Singapore’s leading proptech agency OrangeTee & Tie (OrangeTee) has signed a Memorandum of Understanding (MOU) with JustCo, Asia’s leading flexible workspace provider.

The partnership between both parties was inked on 27 September 2024 at the BMW Eurokars Experience Centre.

The collaboration between OrangeTee and JustCo further opens doors to creating more opportunities for OrangeTee’s property advisers, enabling them to “thrive and deliver greater value to their clients”, said a media release issued on 8 October.

As part of the partnership, there will be a series of seminars hosted by JustCo, focusing on the latest trends within the coworking space industry.

These seminars would equip OrangeTee agents with valuable insights to better serve their clients who are interested in flexible office solutions.

This partnership between both parties aims to benefit the property advisers focusing on the commercial client sector as they delve deeper into the industry insights of the office leasing sector in Singapore.

Beyond knowledge sharing, the property advisers will also have access to JustCo’s network of coworking centres across the Asia Pacific to get first-hand experience of the benefits of coworking spaces such as networking opportunities, greater flexibility, and access to a wide range of amenities.

Justin Quek, CEO of OrangeTee said, “This partnership goes beyond business.

“It empowers our property advisers to provide more comprehensive and flexible solutions to their clients, aligning with the evolving needs of modern workspaces.

“By offering JustCo’s vibrant and collaborative environments, our agents can help clients find the ideal spaces for their different business requirements.”

OrangeTee’s property advisers can enjoy a range of perks as part of the partnership.

This includes preferential rates for JustCo’s membership plans which will give them access to over 40 JustCo centres in Singapore and APAC.

With the flexibility to work from anywhere, JustCo’s membership is a dynamic alternative to support their business needs and provides them with opportunities to network and collaborate within the larger commercial community.

Kong Wan Long, Co-founder and Chief Commercial Officer of JustCo said, “Partnering with OrangeTee expands our agency network, allowing us to work with experts who thoroughly understand the property market in Singapore.

“This will allow us to tap into a wider base of potential clients, providing them with greater access to premium coworking spaces that foster productivity and collaboration.

“This collaboration reinforces our commitment to making workspaces more accessible and empowering businesses of all sizes to thrive in an environment tailored to their needs.”

JustCo has the largest footprint in Singapore with 20 coworking spaces in the Central Business District, East and West regions, including the prestigious Marina One office development and Changi Airport Terminal 3.

From January to September 2024, JustCo experienced a 20% increase in enquiries compared to the same period in 2023, highlighting a growing demand for coworking spaces in Singapore. Earlier this year, JustCo also opened a new centre at Hong Leong Building and 108 Robinson Road.

Chipson Ma, one of the long-service property advisers with OrangeTee since 2000, said, “Founded in 2000, OrangeTee has empowered property advisers with cutting-edge technology for over two decades.

“Tools like our online agent portal (Work@Home) and AgentApp allow agents to work seamlessly from anywhere. Our partnership with JustCo further enhances flexibility, providing agents access to coworking spaces they can also market to clients.

“This added convenience elevates the value of our services.”

The partnership with JustCo is the latest to be announced by the proptech leader.

Only recently, OrangeTee also partnered with automotive technology solutions, Motorist, which allowed OrangeTee clients to gain more leverage on their personal vehicle via Motorist while allowing agents and their clients to have access to various perks from the Motorist Premium membership.

This includes car refinancing options to reduce their clients’ total debt servicing ratio and improve their property loan eligibility.

In mid-September, OrangeTee was also the presenting sponsor for The Home Expo 2024 which brought together more than 12,000 property agents, homeowners, industry experts, and exhibitors to the Suntec City Singapore Exhibition and Convention Centre.

Singapore’s sovereign wealth fund, GIC, is considering a possible sale of its 50% stake in India’s Greenko Energy, a move that could be valued at approximately US$5 billion.

According to sources cited by Bloomberg, the Singaporean entity has engaged financial advisers to explore options, including a full or partial divestment. Discussions are in the preliminary stages, and a final decision on the sale has yet to be made.

A potential deal would place the valuation of Greenko, a major player in India’s renewable energy sector, at about US$10 billion.

Greenko’s portfolio includes 7.5 gigawatts of installed capacity across wind, solar, and hydropower assets distributed across 15 Indian states. GIC’s involvement with Greenko has been substantial, holding a significant influence on the company’s strategic direction.

Potential buyers and market positioning

Prospective investors for GIC’s stake include other sovereign wealth funds, infrastructure-focused investment funds, and energy companies. Sources have indicated that considerations remain preliminary, and GIC could opt against proceeding with a sale.

Apart from GIC, Greenko’s other significant backers include the Abu Dhabi Investment Authority (ADIA) and Japanese financial group Orix. Greenko has been seeking opportunities to raise additional capital to support its growth trajectory, potentially through new investment rounds in the coming months.

The company, however, dismissed reports of GIC’s intended stake sale as inaccurate without providing further details.

Financial outlook and recent challenges

In March 2024, Fitch Ratings revised its outlook on Greenko Energy Holdings’ Long-Term Issuer Default Rating (IDR) from Stable to Negative, affirming the IDR at ‘BB’.

The revision reflects concerns regarding Greenko’s EBITDA net interest coverage, expected to fall below 1.5x by the end of the financial year 2025 before recovering in 2026. This shift is attributed to Greenko’s planned acquisition of a 60.08% stake in the 1,200-megawatt Teesta III hydro project in Sikkim, alongside additional capital expenditures for a new 1.5-gigawatt solar power plant.

The Teesta III acquisition involves substantial restoration efforts due to damage caused by flash floods in October 2023.

Greenko’s management anticipates funding part of the acquisition costs through shareholder equity inflows and insurance compensation for the flood damages. However, Fitch’s assessment includes a conservative 50% reduction in the estimated insurance proceeds and a projected six-month delay in restoration.

GIC’s strategic role in Greenko

GIC, which holds four seats on Greenko’s 13-member board, has been instrumental in shaping the company’s strategic direction.

The sovereign wealth fund’s involvement extends to oversight of Greenko’s investment plans, operational strategy, and risk management. GIC has contributed significantly to Greenko’s recent capital requirements, including a US$700 million investment in 2023 to support the development of Greenko’s pumped storage projects.

Beyond this, Greenko’s ambitious investment plans, such as the acquisition of the Teesta III project, are backed by shareholder commitments amounting to approximately US$1.4 billion over the period from 2024 to 2027. This figure represents around 25% of the projected investment costs and underscores the substantial equity support that GIC and other stakeholders have provided.

Market context and outlook

The potential sale of GIC’s stake in Greenko comes at a time of growing investor interest in renewable energy assets in India.

The country has been rapidly expanding its renewable energy capacity as part of its climate commitments and energy transition strategy.

Greenko, with its diverse asset base and experience in renewable energy development, represents a significant opportunity for investors seeking exposure to this sector.

However, the challenges faced by Greenko, particularly the financial strain from the Teesta III acquisition and related capital expenditures, present risks to potential investors.

The recent downgrade in its credit outlook by Fitch Ratings reflects these pressures, even as Greenko continues to explore opportunities to secure additional funding to support its growth.

A spokesperson for GIC declined to comment on the potential sale, while Greenko refuted reports regarding the matter without elaboration.