Getty Goh is the CEO at Singapore crowdfunding platform CoAssets. (Photo: CoAssets)
As part of the company’s growth strategy, crowdfunding platform CoAssets has formed a fully-owned subsidiary called CoAssets Real Estate (Care), according to a filing with the Australian Stock Exchange (ASX).
The Singapore startup’s newly incorporated unit will provide a range of property services, including marketing, sales, analysis and valuation. It will also provide companies with a channel to liquidate real estate assets that have been collateralised within Singapore and the region.
“As a crowdfunding platform, user protection is one of our key focus. We are now looking at crowdfunding deals that are backed by assets as a way to protect our users amidst economic uncertainty. Given this move towards secured crowdfunding and our market position as a real estate crowdfunding platform, having a real estate agency fits in well into our overall business strategy,” said Getty Goh, Chief Executive Officer at CoAssets.
The subsidiary is also expected to enable CoAssets to attract more property crowdfunding projects and give the parent firm’s real estate partners a channel to market their deals to investors.
It will be led by three directors – Assistant Director (Investor Relations) Lim Hui Ming, Assistant Director (Investor Relations) Shannice Chua and Key Executive Officer Juliana Ong, a veteran property agent who has been in the industry for 10 years, and who has held similar roles in her previous companies.
“We are delighted to launch Care and we believe that this is a viable long-term business as we continue to provide greater value to our users,” said Lawrence Lim, Chief Operating Officer at CoAssets.
CoAssets, the first publicly-listed crowdfunding platform in Southeast Asia, has around 70,000 registered users. To date, it has successfully provided funding of over $45 million, with no defaults so far from the projects it has financed.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
