High Court dismisses winding-up application against Real Estate Analytics 

[SINGAPORE] The High Court has dismissed a winding-up application against property-technology firm Real Estate Analytics (REA) by creditor Urban Renewables, and ordered the latter to pay S$12,000 in costs.

In an order filed on Wednesday (Nov 11), Justice Vinodh Coomaraswamy also directed that S$90,777.23 held in the client account of REA’s lawyers remain there until Dec 30.

If Urban Renewables does not commence legal proceedings against REA over the sum by that date, the law firm may release the funds to REA after Dec 30.

However, if Urban Renewables commences such proceedings within the stipulated period, the funds must remain in the law firm’s client account until the proceedings are disposed of by a court of first instance, the court order stated.

The application arose from an allegedly unpaid judgment debt following an arbitration between the two companies, which resulted in costs being awarded to Urban Renewables in 2024.

The Business Times previously reported that the amount allegedly owed by REA was about S$100,000. In response to BT’s queries, REA chief executive Jean-Michel Paul maintained that the amount at issue S$90,777.23, “was paid in full several months ago to a creditor of Urban Renewables, guaranteed by all its assets, and (which) had seized the payment”.

Paul said the payment followed a written direction from the creditor, Hector Capital, exercising its rights under a debenture granted by Urban Renewables, including its right to collect monies owed to Urban Renewables.

He had also said that REA continued to operate as usual, with no changes to its products, services, customer subscriptions or support arrangements.

REA was incorporated in Singapore in 2019. In 2022, it acquired property-technology platform SoReal Prop in a cash-and-equity deal.

SoReal’s then-majority shareholders – ERA, Huttons, PropNex and Savills – became minority shareholders in REA following the acquisition.