UPRETS Is Tokenizing the Prestigious Oosten Property in Williamsburg, Brooklyn
November 12 2019 - 4:46AM
Business Wire
UPRETS has been working hard on the tokenization of The Oosten
property in Williamsburg, Brooklyn. Funded by NYSE:XIN, UPRETS is a
digital security issuance platform with a focus on transforming the
global asset market. This luxury development project features 216
units and is Xinyuan Real Estate Co., Ltd’s first project in New
York City. The project features 1, 2 and 3-bedroom units.
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UPRETS Is Tokenizing The Oosten Property
in Williamsburg, Brooklyn (Photo: Business Wire)
The Oosten condominium project was designed by Piet Boon, a
renowned Dutch architect, and caters to all the needs of a
prospective home-seeker through its variety of units. The project
can be described as a blend of modern architecture and lush
amenities to take luxury living in New York City to a new
level.
Digital security offerings are slowly starting to take shape as
the leading investment vehicle of the future. Digital securities
aim to make working with various regulators and creating an
ecosystem easier. Real estate for a long time has been viewed as a
safe haven for the wealthy. This is about to change with the
tokenization of real estate projects, such as the Oosten property
which will open up the real estate market to new investors.
“The global asset market is ready for a revolution through
tokenization. Many people wish to be a part of this market, but the
barriers to entry have been a major concern. Liquidity issues and
the presence of many intermediaries make the process of trading
securities not only tiresome but also time-consuming,” said
UPRETS Team.
The private assets market is known for being illiquid. The
Security Token Academy notes that tokenizing these assets will make
them liquid and also open up new opportunities. Global real estate
assets have a valuation of about $230 trillion. Commercial
properties are worth about $32 trillion, while residential real
estate is valued at $180 trillion with agricultural activities
constituting the remainder. Other securities that will benefit from
tokenization include debt and equity which are also illiquid in the
private markets.
“UPRETS intends to lead the rest in the real estate sector
through this Oosten project. We want to open up real estate
investments to everyone through blockchain technology. The future
of blockchain is now. We have now moved from speculating what
blockchain technology can do to actual usage.”
——UPRETS Team
The securities in issuance are shares of the real estate fund,
which will, in turn, be represented by a token. These shares will
be offered privately at the set subscription price to the various
accredited investors. All accepted subscribers will then be
admitted to this fund as token-holders or shareholders.
The secondary digital securities market is a concern of
potential investors. There have been major strides in this area
with the introduction of regulated exchanges, such as OpenFinance.
Such exchanges charge a listing fee for digital securities and they
must do thorough due diligence on the viability of the digital
securities in question. UPRETS is going to work with a public
market to list the shares that will be sold to various subscribers.
The transfer of shares will initially be regulated by the Fund.
Even though tokenization of a real estate property makes it
possible to have fractional ownership, it is not the only reason to
tokenize an asset. The aim of UPRETS is not limited to The Oosten
property, the company will tokenize other real estate globally in
cities such as Dubai, London, and Singapore. Tokenization is to
democratize the investing process for global investors. The
approach will cut down on the number of intermediaries to involve
and the fees associated with the investment process. Cutting down
intermediaries makes it lucrative for a property owner to sell
because the property will fetch a higher price when the token
becomes liquid with fewer people to pay in the chain.
For more information, please visit uprets.io.
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version on businesswire.com: https://www.businesswire.com/news/home/20191112005493/en/
Ran Wei Email: ran@uprets.io Tel: +1 510-356-7692 (US)
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