Singapore-based property investment platform NOON Capital today announced that it will begin implementing blockchain (particularly Ethereum) technology in the financing and management of its new investments, claiming to be the first real estate developer in Southeast Asia to “build, manage, and drive individual and institutional investment” through the technology.
In a press statement, NOON Capital said that by integrating blockchain into its investment processes and housing upkeep, it is aiming to secure funding from investors through digital certificates backed by its project.
It will also utilise blockchain to distribute small dividends to investors and enable tenants to pay for monthly rental and utilities bill using digital wallet.
The company made the announcement at the same time as its plan to establish strategic real estate investments in tier-two Southeast Asian cities such as Phuket in Thailand. It has developed its first two properties with accumulated value of US$20 million.
“Thailand has a stable currency, low inflation, a strong banking system, and is embracing blockchain technology. It has great infrastructure for both our investors and tenants,” said NOON Capital Managing Partner Luca Dotti.
“This makes rapidly developing cities such as Phuket an attractive proposition, because it has the safety and structure of a developed country, while also having immense real estate potential for investment and development,” he continued.
The company also announced the appointment of INSEAD Global Private Equity Initiative Academic Director Claudia Zeisberger to its advisory board.
In addition to projects such as condominium building Tower Phase I, NOON Capital is also working on coliving space Spazio NOON in Phuket, which had won the Patrick Turner Award at the INSEAD Venture Capital Competition.