Philippine Startup Offers Tokenized Properties
Philippine startup firm C Estates is using blockchain to allow ordinary individuals to invest in real estate easier. Through its platform, users can buy a fraction or the entirety of a property, Chief Operating Officer Eli Becislao told reporters.
Speaking at the unveiling of two residential condominium properties at the center of the country’s financial district in Makati City, Becislao said C Estates was established to simplify the slow and rigorous process of buying and selling real estates in the Philippines as well as making the industry more accessible even to retail investors.
“The good thing with C Estates is that the value of our listed properties is pegged in Philippine peso at a fixed price. The seller or the buyer of the properties will not have an issue determining the value of the asset because it is fixed regardless of the volatility in cryptocurrency prices,” he said.
He added that with the tokenization of real estates, the Philippines joins cities like New York, Amsterdam and Seoul, South Korea as pioneers in digital property investment using blockchain technology.
According to Becislao, the two residential condominium properties in Makati City have become the first successfully tokenized properties in the country. These secondary market properties have been encoded in a global public database using NEM blockchain platform.
Held at the Grand Hyatt Hotel in Bonifacio Global City, the conference tackled the legal, financial, and security talking points surrounding property tokenization. Awarded and well-recognized Tech and Securities Law expert, Atty. Mark Gorriceta (Gorriceta Africa Cauton & Saavedra), spoke about the relevant regulations surrounding digital real estate transactions, while Eric Manuel, Investment and Asset Management for the Philippines for Arch Capital, gave an entertaining perspective on the next wave of smart investments in real estate.
For the technology aspect, Head of NEM Philippines, Emerson Fonseca, was enthusiastic about the potential positive contributions of blockchain technology in Philippine transactions.
In his speech, C Estates' founder and Chairman, Teru Sumida, remarked, "What can change the world is something or someone who will challenge what most people usually believe. Without challenge, there will be no opportunity. So why not? Why not us? We are very much prepared for the challenge of a changing real estate industry."
Hosted by ONE News Network's (formerly Bloomberg) news presenter and producer, Shawn Yao, the well-attended event included personalities, founders and executives of real estate and investment big wigs such as Remax Capital Chairman Kerwin Yu, Sammy Young and Deluck Boonsirithum of Arcya Corporation, Bryan Kenneth Uy of W Group, Sheila Lobien of Lobien Realty Group, Akarsh Dhaiya of Rocket Equities, Santos Knight Frank, CBRE, Colliers Philippines and Eurotel Group.
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