Simplified and secured real estate platform: C Estates Inc. uses blockchain and tokenization ease property deals in PH

Published August 19, 2019, 12:00 AM

by manilabulletin_admin

 

CESTATES
(From left) C Estates Inc. Managing Director Gary Hablero, CEO Teru Sumida, media launch moderator Quintin Pastrana, Chief Operating Officer Eli Becislao, and Chief Technology Officer Marco Mejia.

Through its pioneering real estate tokenization platform, C Estates Inc. intends to make real estate transactions easy and accessible for everyone. With the use of blockchain technology, C Estates is positioning itself as a revolutionary marketplace leader where users can buy either a fraction or entirety of any property.

“C Estates was conceptualized because of the slow and rigorous process of buying and selling properties in the Philippines,” said Teru Sumida, CEO of C Estates Inc. “The idea behind C Estates is to make the process of buying and selling less complicated for investors.”

Prior to C Estates, Sumida founded Capitarise Corporation in 2009, a property management and consulting company that pioneered cross-border transactions between Japan and the Philippines. Capitarise has built its business as a one-stop-shop for foreign investors who wish to own property and retire in the Philippines. During its first five years of operations, Capitarise sold more than 2,500 properties. 

Taking into account its impressive performance, Capitarise sealed an exclusive partnership with one of the country’s top property developers, Megaworld Corporation. The company now provides the backbone for C Estates’s operations.

C Estates uses the process of tokenization which has long been used by financial institutions on monetary assets. Tokenization is the process of protecting sensitive data by replacing it with an algorithmically-generated number called token. In the case of preventing credit card fraud, the customer’s account number is replaced by computer-generated tokens so that information can be passed through various networks needed without disclosing bank details. The actual bank account number is held safe in a secure token vault.

By using tokenization and blockchain technology, C Estates secures and protects all sensitive information on its database. It ensures quick and efficient transfer of property ownership and, in the process, prevents human error on public records. The platform provides buyers with the ability to select a wide array of properties from different owners and contact them directly. Sellers can list their properties for sale in the marketplace, once verification and validation are completed. In addition, those who wish to lease out their properties can easily announce the unit’s availability in the marketplace. 

“Tokenized properties can either be transacted using traditional payment such as credit/debit card, bank transfer or wire transfer. In addition to these methods, property owners can also opt to receive payments through cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) among others,” Sumida explained.

With Sumida having ten years of experience in the Philippines’s fast-paced real estate industry, C Estates plans to initially focus on the country, targeting properties that are under the Condominium Certificate of Title (CCTs) owned by foreign investors.

The next phase is to be able to cater to Transfer Certificate of Title (TCTs) which are properties that can only be owned by Filipino nationals. C Estates is also planning to provide mortgage and home loan financing services and eventually expand the business to nearby countries in preparation for the ASEAN integration.

For more information about C Estates Inc., visit https://cestates.io. 

 
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