How real estate is tokenised in Singapore: platforms, tickets and exits

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Kooky

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Tokenised real estate in Singapore is easier to describe from the deals than from the theory. A handful of platforms say they hold licences from the Monetary Authority of Singapore (MAS), a small number of buildings and development sites have been financed partly through tokens, and the banks' tokenisation announcements have so far been about bonds, notes and money market funds. The law that sits behind all of this is covered in another guide. This one is about market practice: who does what, under which stated licence, for which investors, at what minimum ticket, and with what route out.

It describes the position as read in October 2026, from the platforms' and banks' own pages and releases, an Urban Land Institute report of an industry seminar, and trade and property press. Every figure below is a statement by the party named, on the date given. None has been checked against a regulator's register for this guide, and the last section lists what the sources read leave open.

Urban Land Institute, 15 July 2025; ADDX home page, read in October 2026; EdgeProp Singapore, 24 June 2022 (amount printed with a dollar sign, taken as Singapore dollars).

A vehicle owns the property, the token records a claim on the vehicle

In none of the sources read does a token stand for a title deed. The pattern described is indirect: a company or fund holds the property, or a stake in it, and investors hold something issued by that vehicle.

InvestaX, which describes itself as a tokenisation platform licensed by MAS, sets the pattern out in an explainer on its own site, last updated on 30 April 2026. It says it can help a client set up a special purpose vehicle that acts either as the issuer of the tokens or as a pooling vehicle that holds the property and the investments. The tokens, it says, may represent equity or debt, or economic and beneficial ownership interests in the issuing entity. The same page also mentions direct ownership of the property as a possibility, without describing a case where that was done.

Fraxtor, a Singapore platform for real estate co-investment, labels the projects on its home page in two ways, "Frax Structure CIS" and "Token Structure CIS". CIS stands for collective investment scheme, a pooled arrangement in which investors share the returns of an asset that somebody else manages. The page also shows that the instrument is not always a unit in a scheme: one project in Western Australia is described as an investment through a debenture issue, which is debt, and a commercial project in Bangkok is described as a close-ended fund.

The company's chief executive, Samuel Lee, put the investor's position in one sentence at an Urban Land Institute seminar reported on 15 July 2025: "The investor owns tokens which represent an economic interest in the underlying asset."

What a holder can enforce therefore depends on the documents of the vehicle and on the kind of interest issued. The sources read do not publish those documents.

One documented case: a collective sale in Pasir Panjang

The most detailed public account of a Singapore property financed this way is in EdgeProp Singapore, in an article dated 24 June 2022. It concerns Gloria Mansion, a residential development in Pasir Panjang sold en bloc in early 2022. EdgeProp reported that the site was acquired for S$70.3 million by a group led by the family offices behind Hong How Group.

According to that article, Fraxtor formed a special purpose vehicle so that its investors could co-invest in the purchase through units in a collective investment scheme, and each investor received a digital token for each unit. The entry amount quoted was "as little as" S$20,000. The article does not say how much of the purchase price came from the platform's investors, and it gives no projected return.

A worked example shows the scale. Assume one investor put in the minimum of S$20,000. Against the reported purchase price of S$70.3 million, that is about 0.03 per cent of the price. The figure is illustrative only: the vehicle's actual capital, its borrowings and the share taken by platform investors were not published in the article.

Oliver Siah of Fraxtor explained the appeal he saw in development projects of this kind in the same article: "Most serious real estate investors would like to see the capital upside when the property is eventually sold." EdgeProp also reported his view that listed Singapore developers traded at about 60 per cent of net asset value at the time. That is his statement, made in 2022, and the article gives no source for it.

Fraxtor today: six projects, most of them residential

Fraxtor's home page, read in October 2026, calls the company "a blockchain enabled real estate co-investment platform" and says the platform is built on the Ethereum blockchain. It says it brings together family offices, private equity fund managers and real estate investors.

The page shows six projects, each marked "Capital Deployed". Three are freehold residential projects in Singapore, one is in Western Australia, one is multi-family housing in Japan and one is a commercial property in Bangkok. The estimated holding terms displayed run from 24 months to 56 months.

This matches what the Urban Land Institute seminar heard in 2025. Its report says the projects on the platform are mostly value-add or opportunistic, that residential development is among the most popular asset types, and that the platform's investors favour Singapore, Australia, the United Kingdom and Japan.

The home page itself does not state a licence, a minimum, a fee or an eligibility rule. The licence claim comes from elsewhere: the Urban Land Institute report quotes the chief executive saying the company is licensed by MAS, without naming the type of licence, and EdgeProp in 2022 called it an MAS-regulated real estate investment platform.

What ADDX, InvestaX and SDAX say they are licensed for

Three other names recur in coverage of security tokens in Singapore. Two labels appear in their statements. A capital markets services licence is the MAS licence for carrying on a regulated activity such as dealing in capital markets products. A recognised market operator is a status under which a firm runs an organised market, which is where secondary trading between investors takes place.

