Leading global tech and finance giants boast of swanky offices in Singapore CBD, making it also a prime destination for real estate tech in Singapore.
The global financial center and island country of Singapore is known to be a concrete jungle and one that is highly technologically advanced. In a span of just 50 years, the beautiful and safe country Singapore has transformed itself from a third world to a first world country, one that is not just talking about robotics and artificial intelligence, but also of driverless cars. The government is also pushing these efforts to make Singapore a smart nation, the driving force of the PropTech movement here.
This country of modern gleaming skyscrapers, tall fake trees of metal, solar panels, designer malls, shining and bustling Orchard Road and neat & tidy city streets is one of contrast. At one hand citizens enjoy many government services, on the other hand, there are restrictions on free speech and imported chewing gum. You can be walking around in the swanky streets of Clarke Quay or CBD (corporate business district) and next moment turn into a corner to find cultural gems like China Town.
But how did a 50-year-old country become so sustainable, modern and fast moving? The quick answer is real estate. The real estate industry has played a pivotal role in this transformative change, as Singapore is now one of Asia’s leading real estate investment location, far from a swamp land that it once was. Expert management has led to a robust development of Singapore building and its city facilities, making it worthy of a prime international investment destination.
To understand the full scope of what are the opportunities available for real estate tech in Singapore, one also needs to understand how Singapore works. Think of the functioning of this country like that of a company. One of Asia’s wealthiest country without any natural resources of their own, Singapore’s government has very closely run its operations to bring it to the modern day vision of a megacity that it is. It is a very well connected, globally aware and technologically advanced nation that is currently serving as a hotbed for external investment. This is also because Singapore provides an easy access to the hot technology destinations of Southeast Asia like Vietnam, Indonesia, and Malaysia. The Information and Communications Technology (ICT) sector is the leading driver of the Singapore economy.
The government is also currently in the process of helping entrepreneurs set up and sustain their businesses by matching VC money that comes in these companies. Over the past five years, Singapore’s National Research Foundation has pumped $167 million into early-stage startups. But is that enough promote local innovation and promote the real estate tech of Singapore? We find out.
Real Estate Tech in Singapore
In this real estate obsessed nation, there is no dearth of classified websites for properties that promote DIY transaction, eliminating expensive middlemen. The real estate tech in Singapore is flourishing and traditional agents can either embrace and evolve and or possibly be swept up in it. In an efficient country like Singapore, paperwork can be tedious but easy as processes are defined, making way for the younger generation to lead the DIY property sale and buy demand. Real estate tech in Singapore and the companies in proptech sector here are aiming to provide end to end solutions for property sellers and buyers, including management and paperwork.
The real estate market in Singapore has plenty of opportunities for gain but it is restricted to the rich few that can afford real estate investment in an expensive country like Singapore. This also means that real estate tech in Singapore has to also focus on average apartment seekers and lenders. The technologies that are doing wonders here range from virtual agents to 3D modeling and printing, use of VR and AI for virtual tours, Big Data and analytics, robotics and very evidently IoT (Internet of Things) for making a home as well as the country smart.
A leading blog for Proptech space here – DistruptProperty.sg – lists about 33 proptech companies in Singapore, that range from crowdfunding websites to smart building firms, property search engines, market research companies, asset management companies augmented reality service providers and video analytics solution providers to track human traffic in retail malls. Some of these leading portals for real estate tech in Singapore are:
It is Singapore leading property search portal that is available in Chinese and English, and fuelled the proptech growth here in 2014, changing real estate tech in Singapore.
Property claims to be, and it touted to be, Asia’s leading online property group that helps you discover and select homes of your choice. With the best traction and a big funding, Property Guru is definitely leading the space of real estate tech in Singapore.
Using a google like search engine, 99.co helps one discover the best way to find houses, condominiums, apartments and HDBs for sale and rent and also claims to be Singapore’s Fastest Growing Property Portal.
Greyloft is unique as it is providing an end-to-end digital experience in the property brokering and buying space, bringing all sections of this process online.
Facili8te is an interesting startup for real estate tech in Singapore and brings hotel hospitality to homes by helping clients streamline and manage their homes and condos.
Yotcha claims to be the world’s first integrated property listing and agent commission bidding platform.
Another interesting startup in the Singapore PropTech space is SurePark that tells you the real time availability of parking using n Internet-of-Things (IOT) based smart parking platform.
Singapore is also home to a global startup called DREA which is World’s First Digital Real Estate Assistant.
By capturing human traffic data, Trakomatic helps as a Video Analytics Solution Provider.
Singapore based WoobaVR is a real estate focussed fully interactive VR (virtual reality) platform.
InvestaCrowd is a leading real estate crowdfunding platform that is touted to change real estate tech in Singapore.
A very significant discussion in the real estate tech in Singapore is of Blockchain and how that changes the face of PropTech here. This technology, using a coded smart contract, can help facilitate for quicker, more reliable, and cheaper transactions for homeowners and home seekers. Some interesting startups for the same in Singapore are Reidao and Averspace.
Any tech based company here, not just real estate tech in Singapore, will have to seek to cater to global markets and build solutions of international standards. For Singapore by Singapore is an ideal scenario but the sheer number of population is so less that the numbers don’t match up for sustainability.
The Way Forward for PropTech/ Real Estate Tech in Singapore
An advanced country like Singapore is working towards becoming the leading destination for real estate tech and adapting these practices locally. With the government’s effort and attention towards this sector, and at making Singapore a technologically smart city, one can expect exponential growth here. Innovations are booming here with the conducive ecosystem of entrepreneurship and the good life, making sure that real estate tech in Singapore booms. The PropTech revolution has long started in Singapore and the next few years will be crucial to see how advanced they can get.
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Want to know what makes a winning PropTech startup, check out these top 50 Real Estate Tech startups to watch out for in 2018
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