Discussions or technologies that are dealing with cryptocurrencies are trending feverishly in the recent months. Technologies such as Non-fungible tokens (NFTs), mining of cryptocurrencies, staking of cryptocurrencies, etc have been on the rise in recent months fueled by the need for such technologies.
Hatten Land Limited, one of the leading property developers in Malaysia are looking at opportunities to leverage on these technologies to better serve its customers and improve its offerings. It is an extremely exciting venture and has caught the eye of many investors.
Here are 7 things that you should know about Hatten Land and its forays into the exciting field.
#1 Hatten Land’s Extensive Portfolio
As of its latest report, Hatten Land’s development portfolio comprises three integrated mixed use development and a retail mall which collectively has a total market value of approximately RM 1.9 billion with an aggregate GFA of approximately 7.8 million sq ft. Since 30 June 2016, Hatten Land has also added the Satori project to its current development portfolio.
#2 Initiating cryptocurrency mining rigs operations
Hatten Land has signed an agreement with Frontier Digital Asset Management Pte. Ltd. to share
proceeds from jointly operating at least 1,000 cryptocurrency mining (“cryptomining”) rigs within
the Group’s properties in Malaysia.
Cryptomining rigs will be installed starting from Q42021 in phases under the binding strategic
collaboration and management agreement between Hatten Land’s wholly-owned subsidiary
Hatten Technology (S) Pte. Ltd. and Singapore-based Frontier, which currently operates
over 700 cryptomining rigs in Singapore.
Hatten Land recently announced that it would re-purpose its retail malls in Melaka for digital
activities such as cryptomining and e-commerce. These activities will leverage on existing
infrastructure and lower energy costs in Malaysia.
#3 Impressive cryptocurrency mining rigs target
Frontier will install, operate, manage and maintain at least 1,000 cryptomining machines at properties owned or managed by Hatten Land in Melaka. The rigs will operate 24 hours each day, including public holidays and weekends and will mine Bitcoin (“BTC”) initially, with alternative coins to be considered in the future.
Hatten Land recently signed a Memorandum of Understanding with SGX Mainboard-listed
Singapore Myanmar Investco Limited to procure up to 2,000 rigs. Combined with this agreement, Hatten Land will see a total of up to 3,000 rigs operating at its properties.
#4 Green cryptocurrency mining preparations
Hatten Land intends to operate the Group’s energy-efficient ‘green’ crypto mining centres in Melaka to
be enabled by solar panels installed on rooftops of malls owned and/or managed by the Group.
Hatten has signed a Strategic Partnership Agreement with Nestcon Sustainable Solutions Sdn. Bhd. (“NSS”), to explore opportunities related to solar photovoltaic plants and facilities (“SPPFs”) in Malaysia.
Under the agreement, the parties agree to commence negotiations, for a period of one year, to enter into definitive agreement(s) whereby the parties will work together to set up a joint-venture and/or consortium with other partners to, inter alia:
- Supply, construct and manage SPPFs in Malaysia
- Install and manage 6,373 solar panels capable of generating 3.19 MWp of solar-powered energy at Dataran Pahlawan Melaka Megamall (“Pahlawan Megamall”) managed by the Group’s related corporation in Melaka
- Install and set up SPPFs at all other malls in Melaka owned or managed by the Group and the Group’s related corporations.
#5 Digitizing its assets
Hatten Land Limited has signed an agreement with EnjinStarter to develop a dedicated token system, and create digital assets, including nonfungible tokens, to promote the development of a digital economy in Melaka where it has substantial hospitality and retail assets.
Hatten Land is re-purposing its extensive mall footprint in Melaka and pivot towards digital and blockchain activities as the pace of digitalisation in the world accelerates.
#6 First-ever tokenization of mall’s loyalty points
EnjinStarter will develop a token strategy (“tokenomics”) that will allow tokens and NFTs to be exchanged or connected with the current loyalty point system of the Hatten Group as well as other participating hotels, attractions, malls and shops, starting with Melaka.
EnjinStarter will also provide maintenance and support services for Token System and Metaverse to be developed. This project with EnjinStarter will start mid-October 2021 with delivery of the Token System and the crypto-related elements and/or components connected to the Token System.
#7 Ambitious metaverse project
Both Hatten Technology and EnjinStarter will collaborate to develop in a Metaverse, starting with a digital ‘twincity’ for Melaka (“Digital Melaka”) that aims to promote physical and digital tourism of Melaka and accelerate the growth of the city’s digital economy.
Mirroring the physical world, Digital Melaka will feature the rich heritage, activities and key attractions in Melaka as well as Hatten Group properties in digital format. This will allow digital assets, including tokens and NFTs, to be created and monetised.
In addition, EnjinStarter will establish its regional headquarters in Melaka, both physically and digitally, to jointly operate a virtual game development incubator, a blockchain gaming showcase and arcade.
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