ADDX says on its home page that it is not licensed under the Financial Advisers Act and does not give financial advice. Real estate is not among the product types that page lists in 2026: it names commercial paper, daily access funds, term notes, private credit, fixed coupon notes, private equity, hedge funds, tracker certificates, structured products and fixed income. The page gives its own totals of more than S$2 billion in transactions and more than 200 opportunities to date, undated, and it shows the logos of shareholders that include the Singapore Exchange and UOB. Whether any of those 200 opportunities was a property fund is not stated on the page.

InvestaX says its capital markets services licence allows it to deal in securities and facilitate primary offers, and that it also operates as an exempt financial adviser. Its property-linked examples are debt, not ownership. One is a token representing a construction loan to a property developer in the United Kingdom, which it classes as a debt security. Another is advisory work on tokenising the corporate debt of a listed Thai property developer. The page says the platform does not accept users from the United States.

SDAX was presented at its launch as an exchange with a real estate focus. Fintech News Singapore reported on 26 July 2022 that the platform had officially launched with a focus on real estate and on environmental, social and governance investments, and that deals are tokenised as digital securities and fractionalised. It also reported a Series B funding round of S$24 million in late 2021, with PSA International, Straits Trading Company and New Horizon Global among the investors. A month earlier, EdgeProp had reported that the property consultancy Edmund Tie had signed a memorandum of understanding with SDAX. Neither article names a property deal completed on the exchange.

Kasa, the fifth name in the table, shows that a reported licence and activity in Singapore are different things. EdgeProp described it in June 2022 as a platform founded in 2018 and focused on South Korea, which had obtained both a capital markets services licence and a recognised market operator licence from MAS at the end of 2021. At the date of the article, it had not yet offered investments in Singapore.

The record EdgeProp reported was Korean: six commercial properties in Seoul's Gangnam district, two of them already sold, with profits of about 20 to 26 per cent over holding periods of 5 to 17 months. Those are the company's figures as the article carried them, for two assets in another market. Kasa said it aimed for entry levels of about S$10,000 or S$20,000 in Singapore. What it has offered in Singapore since June 2022 was not found in the sources read.

Minimum tickets, as each party states them

The minimum quoted for property deals has moved, and it differs by platform. Fraxtor's was "as little as" S$20,000 in EdgeProp's 2022 article. In the Urban Land Institute report of July 2025 it was S$25,000, with a typical commitment of about S$200,000. On those two figures, the typical commitment is 8 times the minimum.

ADDX's home page says investors can start "from just USD 1,000". That is a platform-wide statement and the page ties it to no property product.

The banks' releases show how far a token can cut a denomination, on other assets. OCBC said on 6 January 2025 that its tokenised bonds come in denominations of S$1,000, against a usual minimum of S$250,000 for a corporate bond. On those figures one conventional lot equals 250 tokens. DBS said on 21 August 2025 that each of its structured note tokens represents US$1,000 of a note whose traditional minimum is US$100,000, or 100 tokens to one conventional minimum. Neither product concerns property.

Who may invest: accredited investors, with retail at the edges

Every property platform in the sources read is described as open to accredited investors. EdgeProp wrote in 2022 that only accredited investors could join real estate fractional schemes such as those of Fraxtor and Kasa. The Urban Land Institute report said the same of Fraxtor in 2025. ADDX says its platform is designed for accredited investors, and InvestaX names accredited, institutional and expert investors.

The two reports do not describe an accredited investor in the same way.

One source points the other way on retail. Fintech News Singapore's 2022 launch article lists retail investors among those SDAX serves, alongside institutional and accredited investors and family offices. That is the outlet's wording and no retail property offer is named in it.

Retail access has arrived for a tokenised fund, not for property. Fintech News Singapore reported on 10 November 2025 that MAS had approved the Franklin Onchain U.S. Dollar Short-Term Money Market Fund as an authorised scheme, which it described as Singapore's first tokenised retail fund, with a minimum of US$20. According to the article, the fund was first offered to DBS wealth clients and accredited investors, with retail access expected in the first quarter of 2026. Whether that timetable was kept was not verified here.

At the 2025 seminar, Seat Moey Eng, a consultant to the law firm Allen & Gledhill and a former group head of capital markets at DBS, was quoted in the Urban Land Institute report as saying that regulators are "very supportive of this move to allow retail access to the private market space". The report gives no date for a platform on which such tokens would trade.

Project Guardian: fund pilots, and no property pilot in the sources read

Project Guardian is the MAS-led industry initiative on asset tokenisation. EdgeProp reported that MAS announced it on 31 May 2022, and added that at that point it did not cover real estate.

The participant accounts read for this guide are about funds. UBS Asset Management said in a release datelined Singapore, 2 October 2023, that it had launched its first live pilot of a tokenised variable capital company fund as part of Project Guardian. A variable capital company is a Singapore corporate form for investment funds. UBS called the exercise a controlled pilot of a tokenised money market fund, represented as a smart contract on the public Ethereum blockchain through its in-house service, UBS Tokenize. The activities tested were subscriptions and redemptions.

