Projagg Asia signs MOU with FIABCI Indonesia for 7000 developers nationwide
Sep 30, 2019, Las Vegas, Lighthouse Global Holdings, Inc(ticker: LHGI), announced that its first acquired startup, PROJAGG, had signed a partnership with FIABCI Indonesia, Mr. Soelaeman Soemawinata, President, who is also the President of Real Estat Indonesia(REI), during the Asia Pacific Real Estate Congress(APREC 2019), to assist its 7000 developers in project funding. APREC 2019 was attended by more than 200 delegates, in Jakarta, Indonesia.
Projagg is a global real estate and infrastructure development platform that helps developers acquire funding for their projects. It is powered by its proprietary 2-Tier Vaultchain and TenderSys Technology that eliminates fraud, misuse, abuse and misappropriation of project funds. That is the main reason why the funding community finds Projagg a safer and better choice as it gives the funders the peace of mind and more confidence in these projects' success. Developers can't touch the money. Nobody can.
FIABCI is a worldwide business networking organization for all professionals associated with the real estate industry. FIABCI Indonesia, created in 1973, was the leading organization with a clear dialogue with the Indonesian government. One of its members, REI has a cohort of 7000 developers and contractors in Indonesia.
What is Projagg's plan for Indonesia?
Mr. Danny Lim, CEO of LHGI and Projagg said, "Indonesia is a huge country with a population of more than 270 million and a highly educated young generation, that are looking for better housing and environment. Indonesia has many developers who are not able to borrow from banks due to its high double-digit interest. We see lots of opportunities to help their medium size developers to fund their projects. Of course, the main concern for any funders would be the risk of losing their funds due to misuse, abuse, and misappropriation. Projagg can put a stop to these risks. We have underwriters that will secure their capital, so funders will only be concern for their double-digit upside."
"The most interesting event would be the major shift of their capital city from Jakarta to East Kalimantan. They will require more than US$20 billion for infrastructure, government buildings, housing, amenities and all the utilities needed. We are hoping the government will engage Projagg to provide an anti-fraud and corruption secure platform for their mega projects to attract funding from abroad."
Projagg is touted as a secured platform with an in-house TenderSys process that ensures all tenders, quotations, jobs, milestones, and payment will be adhered to, without preferential treatment and human intervention. All payments will be disbursed to all vendors, contractors, subcontractors, suppliers, and consultants directly, not via developers or main contractors. That will surely take the money temptation out of the equation. If it works well, it will probably disrupt the entire construction market. All subcontractors may end up vying for jobs using Projagg platform since they are almost assured of getting paid, and not delayed.
Huge 10 Million Social Housing demand
Danny added, "Projagg is also looking to help arrange funds for the huge backlog of 10 million low-cost housing for the poor. As far as Projagg is a concern, we will work with the government on the possibilities of funding their low-cost housing in townships. Projagg will take a more active role in such long term planning."
Danny also mentioned about Lighthouse's intention to acquire a startup that is focused on building low cost modular and foldable, fast deployment units, in the near future. They will leverage on Projagg's push for funding low-cost housing. Looks like Projagg is moving to capture Asia's market aggressively.