Crowdfunding CoAssets lists on ASX

Crowdfunding CoAssets lists on ASX
Crowdfunding CoAssets lists on ASX

The Singapore-based real estate crowdfunding specialist CoAssets has listed on the Australian Securities Exchange today. 

The company with an $85 million market capitalisation has raised $6.55 million at 40¢ a share ahead of the ASX listing. 

The peer-to-peer crowdfund facilitator specialises in funding of up to $5 million and has raised $S45 million ($43.7 million) in residential and small business projects since it started in 2013 in Singapore,

Operating mainly in south-east Asia, it is looking to replicate its business in Australia.

It anticipates demand for residential development funding after local banks clamped down on lending to smaller developers. 

CoAssets will provide $100,000 to $500,000 mezzanine funding for property developers.

It will charge 3 per cent to 5 per cent of total funds raised. 

CoAssets expects cost of funding and therefore return on investment to investors to be between 4 per cent and 15 per cent. Investors can invest as low as $1000. 

It was previously listed on the National Stock Exchange of Australia in 2015.

Its chief executive Getty Goh said it has five boutique Australian residential projects in its pipeline. 

CoAssets operates under an ASIC class order relating to business introduction services and provides financial products online through its Australian corporate representative, Melbourne Securities Corporation Limited.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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Crowdfunding

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