NOON Capital Launches Blockchain-Backed Real Estate Project
NOON Capital, plans to establish strategic real estate investments in second-tier Southeast Asia cities. The Company’s first properties have an accumulated value of US$20 million. The first tower is complete and fully operational, while the second is due for completion in 2019.
NOON Capital is also shifting the financing and management of new investments onto blockchain – making it the first real estate developer in Southeast Asia to build, manage and drive individual and institutional investment with blockchain technology. The Company’s clear focus on second-tier Southeast Asian cities, where there is more room for bringing about market efficiencies, lowers barriers to entry and creates more room for growth and value creation for shareholders.
“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 Luca Dotti, Managing Partner of NOON Capital. “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.”
Claudia Zeisberger, Academic Director of INSEAD Global Private Equity Initiative, has joined NOON’s advisory board to support its business expansion with her vast experience in private equity and insight into blockchain development.
The interconnectivity of these applications onto the same (Ethereum) blockchain creates a seamless, efficient and transparent investment process. It also offers conveniences, such as updating quickly, so that investors can receive small dividends in real-time whenever a monthly rental check is presented, and tenants can use digital wallets to pay regular monthly bills like basic utilities and rent.
The Tower Phase I was the Company’s first project, completed in Dec 2016 and featuring a 74-unit tower, located in the heart of Chalong, a major residential district in Phuket. In only ten months, it attained a 90% occupancy rate. Following this, NOON is venturing into the development of Spazio NOON, a network of co-living spaces in Thailand which won the Patrick Turner Award at the INSEAD Venture Capital Competition – awarded to projects with large potential social impact. The construction of its first outpost in Phuket is due to commence in the second part of the year.
