Real Estate Analytics served winding-up application by creditor Urban Renewables
The proptech firm maintains debt has been paid and company continues to operate as usual
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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 allegedly unpaid judgment debt arising from an arbitration between the two companies.
The dispute is related to a service agreement under which REA, providing 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.
In a response sent to BT on Friday (Sep 11), REA CEO Jean-Michel Paul claimed 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”.
The July 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.
Paul said REA is addressing the winding-up application through “the appropriate legal channels”, and continues to operate as usual, “with no change to (its) products, services, customer subscriptions or support arrangements” as its operations have not ceased.
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 the applications it developed was a mobile app formulated with UOB, which enabled small and medium-sized enterprises 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 the year before.
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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