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Case Study · Tokenised Real Estate

Marina One Commercial Tower — Singapore Grade A Office

A tokenised Singapore commercial office asset assessed end-to-end under the AITS standard and 2Q-H-C-T-L-I scoring framework — six components, three tiers, geometric mean throughout.

Assessment No: RRA-2026-MRC-001 Date: March 2026 Analyst: Emrul Naser
Legal Entity
Meridian RWA Capital (Singapore) Pte. Ltd.
Registration
UEN 202400871K — ACRA, Singapore
Borrower / SPV
Straits Commercial Properties SPV Pte. Ltd.
Asset Class
Real Estate — Tokenised Fixed Asset (AITS Cat. 1A), 25,000 sq ft NLA
Jurisdiction
Singapore (MAS-regulated, VCA 2018) · DIFC Dubai (DFSA Cat. 3C)
Tokenisation
ERC-3643 on ADDX · Token 0x4f1…c20
Facility
SGD 18,000,000 (~USD 13,400,000) · Tokenised mortgage, first legal charge
Legal Counsel
Allen & Gledhill LLP (SG) · Dentons & Co. (DIFC)
Scoring Config.
Six-component 2Q-H-T-L-I — C omitted (DAO pool not active at this deal size)
AITS Score
79.48/100
Band
Strong
Investment Grade
Outcome
APPROVED
Subject to covenants
Tier 3 Hard GateScoreThresholdMarginResult
T — Data Truth78.0≥ 30.0+48.0PASS
L — Legal Enforceability74.0≥ 30.0+44.0PASS
I — Ownership Legitimacy82.0≥ 40.0+42.0PASS
How This Score Was Reached
The three acts, applied to this asset
Act 1
AITS Constitutional Gates
P2 — AML GatePASS
Pillar I – V (Legality → Enforceability)ALL PASS
Result:Proceeds to scoring
Act 2
2Q-H-C-T-L-I Scoring
T1 — Financial Layer78.31
T2 — Intelligence Layer82.30
T3 — Hard-Gate Layer77.94
Weights:0.35 · 0.30 · 0.35
Act 3
Final Decision
Composite S_rwa79.48
BandStrong
Decision:APPROVED
✓ Key Strengths
  • Clean SLA freehold title with on-chain ERC-3643 token binding independently confirmed against the Singapore Land Authority registry.
  • Conservative LTV of 56.3% backed by an unqualified KPMG FY2024 audit — no material findings.
⚠ Monitoring Points
  • Single-asset concentration — no portfolio diversification across this facility.
  • Token liquidity is dependent on the ADDX secondary market, which remains an emerging venue.

This is the web summary. The full PDF report includes complete calculation steps, all 112 verification data-ledger fields, and recommended covenants.

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