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Samreen Ahmad · · 1 min readCo-working major JustCo loses lawsuit over late handover of leased space
”Singapore-based co-working operator JustCo has lost a lawsuit brought by cybersecurity software company Dathena Science, in what might be the city-state’s first such case that resulted from pandemic-related measures,” reported The Business Times.
Details:
- JustCo had failed to hand over units on four floors of the OCBC Centre East building in Raffles Place on time in violation of an agreement made between the two firms in January 2020. JustCo cited Covid-related restrictions as the cause for the delay, maintaining that the deal was still in force even though Dathena had issued a notice of termination of the contract.
- The high court ruled that the co-working firm’s claim was “not credible.” The court ruled in favor of Dathena’s claim of S$286,892 (about US$210,000), which comprised its security deposit and an advance monthly membership fee.
Dive deeper:
- Research firm VentureCap Insights pegs JustCo’s valuation at US$1 billion, making it a member of the unicorn club. (Read: Is JustCo Southeast Asia’s co-working unicorn?)
- JustCo had earlier this year signed an agreement with T-Grande Property Holding to strengthen its asset-light strategy, which allows the co-working firm to manage spaces instead of taking on long-term leases.
Currency converted from SG dollar to US dollar: US$1 = S$1.36.
Editing by Miguel Cordon and Arpit Nayak
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