A property technology platform which could save the earth as well as simplify the workload for developers as well as their property agents is now available with Showsuite. Showsuite, a new property technology platform, not only could potentially save thousands of papers for the conclusion of sales of a single platform, but would also developers’ agents to conclude sales anytime and at anywhere.
Karamjit Singh, chief executive of Showsuite said the property technology platform will allow developers’ agents to transact on their iPads with utmost freedom, 24/7 and as they please. He added: “The user interface is designed as though an agent is booking a cinema ticket on behalf of the buyer he or she is serving. To homebuyers, it means better convenience and a smoother buying journey aside from reduced waiting time.”
The CEO of the proptech startup which began last November told Business Times that a typical housing project with 750 units would require over 300,000 sheets of paper, including copies required for different parties involved in the sale, under a manual paper-based booking system.
“That’s equivalent to about 36 trees being destroyed. And this now can be a thing of the past,” Singh said.
Since early August, close to 100 sales have been made on Showsuite’s digital booking system with Park Colonial being the first development to use this property technology platform.
Park Colonial is a new development located right next to Woodleigh MRT Station by CEL Unique Development which is a joint venture between Chip Eng Seng Corp, Heeton Holdings and KSH Holdings. CEL Unique Development submitted a top bid of $700.7 million for the plot of land which translates to $1,110 per square feet per plot ratio (psf ppr) for the prime city fringe plot.
Joanne Goh, general manager of marketing at CEL Development, said: “As we look to improve productivity and streamline internal processes, we are very keen to improve the buying journey for both our agents and homebuyers. We are hence delighted to partner with Showsuite to deliver all of this, as we go paperless in our support for the environment.”
Roxy-Pacific’s Arena Residences, which is slated to begin sales on Nov 2, will also use Showsuite.
Mr Singh said his property technology platform which enables paperless transactions helps meet the objectives set out by the Real Estate Industry Transformation Map.
Showsuite uses 3D technology, virtual reality and other technology to digitalise information about new projects and unsold units with the aim of helping property agents and homebuyers visualise and experience their purchase when they buy off-plan.
Mr Paul Ho, the chief mortgage consultant at icompareloan.com said that property technology platforms are already disrupting traditional business operating models in real estate here. In welcoming the launch of Showsuite, he said the proptech tools are already revolutionising the industry, and that property agents “must upgrade or die”.
He noted that many property agencies struggle to keep up with all the regulatory changes in the industry, as well as the changing financial calculations for acquiring a property. He urged property agents to master the basics in property financing, refinancing, taxation and CPF.
Mr Ho said that iCompareLoan.com runs a full 2 – 3 days course on how property agents can produce such reports for their customers. He added that the trademarked course teaches Property Agents how to generate complicated Financial calculations using – Home Loan Report (TM) – in 3 mins flat. This helps Property agents to close deals faster and serve customers more professionally.
Proptech is technology and real estate coming together to propel the real estate industry forward. The proptech ecosystem is flourishing now in many parts of the world, thanks in large part to ample venture capital, community efforts in local tech hubs, and an increasing realisation that there is a real need for innovation in the sector.
Property technology platforms will have an impact on traditional business operating models. Whether this impact turns out to be positive or negative depends largely on how real estate players will use them to their advantage. These technologies are however still a long way away from replacing human judgment, touch, and ability to react to dynamic changes, which are all critical to the decision-making process.
Showsuites launch of its property technology platform comes on the heels of JLL and Lendlease’s (two of the world’s leading international real estate companies) announcement in September, that five proptech start-ups that have been selected for the first Singapore-based regional proptech accelerator.
JLL said its programme to identify the proptech start-ups with potential, received many applications from start-ups across Asia, and the eventual five selected were early stage companies chosen based on the commercial viability and scalability of their idea, as well as each team’s strength and technical competency. The chosen start-ups offer a good mix of solutions for office and leasing, construction productivity, facilities management and Internet of things (IoT) platforms.
Colliers International Singapore, another prominent global real estate company, also in September, announced that ten startups from around the world are convened in Toronto, Canada for their first global proptech accelerator programme.
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