Crowdvilla, a blockchain-based holiday home sharing platform, is partnering with Pacific Star Development Limited (PSD), an award-winning ASEAN real estate developer listed on the Singapore Exchange, to bring them on board to be the startup’s exclusive property asset manager.
PSD will source, evaluate and advise Crowdvilla on suitable properties to acquire or rent, and help them build a sustainable portfolio of holiday assets for a community of shared users who will pay for their stay with Crowdvilla tokens.
Darvin Kurniawan, Co-Founder of Crowdvilla, said the company has decided to partner with PSD because of its excellent property asset and investment management track record and its real estate and hospitality experience and networks.
“We’re excited to combine our expertise in building a blockchain-based technology platform for the booking and sharing of holiday homes around the world with PSD’s capability in building up a sizeable pool of properties to support the demands of the Crowdvilla community,” said Kurniawan.
In the first phase, PSD will tap into its global real estate network to help Crowdvilla build up an Asian portfolio. Crowdvilla will either acquire or rent holiday properties in gateway tourist destinations and cities such as Kuala Lumpur, Bangkok, Jakarta, Bali, Phuket, Tokyo and Hong Kong.
A second phase roll-out will include properties in Europe, Middle East, and the United States.
Glen Chan, CEO and Managing Director of PSD views this partnership as a natural transition and evolution of real estate that not only complements brick and mortar but can add new value. “We have an innovative mindset and are keen to move towards the digital space of the future. We are also supportive of homegrown blockchain technology and this is a low-risk initial foray into the blockchain/proptech sphere,” he added.
Mr. Chan noted that Crowdvilla has the potential to be a global tech-savvy community-based holiday platform with a game-changing approach to real estate tokenization.
“By bringing our brick-and-mortar expertise into the blockchain space, we can learn more about this area and achieve our aim to continually progress and explore the cutting edge technology which can transform the real estate industry,” he said.
Crowdvilla is expected to raise up to USD $50 million from its token sale. This will provide Crowdvilla with the funding to acquire or rent real estate assets that will make up Crowdvilla’s holiday homes portfolio.
The engagement of PSD as Crowdvilla’s Asset Manager is subjected to the successful completion of the token sale, as well as the definitive agreements to be entered into by the parties.
