Proptech firm Real Estate Analytics served winding-up application by creditor
Judgement debt arising from an arbitration between the two companies has not been paid for 2 years
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[SINGAPORE] Property technology outfit Real Estate Analytics (REA) is facing a winding-up application filed by creditor Urban Renewables, over an unpaid judgement debt arising from an arbitration between the two companies.
The dispute is related to a service agreement under which REA, which provides data and analytics services, failed to fulfil its contractual obligations. The arbitration subsequently resulted in costs being awarded in 2024 to Urban Renewables, an investment company that develops sustainable energy solutions.
The amount remained unpaid more than two years after the award, following which Urban Renewables sought payment from REA and subsequently filed the winding-up application.
The Business Times understands that REA owed a total of about S$100,000.
The hearing for the winding-up application has been fixed for Sep 25.
REA was incorporated in Singapore in 2019.
In 2022, the company acquired proptech 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 deal.
SoReal was set up in Singapore in 2017 by ERA, Huttons, and PropNex. The company provided a suite of applications, with real-time transaction data and analytical tools, to real estate agents in Singapore.
Among applications it developed was a mobile app formulated with UOB, which enabled small and medium-sized enterprises (SMEs) to search listings of offices and warehouses, and get digital valuations to facilitate loan applications.
The acquisition by REA aimed to combine SoReal’s local property data capabilities with its wider real estate data and artificial intelligence offerings, while continuing the industry’s collaboration on real estate data analytics.
REA had issued and paid-up capital of about S$24.3 million as at Sep 9.
The proptech firm’s group revenue rose to S$4.7 million in FY2025 from S$3.2 million the previous year, based on its latest filings with the Accounting and Corporate Regulatory Authority (Acra).
The group has been loss-making over the last five years, although its loss after tax from continuing operations narrowed to S$3.3 million in FY2025, from S$4.8 million a year earlier.
It had total assets of S$8.9 million and total liabilities of S$5.1 million in FY2025, with liabilities more than doubling from about S$2 million the previous year, the Acra filing showed.
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