Lakeba Group, an international technology firm is steering the sale of two South Australian apartments utilizing blockchain ‘brick by brick.’ The Group is already ‘brickletising’ two apartments in Adelaide’s tallest residential building, Kodo.
Recently, the first clients in the 30-story building moved in. Furthermore, the apartments are split into 20 bricklets or shares which are being offered to investors for 23,000 dollars to 25,000 dollars each. Besides, the Investors would then be able to trade the bricklets on the website bricklet.com.au, which is anticipated to launch operations within a few weeks.
Over and above, Lakeba is presently in negotiations with each territory and state in Australia to empower the platform to go live over the country. Standard expenses and charges, comprising of stamp duty, transfer expenses and conveyance costs will be applied to each bricklet on a pro-rata basis.
Darren Younger, Bricklet head of commercialization opined that if the idea turns out well, they will roll the platform globally. Further, Investors who buy a bricklet will have their names recorded on the title, just as recorded on a private blockchain to empower simpler bricklets online trading. He said,
“We’re using a distributed ledger for the audit trail,” Younger said. “Once someone buys a bricklet, it starts the audit trail and each time its onsold; it’s recorded on the blockchain. It’s about having more credibility and trust in the audit trail.”
Suffice to say, the property is not ‘tokenized’ to that end, relatively it is ‘fractionalized,’ and the ownership is recorded on the blockchain. Moreover, Younger clarified that every property’s valuation would be updated in every 12 months, and speculators will be ready to set their price within a percentage rule when they are planning to sell.
David Ridgway, SA Minister for Trade, Tourism, and Investment stated that it was an inspiring innovation. Lakeba Group is a privately held global technology group. They employ 190 individuals over workplaces in Europe, Australia, Singapore, India, and the USA. Their development is focused on five business lines, namely financial services, professional sector services, code, data and engagement, payments and loyalty.