The traditional way of going about the real estate business can prove tiresome and costly. With the increasing use of emerging technologies like drones, artificial intelligence (AI) and Internet-of-Things (IoT) devices, the answer could soon be close to zero. The traditionally labour-intensive real estate and built environment sector has been hit particularly hard by the pandemic and the resulting manpower shortage. Singapore real estate is leaning towards technology to make things easier and faster.
Due to the constraints presented by the traditional labour-intensive real estate, Singapore real estate firms are pushing to digitalise their operations more aggressively. Major players in both the private and public sectors increasingly adopting tech solutions for building construction and maintenance.
Ms Jane Ong, who leads the digitalisation committee at real estate developer GuocoLand, said the Covid-19 pandemic’s disruption of the built environment sector has heightened the need to digitalise and innovate processes in creating products and services.
She added: “We recognise that, as a developer and building owner, we are the main procurer of products and services and hold a pivotal position in directing the development of the built environment sector.” GuocoLand recently announced a series of strategic partnerships with local tech firms to accelerate its digitalisation efforts.
In a statement, the group said it plans to launch more than 20 digital projects over the next two years, with the help of Enterprise Singapore, in collaboration with various local start-ups and small and medium-sized enterprises. These efforts are aimed at strengthening GuocoLand’s property investment and development businesses, it said.