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Why is Malaysian Luxury Resort planning to raise building funds by tokenizing?

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In order to raise funds for construction and keep the project going, the construction company IBN Corp will use token sales

One of the largest construction companies in the Southeast Asian Region, IBN Corp, is upto building its all-new projects, which is gaining too much popularity already. The latest project of IBN Corp is called the IBN Highlands City, which is a billion-dollar worth project which will be located at the well known summer resort of whole Asia, Genting Highlands. 

There will be serviced apartments, commercial areas, and five-star hotels included in the project that all fall into the luxury category. The more interesting part of the project, other than its choice of building luxury constructions, is that the fund for construction would be raised by selling the tokens. 

How Tokenization would take place and its crucial role

About 325,000 tokens will be put for sale already available on LGBank. The project includes a hotel collaborated with American toy maker company Hasbro, whose Hotel will be named Hashbrotel. Its token Hasbrotel token (HASHM) would give its users an ownership share in the IBN Corp. The company is estimated to generate about $325 million worth of funds, and the project’s completion date is 2025. 

The construction giant IBN Corp said that the Tokenization of assets has the potential that could increase the number of investors in the border market. It will grow liquidity in comparison to traditional bonds and would reduce the time which will be required to execute the large projects. 

About the firms behind the project – IBN Corp

IBN Corp has branches of real estate firms across the Asian continents, having its presence in China, Malaysia, and Singapore. The company is known for some of its quite impressive development projects under its construction list, including the tallest residential building in Kuala Lumpur – IBN Bukit Bintang, Green City in Serendah Bentong Eco Park in Bentong, and a lot more. 

The hotel named Hasbrotel, for which IBN Corp collaborated with American toymaker giant Hasbro is also popular under the project. The toymaker brand in its portfolio has over 1,500 brands, including Marvel, Star Wars, Transformers, Monopoly, etc. 

Luiz Góes, a Brazilian developer, is behind the tokenization project funding the construction of Fortune tower in Malaysia under the IBN Highlands City. Goes is also the co-founder of LGBanks and LYOPAY CEO. He says that the construction project of the resort in Malaysia is a turning point for the crypto market and future initiatives of Tokenization, along with being a pioneer in its scale and magnitude. 

Steve Anderrson
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