CoAssets debuts on NSX

Singapore-founded property crowdfunding business CoAssets wrapped up its first day of trading on the Newcastle-based National Stock Exchange of Australia today, with its shares closing flat at 10 cents each.

CoAssets, which will base its Australian office in Perth, has a market cap of $13 million and uses a crowdfunding model to bring together property investors who can network with developers, and ultimately co-invest in real estate projects.

It will also join local crowdfunding companies CrowdfundUP and Fat Hen.

Chief executive Getty Goh said the listing was undertaken to ease transparency issues that surround the crowdfunding industry.

“We are aware that some consumers are still a bit cautious,” Mr Goh said.

“Hence, the main purpose of this listing is transparency in order to increase user confidence.”

The company plans to grow its presence in Malaysia and gain partnerships with real estate firms in China and Indonesia.