Singapore property crowdfunding platform CoAssets Pte Ltd has listed on Australia’s second biggest stock exchange, the National Stock Exchange of Australia (NSX), reported Digital News Asia.
According to Getty Goh, cofounder and chief executive officer of CoAssets, the listing will support the firm’s expansion efforts, as well as increase its 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,” he said.
As the first Southeast Asian company to provide crowdfunding for real estate projects, CoAssets will trade under the symbol ‘CAX’ on the NSX. In a statement, the company revealed plans to expand its offerings to include peer-to-peer (P2P) lending for businesses outside the real estate industry.
Aside from this, the company also plans to introduce its first real estate project in Singapore in July 2015. Valued at more than S$30 million, the cluster bungalow development is situated within the landed housing enclave of East Coast. The project’s developer aims to raise S$500,000 through CoAssets to try its 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.”
Launched in July 2013, CoAssets crowdfunds for commercial and residential properties in Asia, the UK, the US and Australia. Tech in Asia reported that the company raised S$1 million in Series A funding in February.
Cheryl Marie Tay, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email cheryl@propertyguru.com.sg
