JustCo 'prepared' to exit Marina Square when mall begins redevelopment

Gerine Tang Yi Qian

Aug 07

Speaking at a results briefing on Aug 7, Kong says he expects JustCo's 57,000 sq ft space on the mall's third storey will eventually be "affected by the redevelopment".With Marina Square expected to ...

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DP Architects, which occupies about 45,000 sq ft; and PSB Academy, which occupies a total of about 136,000 sq ft, are said to exit Marina Square in 1H2027.\nSingapore Land Group (SingLand) and its parent company UOL Group jointly own the landlord of Marina Square. The Mainboard-listed property giants said last year that the partial redevelopment of Marina Square is under review and subject to regulatory approvals. \n\"I think it is a matter of time,\" says Kong. \"As a matter of fact, we are already in preparation for this. That is also the whole reason we took up the OG space.\"\nJustCo is replacing troubled supermarket chain Hao Mart at 160 Orchard Road, better known as Orchard Point, becoming a master tenant under landlord OG. \nUnder a 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 new JustAt brand from levels six to 10. \n\"[JustCo Place] is 100% taken now,\" says Kong. \"But we have other plans [such as] moving our customers to other locations, which also means it will help improve occupancy across [our portfolio].\"\nSingLand and parent company UOL are planning a major revamp of Marina Square. \nAnnounced in December 2025, the revamp envisions three new additions, namely, a residential tower for sale, a serviced apartment block and a mixed-use tower. The mixed-use tower will house hospitality, office and performing arts facilities. The redevelopment will leverage incentives offered under the Urban Redevelopment Authority's (URA) Strategic Development Incentive Scheme.\nMarina Square mall, which comprises around 800,000 sq ft of net lettable space, forms part of the larger Marina Square complex, which also houses three hotels. The entire site spans about 992,400 sq ft and sits on a 99year leasehold that commenced on Sept 9, 1980.\nJustCo reported on Aug 6 its first set of results since listing on the Mainboard of the Singapore Exchange in May. \nThe company posted a net loss of US$0.8 million for 1HFY2026 ended June 30, an improvement from a net loss of US$1.7 million in 1HFY2025. Excluding one-off IPO expenses, the group's 1HFY2026 net profit after tax (NPAT) would be US$0.1 million.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}