Singapore property crowdfunding platform CoAssets lists on Australia’s NSX
By Digital News Asia July 8, 2015
- To broaden offerings to include P2P lending outside of real estate industry
- Launched in July 2013, raised S$1mil in Series A funding in Feb this year
SINGAPOREAN crowdfunding platform provider CoAssets Pte Ltd has listed on the National Stock Exchange of Australia (NSX), that country’s second largest stock exchange.
CoAssets, which said it is the first company in South-East Asia to provide crowdfunding for real estate projects, will trade on the NSX under the symbol ‘CAX.'
In a statement, CoAssets said it will broaden its offerings to include peer-to-peer (P2P) lending for businesses outside of the real estate industry.
Businesses looking for short-term trade financing of more than S$100,000 (US$74,000) can now look to its online platform for crowdfunding within a maximum period of one year, it added.
CoAssets, launched in July 2013, crowdfunds for residential and commercial properties in Asia, Australia, the United Kingdom and the United States. In February, it raised S$1 million (US$733,000) in Series A funding, Tech in Asia reported.
The platform provides developers, agents and home- or land-owners with an alternative source of funding for their properties, linking them to investors who are keen to co-develop projects and co-purchase units, CoAssets said.
The company said it is not licensed and/or regulated by the Monetary Authority of Singapore.
It claims to currently have more than 11,000 registered users, and since December 2014, the total value of deals listed on CoAssets was more than S$40 million (US$32 million), with the amount successfully funded currently standing at more than S$36 million (US$28 million).
CoAssets cofounder and chief executive officer Getty Goh (pic above) said the NSX listing will support expansion efforts and increase investment potential.
“The NSX listing boosts our plans for internationalising CoAssets. Listing on the Australian board also further supports our outreach to crowdfunders by providing us with more exposure to the market.
“While Singapore has a good startup ecosystem, more support is needed for certain growth stage companies.
“With the limited market size here, not many venture capital (VC) funds are in the one- to two-million-dollar funding space – in comparison, the Australian stock market and investors are more receptive of technology businesses,” he added.
The NSX is a secondary board in Australia and the second largest listing market in the country. About 80% of the 130 companies listed are foreign companies.
The listing will support expansion plans into other countries within the region, CoAssets said.
“We are looking to grow our presence in Malaysia. We also have several potential partnership deals with companies in China and Indonesia,” said cofounder and chief technical officer Dr Seh Huan Kiat.
CoAssets said it will also introduce a real estate project in Singapore by a local private developer for the first time in July 2015. The cluster bungalow development is located within the landed housing enclave of East Coast, and is worth over S$30 million.
The developer is targeting to raise S$500,000 via CoAssets’ platform to trial the alternative financing option.
“Projects that have been listed on CoAssets so far have been based overseas and we have worked mainly with foreign developers,” said Goh.
“With a limited duration of one year, Singapore-based real estate crowdfunding projects may appeal to those who are more conservative in their investment appetite.
“As this is the first Singapore real estate project, it will be interesting to see what the response for this project will be like,” he added.
To monitor CoAssets when it starts trading July 8 as the markets open in Australia, click here.
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