Singapore is transforming its real estate for the future
April 04, 2018 - Singapore
Singapore’s government is making a concerted effort to keep its real estate market competitive in an increasingly technology-driven environment.
Technological transformation has disrupted industries around the world, and it’s impacting a range of property sectors. The effects are far-ranging, from the way people buy and rent homes to the disruptive force of co-working players coupled with tech giants in China leaping into the real estate market.
With its new directive, Singapore is aiming to keep pace by encouraging more public institutions and companies to adopt new technologies and integrate them into their real estate, observes Tay Huey Ying, Head of Research and Consultancy, JLL Singapore.
Real estate firms from the island nation have started gearing up. Developer Capitaland’s Corporate Venture Fund has a S$110 million war chest to invest in Series A to C companies while construction conglomerate Hop Hup revealed its investment arm, Aurum, has pumped US$1.5 million seed money into Singapore’s first co-living start-up Hmlet and is looking to invest in more.
The Industry Transformation Map (ITM for short) for real estate was launched by the Singapore Government last month. It is a strategic roadmap aimed at helping companies drive innovation and productivity in a rapidly-changing economic climate.
Already, the residential market has seen significant change. Three property agencies, PropNex Realty, ERA Realty, and Huttons Asia launched an online platform that aims to make it easier for buyers and sellers to transact securely, while agents and consumers are able to share data with one another.
Two of Singapore’s biggest property agencies, Propnex and Dennis Wee Group, merged last year. The Housing Development Board also introduced a resale portal on January 1 will halve the time required to complete transactions with checks done online instead of in person.
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