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Pacific Star Development unit is asset manager for startup Crowdvilla
A WHOLLY-OWNED unit of Catalist-listed developer Pacific Star Development (PSD) has become the exclusive asset manager for Crowdvilla, a startup expecting to raise up to US$50 million in a digital token sale to build a portfolio of shared holiday homes.
Under a non-binding memorandum of understanding signed on May 2 between PSD Singapore, Crowdvilla and Reitech, which powers Crowdvilla's blockchain infrastructure, PSD will help source, evaluate and shortlist potential apartments, beach villas, or hotel buildings for Crowdvilla to acquire or rent and then operate.
These homes will fit the "casual luxury" segment, with room rates ranging from US$100 to US$200 per night depending on location, size and ratings by previous users.
Crowdvilla will first focus on gateway tourist destinations and cities in Asia like Kuala Lumpur, Bali, Tokyo and Hong Kong.
It will later branch out into properties in Europe, Middle East and the United States.
PSD Singapore will be paid an annual management fee, acquisition and rental closing fees, and a performance fee. Its engagement as Crowdvilla's asset manager role is subjected to the successful completion of the token sale, as well as the definitive agreements to be entered into by the parties.
PSD's chief executive officer and managing director, Glen Chan, said: "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 of our industry.
"We are also supportive of a homegrown blockchain technology startup company and this is a low-risk initial foray into the blockchain/proptech sphere for PSD."
Crowdvilla's co-founder Darvin Kurniawan said: "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."