Cattocity Aims To Help Resolve Unsold Properties Problem Through NFTs

CEO of Cattocity, Low Sing Chyuan, at a briefing following the official launch of the company.

PETALING JAYA, Dec 9 – Cattocity Holdings Sdn Bhd, a tech start-up involved in non-fungible tokens (NFTs), aims to play an active role in Malaysia’s property sector, especially in helping to market unsold properties by using its NFTs to obtain special purchasing privileges.

At the same time, Cattocity also wants to nurture an exciting networking community for its NFT holders to have access to exclusive perks and privileges in the food & beverage, hospitality, healthcare, leisure and entertainment segments, said its chief executive officer, Low Sing Chyuan, at a briefing after the company’s official launch here today. To date, some 200 retail merchants have teamed up with Cattocity.

“At Cattocity, we want to help in the disposal of unsold properties through our unique win-win marketing plans, which should revolutionise the local property market,” he said, adding that the company would familiarise more people with the usefulness of NFTs, especially in the property and leisure sectors, before it started marketing its NFTs from the first quarter of next year.

The company has also chosen its NFTs to be shaped in the form of colourful and adorable cats as they are usually regarded as cute and agile.

Child piano prodigy Kiyo Nai Yow Jia, 6, playing Cattocity’s theme song at the launch.

Cattocity was founded by four professionals from property development, software development, marketing and NFT art who felt they had something unique that they can offer to help solve the problem of unsold real estate units through the use of NFTs to get special discounts from participating property developers.

Low said the company’s founders felt a strong property market is always beneficial to the national economy, especially in the reduction of unsold properties.

He said that the overhang of unsold residential units at 34,092 units valued at RM21.73 billion at the end of the first half of 2022 as shown by the Finance Ministry’s National Property Information Centre (NAPIC) was always a pain point for property developers and owners.

Of the overhand in residential units, almost 60 per cent was high-rise properties standing at 20,273 units. The overhang of commercial properties stood at 32,025 units valued at RM16.97 billion of which 70.8 per cent or 22,674 units were serviced apartments. Industrial units unsold totalled 1,071 amounting to RM1.39 billion.

Low said Cattocity believed that it can help resolve the deadlock through its own NFTs, which could be described as a new way towards modern-day investment in a technology-driven way.

Cattocity’s aim is simple: to be a unique player in the property sales space for residential, commercial and industrial properties by getting property developers and property owners to come on board to offer their properties at special reserved prices to Cattocity NFT holders.

“Holders can also benefit from being part of an ecosystem that transcends both physical property owners and virtual property ownership without going through middlemen to ensure more added value, cost-savings and a host of long-term intangible benefits,” Low said.

Cattocity plans to release its first batch of 10,000 NFTs in Q1 2023 to be followed by a second batch of another 10,000 NFTs at a higher price point later. Cattocity NFTs will eventually be listed in Opensea, the world’s largest and most secure NFT trading platform.