First came fintech then insurtech followed by regtech. The real state industry in Asia is joining the fray with proptech.
The use of technology to solve challenges in the real estate sector is on the rise across Asia. Singapore will host a new accelerator for start-ups in Asia in the property technology space, JLL and Lendlease said in a media statement on Monday.
The new programme Propell Asia will provide start-ups with real estate industry immersion, expertise and support. Five selected start-ups stand to receive a S$20,000 grant, as well as access to real estate industry experts and successful start-up founders, as mentors.
Time to Change
The property market is due for disruptive changes, said JLL and Landlease. Like its financial technology counterparts, the proptech start-ups are making use of blockchain, artificial intelligence and robotic automation. Asia Pacific’s commercial real estate market, set to grow to $19.5 trillion in 2020 from $16 trillion in 2017, according to a JLL report.
Applications for Propell Asia are open from June 25 to August 17, and the accelerator programme for the five successful start-ups will commence in the third quarter of 2018.