The release says the fund sits within a wider umbrella meant to bring various "real world assets" on-chain. It does not name real estate. Thomas Kaegi, head of UBS Asset Management for Singapore and Southeast Asia, said in it: "This is a key milestone in understanding the tokenization of funds."

Two other links appear. InvestaX says on its own site that it worked on a project to tokenise the variable capital company structure, which it calls eVCC, alongside UBS, State Street, PwC Singapore and CMS. And Fintech News Singapore describes Franklin Templeton as a participant in Project Guardian, without saying that its retail money market fund is itself a Guardian pilot.

No source read for this guide describes a Project Guardian pilot whose underlying asset is a building or a property fund. MAS's own pages on the project could not be opened, so this is a statement about what was read, not about what exists.

What the banks have tokenised: bonds, notes and a money market fund

The three bank-related announcements read share one feature: none of them mentions property.

OCBC's release says its first transaction took place in November 2024 with a mid-sized Singapore manufacturing company, on a tenor of under one year, and settled on the same business day where the conventional process takes five days. The tokens sit in a client wallet on the bank's own platform, which OCBC custodies, on infrastructure it says it developed in 2022.

DBS's release says the notes are issued on the public Ethereum blockchain and distributed through three outside platforms, ADDX, DigiFT and HydraX, to eligible accredited and institutional investors. It says equity-linked and credit-linked notes will follow. One of those distributors, ADDX, is a platform named earlier in this guide, which shows how the banks' products and the private-market platforms connect. The link the releases make is distribution, and property is not part of it.

For the property trade, the practical reading is narrow. The banks' releases describe tokens in small denominations. As of the releases read, they had not announced a tokenised building, property fund or real estate investment trust.

Secondary trading and exits, as described

How a holder gets out is the least documented part of the market. Four kinds of statement appear in the sources.

The first is the life of the project. Fraxtor's page gives each project an estimated holding term, from 24 to 56 months, which implies that the planned exit is the sale or repayment of the underlying asset. On transfers before that point, the page says only that its blockchain approach could "plug into a wide network of digital asset exchanges in the near future".

The second is a platform market. ADDX's home page links to its trading rules, its over-the-counter rules and a best execution policy, but does not describe on that page how a sale works. InvestaX says tokens can be traded on its own over-the-counter platform and on partner platforms it names as IXS, OSL, Archax and Atlas One. It also says that stamp duty, limits on the number of investors and transfer restrictions are considered when an issue is structured, which signals that a token may not be freely transferable.

The third is redemption by the issuer. OCBC says its bond tokens come in S$1,000 denominations and are redeemed by burning the token. UBS's pilot tested subscriptions and redemptions, the normal way in and out of an open-ended fund.

The fourth is a claim of an active market, made about Korea. Kasa's chief executive told EdgeProp in 2022 that its exchange was "active and very liquid", and the article said securities houses and private banks could act as underwriters and market-makers there.

At the 2025 seminar, the Urban Land Institute report records, liquidity was named as a key challenge, and speakers said tokens need a robust and secure platform to trade on. Better liquidity than conventional property was listed among the benefits in the same report. Both statements are in the source, and no trading volume for any Singapore property token was published in anything read for this guide.

How property professionals describe it

The property firms quoted in the sources treat tokens as another wrapper around a familiar asset. Desmond Sim, chief executive of Edmund Tie, told EdgeProp in 2022: "Unlike cryptocurrency, these tokens are securitised offerings backed by real estate." He compared them to electronic versions of real estate investment trust units, issued by a digital platform and not listed on the Singapore Exchange.

At the 2025 seminar, Melvin Chay, a senior director at Knight Frank, said of how he would assess such an investment: "There are two things for me: one is the REIT manager, and two is the portfolio, the assets." The report adds his view that managers could use tokens to raise co-investment capital for single projects or funds.

The same report lists the risks raised by the panel as technological, managerial and those of the underlying real estate, next to the four benefits it recorded: a lower entry amount, access to vetted deals, no management burden for the investor and better liquidity than a direct holding.

What is still unknown

• Size. No source read gives a total for tokenised real estate issued or outstanding in Singapore. The Urban Land Institute report calls the niche small, with only a few specialised platforms.
• Trading. No volumes, prices or number of trades for a Singapore property token were found.
• The legal form of each deal. Offer documents, the register that prevails if the ledger and the company's records differ, custody of tokens and fees are not on the public pages read.
• Licences. Every licence above is as stated by the platform or the press. MAS's register and its Project Guardian pages could not be opened, and no Singapore Exchange announcement on tokenised property was read.
• ADDX and property. Its current page lists no real estate product, and its earlier listings were not verified.
• Kasa and SDAX. Their Singapore property activity after mid-2022 was not found.
• Retail. Whether the retail stage of the tokenised money market fund opened as expected in early 2026 was not verified, and no retail offer of a tokenised property interest appears in the sources.

In Singapore the documented property tokens are private co-investments for accredited investors, while the banks' tokens so far carry bonds, notes and cash funds.

Kooky, from Shaka

Kooky edits Agents Estate and builds Shaka, the payment router he made for real estate professionals. One payment comes in, and every agent, agency and party in the deal receives their signed share on closing date.

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