SINGAPORE, 8 July 2015 – Homegrown crowdfunding platform CoAssets has listed on the National Stock Exchange of Australia (NSX), Australia’s second largest stock exchange. The company, the first in Southeast Asia to provide crowdfunding for real estate projects, will trade on the NSX under the symbol “CAX”.
CoAssets will also 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, can now look to CoAssets’ online platform for crowdfunding within a maximum period of one year. Mr Getty Goh, Co-Founder and Chief Executive Officer of CoAssets said, “Stakeholders’ confidence is important for our business.
The NSX regulatory obligations – two-year trading track record, minimum market capitalisation of A$500,000 (S$519,000) and a Nominated Adviser – are measures of our accountability to our customers and investors. For example, our financial accounts are audited twice – in Singapore as well as in Australia, by two separate auditors. By subjecting ourselves to rigorous third party assessments, it demonstrates that we conduct our business with a high level of transparency.”
The NSX is a secondary board in Australia and the second largest listing market in the country. 130 companies are listed on the NSX; approximately 80 per cent of new listings are foreign companies. Mr Goh noted that the NSX listing will support both expansion efforts and increase investment potential. “Being globally recognised, 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. The Australia property market has performed very well over many years now and crowdfunding for real estate is new in Australia. The real estate crowdfunding business has great potential for growth and we look forward to leading it.” “While Singapore has a good start-up 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 URL: www.CoAssets.com | Phone: +65 65327008 | Email: Admin@CoAssets.com CoAssets Ltd | Office J, Level 2, 1139 Hay Street West Perth WA 6005 CoAssets Pte Ltd | 38C North Canal Road, Singapore 059294 CoAssets Sdn Bhd | Level 30, The Gardens North Tower, Mid Valley City, Lingkaran Syed Putra, 59200, Kuala Lumpur, Malaysia Australian stock market and investors are more receptive of technology businesses.” Mr Goh added.
The listing will support expansion plans into other countries within the region. “We are looking to grow our presence in Malaysia. We also have several potential partnership deals with companies in China and Indonesia. These are exciting markets to enter due to their large populations,” explained Dr Seh Huan Kiat, Co-Founder and Chief Technical Officer of CoAssets. CoAssets has already seen successful funding of pilot projects outside of the real estate industry. In June 2015, a short-term loan exceeding S$200,000 was crowdfunded on the platform by 36 investors for Social Media Enterprise Pte Ltd. Mr Pulse Tan, Director of Social Media Enterprise Pte Ltd said, “The results from the P2P lending feature have exceeded our expectations.
This is actually our first foray tapping onto the crowdfunding platform; we will definitely work with CoAssets again.” CoAssets 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. With a limited duration of one year, Singaporebased 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,” said Mr Goh. CoAssets, launched in July 2013, crowdfunds for residential and commercial properties in Asia, Australia, the UK and the US. It is growing rapidly, with membership increasing to reach over 11,000 to date across Singapore, Malaysia and the region. 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. In 2015, CoAssets launched P2P lending for businesses. CoAssets also organises EPIC, an annual event which stands for “Expo for Property, Investment and Crowdfunding” that kickstarted in 2014. EPIC 2015 will be held on 10th and 11th July, at Marriot Hotel, Singapore.
An invitation-only trade show for startups, businesses and investment funds will be held on the first day, followed by a free public event on the second day. Maybank is supporting EPIC 2015 as its official title sponsor. More information on the event is available at CoAssets.com/EPIC. About CoAssets.com (NSX Code: CAX) CoAssets (www.coassets.com) is Southeast Asia’s first real estate group buying and leading crowdfunding platform. It is not licensed and/or regulated by the Monetary Authority of Singapore. Officially launched in Singapore on July 2013, it currently has more than 11,000 registered users. In terms of deals, since December 2014, the total value of deals listed on CoAssets is more than S$40 million (US$32 million) and the