Singha Estate has become the first real estate developer in Thailand to accept cryptocurrency from foreign buyers, partnering with Genesis Block in Hong Kong – the leading Over-the-Counter (OTC) digital asset trading center in Asia.

This collaboration with 'Genesis Block' makes Singha Estate the first Thai developer to directly partner with a Market Maker in Hong Kong, allowing for better exchange rates for both local and foreign buyers converting digital currency to cash, with exchange rates confirmed almost instantly. “This direct partnership with Asia's top digital asset trading center in Hong Kong elevates the use of cryptocurrency for home buyers to an unprecedented level in Thailand, enabling foreign buyers to purchase residential properties in Thailand using cryptocurrency, along with official documentation of the money transfer into the country, which was previously not possible,” the statement reads.

Singha Estate Public Company Limited (S), a leading real estate development and investment company in Thailand, announced that it has teamed up with Genesis Block in Hong Kong, marking the first time in Thailand that foreign buyers can purchase residential properties using cryptocurrency and receive official documentation confirming the transfer of funds from abroad.

Ms. Thitima Rungkwansiriroj, Chief Executive Officer of Singha Estate Public Company Limited, stated, “This collaboration is pioneering a path for foreigners holding cryptocurrency to easily purchase residential properties in Thailand, and importantly, it will strengthen the residential real estate market in Thailand.”


Ms. Thitima Rungkwansiriroj, Chief Executive Officer of Singha Estate Public Company Limited

Ms. Thitima further expressed, “We are honored that Genesis Block in Hong Kong, recognized as a leader in providing major cryptocurrency trading services in the OTC market, has agreed to partner directly with Singha Estate, reinforcing our strategy to collaborate with the largest players in various sectors.”

“Beyond facilitating foreign buyers in purchasing residential properties in Thailand, our direct partnership with Genesis Block in Hong Kong will also enable our clients, both domestic and international, to use cryptocurrency at better exchange rates, with almost immediate confirmation of the exchange rates, which has never been done before in Thailand,” Ms. Thitima added.

She also mentioned that Singha Estate and Genesis Block are continuously looking for other opportunities to collaborate in order to create new services and conveniences.

Mr. Clement Ip, Co-Founder and Chief Executive Officer of Genesis Block, stated that this collaboration will create numerous opportunities in the rapidly growing blockchain market and foster collaboration that leads to significant financial transformations in Southeast Asia.


Mr. Clement Ip, Co-Founder and Chief Executive Officer of Genesis Block

“Promoting the widespread use of cryptocurrency and blockchain technology has been at the core of Genesis Block's vision from the beginning, and we are thrilled to work with Singha Estate to facilitate cryptocurrency transactions in the real estate sector, making cryptocurrency more commonly used in the Southeast Asian market, which is experiencing high growth,” he said.

In March 2021, Singha Estate revealed its goal to triple its annual revenue to approximately 20 billion baht and increase its assets to 80 billion baht within three years.