric, Klook, Moderna, Palo Alto Networks, Tencent, Tory Burch, and Zeekr.

2. Strong Market Presence Across Key APAC Cities

JustCo has established meaningful market positions in several major cities across the Asia-Pacific region, achieving double-digit market share in 4 locations:

• Taipei: ~35.3%
• Bangkok: ~17.7%
• Singapore: ~15.6%
• Melbourne: ~13.4%

These market shares highlight the company’s strong brand recognition and operating scale in some of the region’s most important business hubs.

3. Tenant Profile and Occupancy Trends

JustCo serves a diversified customer base comprising both large corporations and smaller businesses.

As at FY2025:

• Large corporates accounted for 53.3% of its tenant base.
• SMEs and startups accounted for the remaining 46.7%.

By industry, the company’s top three customer segments are:

• Information & Communication: 36.0%
• Professional, Scientific & Technical Activities: 14.0%
• Financial & Insurance Activities: 13.5%

Occupancy levels have also improved over the past 3 years:

• FY2023: 78%
• FY2024: 78%
• FY2025: 84%

Customer retention remains healthy, with more than half of its members staying beyond 3 years:

• 26.8% remained between 3 and 5 years.
• 27.0% remained for more than 5 years.

In FY2025, the company recorded a contract renewal rate of 72.0%, demonstrating a relatively sticky customer base.

4. How JustCo Generates Its Revenue

JustCo derives its revenue from 3 main sources:

i. Membership Fees (88% of FY2025 Revenue)

This is the company’s largest revenue contributor and consists primarily of fees paid by members for workspace usage.

Pricing varies based on factors such as:

• Membership type (private offices or coworking spaces)
• Office size and layout
• Window or non-window units
• Location of the workspace centre
• Length of commitment
• Demand and supply conditions
• Brand offering (The Collective, JustCo, or the boring office)

ii. Service Income (11% of FY2025 Revenue)

Service income comprises billings for ancillary services beyond the standard membership package.

Examples include:

• Additional workspace-related services
• Usage exceeding monthly allowances
• Pay-per-use services offered to members and non-members

iii. Management Fees (1% of FY2025 Revenue)

This segment mainly consists of management services provided to joint ventures, associates, and related-party workspace operations, including the operation of AP Work Space Facility assets.

5. Financial Performance (FY2023–FY2025)

i. Revenue Growth:

JustCo has reported steady revenue growth over the past 3 financial years (the company has a financial year end every 31 December):

Financial Year	Revenue (US$ million)
FY2023	US$113.8m
FY2024	US$128.2m
FY2025	US$144.2m

Revenue growth in FY2024 was primarily driven by the full-year consolidation of its Thailand operations following the acquisition of a 51% stake in December 2023.

For FY2025, growth was supported by a combination of acquisition of the remaining stake in its Japan operations, higher occupancy levels, increased number of occupied workstations, and higher membership fee income.

Revenue contribution in FY2025 was well diversified geographically, with Southeast Asia (Singapore, Bangkok, Ho Chi Minh City) contributing 56%, North Asia (Seoul, Taipei, Hsinchu, Tokyo, Osaka) contributing 29%, Australia (Sydney, Melbourne) contributing 14%, and other locations (Bengaluru,  Gurugram) contributing the remaining 1%.

ii. Profitability Improvement:

The company’s bottom line has improved significantly over the past 3 years:

Financial Year	Net Profit/(Loss) (US$ million)
FY2023	-US$12.5m
FY2024	-US$10.1m
FY2025	+US$2.7m

After recording losses in FY2023 and FY2024, JustCo successfully turned profitable in FY2025.

iii. Strong Balance Sheet:

One notable strength of the company is its debt-free balance sheet.

JustCo has zero bank borrowings and an increasing net cash position:

Financial Year	Net Cash (US$ million)
FY2023	+US$26.7m
FY2024	+US$66.9m
FY2025	+US$76.6m

This provides the company with financial flexibility to pursue future expansion opportunities.

6. Dividend Policy

At present, JustCo does not have a formal dividend policy or a fixed dividend payout ratio.

Future dividend distributions, if any, will depend on factors such as:

• Operating results and cash flow generation
• Financial performance
• Working capital requirements
• Capital expenditure plans
• Expansion and growth opportunities
• Overall business outlook

As such, investors seeking immediate dividend income should note that the company currently does not pay dividends.

Closing Thoughts

JustCo appears to be well-positioned to benefit from the long-term shift towards flexible and hybrid work arrangements. As businesses continue to seek greater flexibility and cost efficiency in managing office space requirements, demand for flexible workspace solutions could remain supportive over the coming years.

Operationally, the company has delivered consistent revenue growth between FY2023 and FY2025, while also improving occupancy rates and achieving profitability in FY2025. Its revenue base is geographically diversified across multiple Asia-Pacific markets, reducing reliance on any single country.

Another positive is its strong balance sheet. With no bank borrowings and a growing net cash position, the company has considerable financial flexibility to fund future expansion plans.

Going forward, one key area to monitor will be whether JustCo can continue improving its profitability and scale its operations while maintaining healthy occupancy levels.

On the flip side, investors should be mindful of the competitive nature of the flexible workspace industry, where competition from both regional and international coworking operators remains intense. In addition, the company currently does not offer dividend income, which may make it less attractive for income-focused investors.

Disclaomer: At the time of writing, I do not own shares in JustCo. This article was written solely based on my personal interest in understanding the company and does not constitute investment advice.

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