DomaCom opens in Singapore, plans expansion

06-Nov-2014

By Elizabeth Somerville

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DomaCom has announced the opening of its first global office in Singapore, with the property investment firm considering other offshore opportunities.

“Singapore is the pilot office and if it works, we’ll look at other global offshore offices in Hong Kong, London and Jersey,” DomaCom chief executive Arthur Naoumidis told financialobserver.

“We’ve got a lot of interest [from overseas investors] in using platforms to invest in Australian property.

“We’ve already received quite a lot of interest from Hong Kong.”

Although the company’s focus would still be Australia, it could not ignore the mounting interest from Asia, Naoumidis said.

“Whilst our focus is clearly on the domestic market and introducing the model to Australian investors through the financial planning networks, it is difficult to ignore the strong Asian interest,” he said.

The Singapore office, which was established in response to offshore demand in Australian fractional property investment, would serve Singapore exempt investors, who are similar to sophisticated investors in the Australian market, he said.

Further, DomaCom was now seeking to have the DomaCom Fund offering authorised by the Monetary Authority of Singapore for distribution to Singapore exempt investors.

Naoumidis said Paul Zaman had been appointed as managing director of DomaCom Singapore and would head up the company’s first overseas office to support licensed wealth and financial advisers who serviced Singapore exempt investors.

Zaman, who is a long-term permanent resident of Singapore, previously worked as a director of strategy at the Infocomm Development Authority of Singapore.

Prior to this, he headed up ING Barings Securities’ Asian equity research for the telecommunication sector.

He also led the successful T1 initial public offering (IPO) of Telstra, which was the largest IPO in the world at the time.

Last month, financialobserver reported DomaCom planned to publicly list on the Australian Securities Exchange in mid-2015 following a successful capital raising of $7 million, which had already taken place.

Nauomidis told financialobserver the company planned to reach $100 million in property in the fund prior to the IPO.

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