REALX, an investment token backed by Origin Property group’s three luxury condominium projects located at the heart of Bangkok, is on course to be the first digital asset to trade on Thai Digital Assets Exchange (TDX) on September 25.
Thai Digital Assets Exchange Co., Ltd. (TDX) Chairman Manpong Senanarong said that REALX investment token issued by Real Estate Exponential Co., Ltd. will be listed under ticker symbol “REALX”.
REALX sets the objective to invest in the revenue sale and transfer agreement (RSTA) in order to generate revenue stream from the assets of the projects owned by Real Estate Integration Co., Ltd., which will acquire the ownership rights of the three condominium projects, consisting of 93 units of Park Origin Phrom Phong, 84 units of Park Origin Phayathai, and 67 units of Park Origin Thonglor.
REALX sold 13.19 million digital tokens with an investment value of THB 2.4 billion (approx. USD. 66.98 million) through initial coin offering (ICO) to the general public during July 1 – Aug 31, 2023, at a price of THB 182 per token. The company plans to trade around 5.49 million tokens on all digital asset exchanges as stated in its white paper. Token X Co., Ltd. is the ICO portal provider and SCB Asset Management Co., Ltd. is the trustee.
Real Estate Exponential Co., Ltd. Chief Executive Officer Veerapong Chutipat said that REALX, Thailand’s first condo-backed digital token, will invest in the three luxury condominium projects developed by Origin Property group and all these projects are located in areas with high potential for economic development and growth. Moreover, they are managed by Hampton Hotel and Residence Management Co., Ltd. (HHR) with over 20 years of experience in managing many world-class hotel brands globally. HHR offers end-to-end management solutions, starting from property management, maintenance to add-on services for tenants.
The digital token holders will be entitled to two batches of returns : (1) quarterly returns on the net rentals during the first – the 10th year of the project (including the case of extension of the project lifetime), with net income guaranteed by Park Luxury Co., Ltd. (PARK) during the first five years of the projects at 4.00 – 5.00 percent per year of the digital token offering value, and (2) quarterly returns on the net sale of the assets of the projects during the sixth – the 10th of the projects (including the case of the project lifetime extension) according to the plan to gradually put the assets up for sale. The amount of digital tokens will be burned in the same ratio as the number of square inches of condominium units sold each quarter.
Thai Digital Assets Exchange (TDX) Co., Ltd. is a company under the Stock Exchange of Thailand (SET) group. TDX provides digital asset exchange service with a commitment to making digital token an attractive alternative and accessible to the next-gen investors to increase opportunities and diversity in fundraising and investment through digital token under relevant laws and regulations.