Real Estate Developer NOON Capital Taps Blockchain Technologybr>
Property investment platform NOON Capital is planning to implement blockchain technology in the financing and management of its new investments.
NOON Capital is a property investment platform with offices in Singapore and Thailand. The company aims to reinvent the way properties are funded, designed and managed in South-East Asia. In December 2016, the firm completed its first project in Chalong, the upcoming residential district of Phuket, Thailand. The project features a 74-unit condominium tower, which reached an impressive 90% occupancy rate in its first ten months. NOON is currently working on Phase II of the Chalong project as well as Spazio, a network of co-living spaces in Thailand.
In its announcement, NOON said it is now shifting the financing and management of new investments onto blockchain. The firm will utilize the ethereum blockchain to streamline transactions and deliver liquidity with minimal intermediation and low fees. NOON will establish “strategic real estate investments in second-tier Southeast Asia cities.” The first properties are said to have a value of $20 million in Phuket.
“Thailand has a stable currency, low inflation, a strong banking system, and is embracing blockchain technology,” said Luca Dotti, Managing Partner of NOON Capital. “It has great infrastructure for both our investors and tenants. 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.”
By integrating blockchain, NOON aims to secure funding from investors through digital certificates backed by its project. The firm will also utilize blockchain to distribute small dividends to investors and enable tenants to pay for monthly rental and utility bills using a digital wallet.
To assist in the company’s blockchain development, NOON hired Claudia Zeisberger, Academic Director of INSEAD Global Private Equity Initiative. Zeisberger will join the firm’s advisory board to support its business expansion with her vast experience in private equity, and her insights around blockchain developments.