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Digital is the Future for Singapore’s Property Developers

Ng Su Chian, Managing Director, Real Estate and Hospitality, Accenture | June 28, 2016
Property developers need to engineer their technology platforms for growth so that they can adjust to evolving business conditions.

This vendor-written piece has been edited by Executive Networks Media to eliminate product promotion, but readers should note it will likely favour the submitter's approach

Real estate players in Singapore face an increasing number of challenges such as economic slowdown, government regulations or policies but especially the adoption of technology to drive business improvements.  As such, Singapore property developers and real estate companies must ensure that their businesses are agile and flexible so that their strategies can be constantly refined to meet changing market conditions.

This is how technology can help. Intelligent infrastructure will create the technology foundation for property developers to move towards a digital business.

As business demands continue to evolve, property developers will need high-performance systems to accurately track and record land holdings and business opportunities, implement best practice solutions, and refine their business models to deliver successful property projects in overseas markets, as well as in portfolio diversification and acquisitions. 

Having a big-picture view of their operations is critical for developers. For example, a single view of their land holdings and cash flow position, including forecasts, can guide developers in their planning of new developments and other investment opportunities.

For developers to better understand market trends, they will also need up-to-date actual data rather than forecast sales data, as well as insights around the type of properties consumers want. Armed with this information, sales teams can adjust their sales and marketing strategies to seize new opportunities as the market changes.

Accenture outlines four main opportunities for digital across the real estate value chain which include:

  • Project Selection

-       Credit risk algorithms to produce risk assessment, portfolio analysis, revenue forecasting, rates prediction and yield management

  • Property Development

-       Digital workforce, augmented reality, supply chain analytics, intelligent construction

  • Marketing and Sales

-       Analytic- driven campaigns, social media marketing, geo-based marketing, rental platforms to enhance yield outcomes

  • Property Management

-       IoT enabled Smart Buildings, energy management, real-time check on occupancy and walk-ins, predictive maintenance, customer experience apps, self-service functionalities e.g. smart check-ins and concierge services

The disruptors in real estate

A number of start-ups such as PurpleYo, CrediFi, VTS, Hightower, Honest Buildings and Rentlytics are looking at ways to use big data and analytics for portfolio construction and risk assessment in real estate.

PurpleYo is an India-based open access commercial real estate platform that allows anyone to access information anytime and anywhere on each of the properties listed with them. PurpleYo provides real-time analytics and collaboration capabilities to make informed decisions while shortlisting office and retail space. The platform has no brokers on their website in a bid to empower users with more information.

Credifi is an Israel based start-up that leverages a central repository of up-to-date information about buildings, investors, landowners, and other essential information an investor needs to get good deal outcomes. Previously, decisions were based on manual data gathering.  CrediFi aims to change the market dynamic via database by collating information from various and multiple stakeholders in the eco-system including contracts and mortgage documents.

 

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