Moderated by Dr Sivapalan Vivekarajah, Let’s Jam at GEM 19 seeks to explore how real estate works together with the new era of technology, and how an entrepreneur can grab more opportunities in the ecosystem that consists of regulators, agents, and buyers.
PropTech is the term for property and technology has many guises globally, with words such as PropTech, RealTech, CREtech, ConTech and Real EsTech often used interchangeably and with multiple meanings. The panels of the session agreed that proptech is a broad sector where any technology can benefit property sector, where the adoption of technology is on the curve for Malaysians.
According to KPMG Global Proptech Survey 2017, stakeholder believed that Big Data & Analytics is the emerging technological innovation their business is most likely to adopt in the next 3 years, followed by Internet of Things (IoT) and Artificial Intelligence (A.I).
Proptech has been getting the spotlight from mass media, and in Malaysia, entrepreneurs have been exploring opportunities to disrupt the industry. As entrepreneur seeks to improve return on investment, decision making, and building performance and lessening the cost of building properties, Malaysia has so many potentials with the adaption of technology development.
Lionel Leong, Director of Group Strategy and Operations, Mah Sing Group, forecasted that the future of proptech is to digitise workflow and high influx of talent to develop technology, which focuses on customer experience. Tharma G, from bnetworks, added that this involves seamless experience, from construction property to handing over the key to the buyer. “Backend to front end, the process had to be seamless,” he said.
As panels agree that Internet of Things (IoT) is not the topmost priority for Malaysia yet, the idea of smart homes has been popularised by developers to make property, which is not just residential, but also hotel and healthcare facility, to be accessible and benefiting the owner of the building.
On the panel is also Michael Cho, CEO and Founder of IFCA Proptech Accelerator and Elizabeth Siew, LePro System Berhad.