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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.

Others such as Liquidspace, Floored and PivotDesk are using technology platforms to help clients with sales and marketing to drive better outcomes in occupancy rates and rental yields. 

Liquidspace is a start-up that helps improve occupancy rates and yields by better connecting demand for and supply of real estate space.  Liquidspace helps to find work or meeting spaces in the US, Canada and Australia - Liquidspace can find new tenants and bring in revenue, using a tool that help merchandise and present space to other start-ups. 

PivotDesk is like the Airbnb for office space. By hooking up businesses with other businesses with excess sharable space, PivotDesk eliminates the risk of a long-term lease and allows massive corporations and small fledgling businesses to find co-working spaces. 

Digital offers wide opportunities in the real estate developers' value chain

Property developers need to engineer their technology platforms for growth so that they can adjust to evolving business conditions.

A sophisticated understanding of costs will enable developers to quickly and accurately calculate the expense of property development. This makes it possible for companies to control budgets and establish accurate cost baselines for 'what if' analysis of potential pricing strategies. Developers will also be able to easily manage calculations in a range of currencies when multiple investors are involved in joint development projects.

A high-performance system will enable access to property sales data to check up-to-date sales information, adjust pricing and sales strategies, and manage property leasing and rental functions.

It will also allow property developers to run scenario analysis on existing leases, occupancy rates and market rents, as well as view materials and service procurement details and inventory management information to enable effective property management.

Real estate projects are highly complex, especially when property developers enter new markets. A compelling opportunity now exists for property developers. Those who can harness the power of innovative technology to create end-to-end improvements in their business will be able to quickly pivot to respond to changes and succeed in both Asian and Western markets.

It has never been a more crucial time for Singapore's property developers to examine how they can effectively harness the latest digital tools to improve efficiencies, decision making, and their bottom line. Property developers must place an innovative use of technology at the heart of their business.

 

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