As at early August 2014, CoAssets has crossed the $1 million revenue mark within their first year of operation.
“This figure is a combination of collected income as well as MOUs signed with the various developers, who will be using our crowdfunding services in the coming months. Profit wise, we are within the healthy range of between ten and 20 percent,” said Getty Goh, CEO of CoAssets.
CoAssets is also among the top three highest ranked real estate crowdfunding sites globally and the top site in Asia, based on Alexa ranking, a matrix used by some online marketers.
“We recognise that while Alexa ranking is just one indicator and we need to look at other factors to determine how successful a website is, it is useful in giving us some sense of how well we are doing in relation to our counterparts,” commented Dr Seh Huan Kiat, er of CoAssets.
Goh believes the results validates the company’s confidence that there is a strong demand for crowdfunding services in the real estate sector.
The website has plans to aggressively expand their presence in markets like Malaysia, Hong Kong and possibly China.
Officially launched in July 2013, CoAssets is a start-up funded under the i.JAM Reload scheme managed by the Media Development Authority (MDA), and incubated by Expara IDM Ventures.
The real estate crowdfunding site acts as a market place and arrangements are strictly between the opportunity providers (such as developers) and the funders.
In June 2014, CoAssets crowdfunders received first payout from developer, Bastien Jack Pte Ltd.
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
Related Stories:
JLL Singapore buys 20% stake in PropNex International
CapitaLand’s net profit up 14.5%
CapitaMalls Asia’s CFO moves to CapitaLand
