JustCo Takes Over OG Orchard Point as Deloitte Plans CBD-to-Orchard Move

Flexible workspace operator JustCo has stepped in as master tenant of OG’s Orchard Point building at 160 Orchard Road, following the departure of previous tenant Hao Mart, whose lease was terminated by OG last September for allegedly failing to pay S$9.2 million in rent and subletting issues. The 10-storey property will be renamed JustCo Place and transformed into an integrated hub combining co-working, co-living and retail under one roof.

JustCo CEO Kong Wan Sing said the project represents a long-held vision. “It has always been our vision to do something combining ‘live, work, connect’. This project is our proof of concept,” he told The Business Times.

The building’s third and fourth floors will house 64,000 sq ft of co-working space, already fully leased to professional services firm Deloitte. The fifth floor will serve as a rooftop terrace for the co-working centre. JustCo is also negotiating with prospective tenants for 87,000 sq ft of retail space spanning the basement to the second floor, with the retail mix expected to include food and beverage, lifestyle, wellness and healthcare tenants.

On the upper five floors, JustCo will manage existing serviced apartments, converting 103,000 sq ft of residential space into 123 premium co-living units under its new JustAt brand. The co-living component is set to open in January 2027 and can accommodate up to 475 guests.

Units range from 200 sq ft studios to 900 sq ft three-bedders, with most being one-bedroom apartments of 400 to 500 sq ft. Kong described the pricing as occupying a middle ground, saying it would not be “like Four Seasons and also not like hostel pricing.”

JustCo invested “tens of millions” to retrofit the building and expects the Orchard project to achieve payback within two to three years, translating to an internal rate of return of “20-odd per cent, plus or minus.” The company plans to replicate this integrated model across markets in Thailand, Vietnam, Taiwan, South Korea, Japan, India, Malaysia and Australia.

In a related development, Deloitte Singapore is set to move out of its Shenton Way base at OUE Downtown to Orchard Central, a 12-storey commercial building owned by Far East Organization and directly connected to Somerset MRT station. In a social media post on July 10, Deloitte said the move would take place in 2027.

As an interim measure from September, Deloitte will relocate a portion of its staff to JustCo Place, taking up the 64,000 sq ft of co-working space on the third and fourth floors. The workspace can accommodate up to 1,300 people, with the average lease running about 15 months with built-in renewal options.

Deloitte currently occupies 150,000 sq ft across 11 floors at OUE Downtown. In the first quarter, the firm was the top commercial tenant of OUE REIT, accounting for 6.8 per cent of gross rental income. Phillips Securities analyst Hashim Osman noted that Deloitte’s departure could give the REIT a “key” opportunity, given that its existing lease is estimated to be below S$8 per square foot per month.

The move would require a change of use for Orchard Central, converting retail space into office use. URA approval is believed to have been secured. Completed in 2009, Orchard Central is a 99-year leasehold commercial property with a gross floor area of 38,262.87 sq m and net lettable area of 24,054 sq m.

Deloitte’s relocation marks a significant shift for a brand-name multinational from the traditional CBD to the prime Orchard Road retail strip. In 2023, Deloitte said it would add around 3,000 new hires in Singapore within five years, underscoring the need for expanded office capacity.

The move comes at a time when CBD Grade A office rents continue to climb. According to CBRE data for Q2 2026, rents for core CBD offices rose for the sixth straight quarter to approximately S$12.50 per square foot per month. Few new completions are expected until 2027, with Newport Tower being the only non-strata development slated for completion next year. The next wave of supply, including The Skywaters, The Clifford, One Comecentre and Union Square Central, is expected in 2028.

Alan Cheong of Savills Singapore noted that Orchard Road is “more likely to be accepted by multinational companies over regional centres,” adding that increasing office and residential presence along the precinct could support the government’s push to rejuvenate the area.