• XSpring Digital announces their readiness to introduce its new product to the Thai digital asset market - SiriHub Investment Token, after obtained an approval from the Securities and Exchange Commission (SEC) for public offerings that is officially effective on 29 July 2021, making SiriHub the first SEC-approved Real Estate-backed Token in Thailand.
• SIRIHUB highlights more potential benefits as the Real Estate-backed Token is based on the revenue stream from the Siri Campus Project, where the Sansiri Company has a long-term rental contract of 12 years.
• SiriHub Investment Token aims to fundraise a total value of THB 2,400 million, welcoming investors to invest in this significant project with an initial investment of only THB 10 in digital tokens with a limited number of only 240,000,000 tokens being offered, on a first-come-first-served basis.
• Investors can choose to invest in 2 token groups: SiriHubA with quarterly revenue sharing of 4.5% per year and SiriHubB with an interest rate of 8.0% per year1.
• All investors can subscribe to verify themselves via “XSpring” Application from now.
Mr. Att Tongyai Asavanund, Chief Executive Officer, XSpring Digital Company Limited, an ICO Portal in Thailand obtained an approval from the SEC, said “XSpring can see the potential growth of the ICO market in Thailand, providing more opportunities for both traditional and new-gen investors to invest in digital assets market. Today, we have been successfully approved and are now ready to introduce SiriHub, Thailand’s first Real Estate-Backed Token that will generate returns with quarterly revenue sharing of 4.5% and 8.0% per year1 for each of token groups. SiriHub token is a real estate-backed ICO so it will provide more confidence, and this open a new chapter in Thailand’s capital market history as it gives more chances for investors of all levels to invest in this major project with potential for future growth such as the Siri Campus located in T77 - a new residential development and modern lifestyle hub at Onnut, Bangkok with a long-term lease agreement for 12 years.
“The main purpose of the SiriHub Investment Token offering is to provide more opportunities to all Thai people to invest in high-value projects with an initial investment of only THB 10 per one token. They can select to invest in one or both tokens from 2 groups: 1) SiriHubA offers 160 million tokens worth THB 1,600 million and 2) SiriHubB offers 80 million tokens worth THB 800 million. The total fundraising value is THB 2,400 million, where the offerings have adequate and appropriate investor protection mechanisms.
“SiriHub Token offers an investment in the revenue stream from the Siri Campus office building located in T77 a new residential development and modern lifestyle hub in the Onnut area, where 100% of the rent come from Sansiri Company with a long-term lease agreement for 12 years, which creates revenue of 149.4 million baht per year. As the SiriHub project period will take only 4 years, investors are assured the project will have continued revenues”, explained Mr. Asavanund.
Holders of SiriHubA will get returns with quarterly revenue sharing of 4.5% per year and revenue sharing from sale of the real-estate after the project’s end, not over THB 1,600 million, and holders of SiriHubB will get returns with quarterly revenue sharing of 8.0% per year and revenue sharing from sale of the real-estate after the project’s end, from the surplus of THB 1,600 million . As per the asset evaluation reports from two appraisers approved by the SEC, the value of Siri Campus Project will rise to THB 2,600 million in the next 4 years. Further, the Agency for Real Estate Affairs (AREA) reported an analysis of land prices at Onnut BTS located close to the T77, with 2021 land costs of 1.1 million baht per square wah with Compound Annual Growth Rate (CAGR) at 10% per year from 2015 to 2021. This demonstrates that the area has huge potential and high growth rate.
Secured investment on Blockchain Technology
The SiriHub Investment Token offering runs on the Tezos blockchain system, the world’s most advanced blockchain technology developed to support digital fundraising with a Real Estate-backed ICO. The blockchain provides more security with Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) measures, and Know Your Customer (KYC) standards. Only approved registrants can be put in the Whitelists to trade digital tokens. The system also has real-time Clawback, a feature to return stolen tokens back to the holder’s wallet, and Capitalization Table (Cap Table) as personal information will not be shown so as to protect the privacy of the holders.
Cooperation with Legal Partners for Best Protection
XSpring Digital works closely with leading legal partners in developing the structure and all components of SiriHub Investment Token to guarantee it follows all criteria given by the SEC. Such legal advisory partners include Baker & McKenzie, asset manager or trustee, MFC Asset Management Public Company Limited, and a team from PricewaterhouseCoopers ABAS Ltd. from Switzerland to review the smart contract system. So, investors will have 100% confidence of transparency and security of the digital token offerings.
Investors who are interested in investing can open an account, verify their identity and take the knowledge test in advance from today. By downloading the XSpring application on both IOS and Android systems and when it comes to the subscription day, just open the wallet and make a reservation by transferring money through a bank account through the original application.
“The XSpring application is well prepared so all investors can access it with ease. They can subscribe in advance from now to save time and increase their chances to buy the tokens once it is officially launched. The offerings will be done on a first-come-first-served basis”, added Mr. Asavanund.
Those who are interested can contact 02-038-5999, or follow the news of digital assets and digital tokens at:
XSpring Digital website: www.xspringdigital.com
Facebook Page: https://www.facebook.com/XSpringDigital
Published : August 05, 2021