Proptech aims to bring about digital transformation in the real estate aka property industry.
Real estate companies are also playing an active role in developing the local proptech scene. For example, JLL and Lendlease, two leading international real estate companies, have jointly launched the Singapore-based Propell Asia proptech accelerator program to help startups access the real estate value chain. Five startups from a variety of categories were selected to figure with industry players to implement their products and solutions.
Three local banks in Singapore have also launched their proptech initiatives. DBS Bank has launched DBS Property Marketplace which provides property listings from Edgeprop, Averspace and SoReal while providing home buyers with digital features such as projecting the impact on the monthly cash flow that a property purchase would bring. OCBC Bank has launched the OCBC OneAdvisor platform, which allows buyers to do home searches based on affordability criteria with the listings coming from EdgeProp, 99.co and SoReal. UOB has collaborated with four property agencies – ERA Realty, Huttons Asia, OrangeTee & Tie and PropNex Realty and a proptech company, SoReal Prop to launch a range of digital tools like a property valuation tool and a web instant home equity credit approval service.
These collaborations allow incumbents to gain access to innovative approaches and solutions while startups and tech firms obtain access to capital and an avenue to implement their solutions across a wide network of properties owned or managed by the incumbents, or gain access to an outsized retail banking customer base.
Some Prominent Proptech Startups in Singapore
Ohmyhome is a hybrid, mixture of property portal and land agency, offering a flat fee for sellers and landlords. Focused on providing -quality services and inspiring a feasible do-it-yourself process. I see them as to how the evolution of traditional land agencies should be.
GorillaSpace is perhaps one of the leading workspace solutions in Singapore, following the successful trail left by WeWork. They list verified spaces with top quality photography, accurate information and direct contact with the owner to clarify any doubt.
Metro Residences offers serviced apartments targeting multinational corporations with accommodation needs. Something already present in other big capital cities like London or Dubai, i feel it is sensible in business hubs like those. Targeting a distinct segment and focused more on quality than quantity, more feasible against the established property portals.