PropTech start-up MOGUL.sg and Singapore Land Authority (SLA)’s OneMap3D have announced the launch of Singapore’s inaugural 3D Virtual Property Expo.
Running until tomorrow, the event is hosted on the MOGUL.sg platform and is aimed at assisting home buyers with their property search and decision-making process.
It features more than 21 newly launched condominium and commercial projects by developers such as GuocoLand, Far East Organisation, CapitaLand and Four Seasons, allowing potential buyers to experience the properties and their surrounding environments via three-dimensional walk-throughs – even before they have been built.
In Singapore, the average buyer spends at least six months viewing property listings before making a purchasing decision. For each new build listing, home buyers typically spend time visiting a showroom before visiting the property’s location to assess the neighbourhood.
With the process already embedded in a buyers’ search behaviour prior to Covid-19, MOGUL.sg says the expo will ‘transform the traditional concept of showrooms and eliminate common house-hunting inconveniences.’
“Home buyers care a great deal about the neighbourhood and nearby amenities, often asking about nearby supermarkets and schools, while carefully assessing transportation links,” says MOGUL.sg’s co-founder and chief executive officer Gerald Sim.
“Environmental considerations are also important, with buyers commonly thinking about which direction the property faces and the proximity to roads, highways and other sources of noise The 3D Virtual Property Expo will allow buyers to see and assess these factors first-hand via detailed 3D maps, without having to travel to multiple spots across Singapore. This will make the process of buying or renting a property smoother, much more convenient, and should remove some friction in the transaction that we have all become accustomed to.”
The 3D viewing capabilities was enabled using MOGUL.sg’s geospatial technology expertise and proprietary machine learning algorithms, combined with the application programming interfaces (APIs) and geospatial data from OneMap3D Beta – an open-source 3D platform announced by SLA on September 17 2020
Meeting buyers’ development, financing and renovation needs
As well as offering end-to-end services, all project launches will incorporate first-hand information on the project from their respective developers. Visitors with queries can jump into live chats with the developers’ direct representatives and consultants.
For those looking to make purchases via the expo, Maybank Singapore will provide home loan affordability assessment.
Alan Yet, head of consumer finance at Maybank Singapore, comments: “At a time when more home buyers are turning to online service platforms for their needs, Maybank Singapore is committed to being at the heart of the community to provide convenient access to financing, while ensuring fair terms and pricing.”
“This expo aims to deliver a viewing experience that many will find as informative as visiting the physical spaces. To support those who wish to make a purchase, we will be available online to provide consultation on affordability assessment and advisory on home loan application processes.”
In addition, visitors can access virtual fireside chats, hosted by Singapore radio personality and media industry veteran Michelle Martin, on property financing information shared by Maybank Singapore, the developers themselves, and mortgage brokering platform Mortgage Master, along with relevant advice, insights and offers from other lifestyle service providers.
As the first major property portal in Singapore that harnesses artificial intelligence, locational data and geospatial technology to streamline the home buying process, MOGUL.sg has seen the number of users rise tenfold in the past three months. This contributed to a record-breaking SG$25 million worth of properties being transacted through its platform within two weeks after Singapore’s Covid-19 ‘circuit breaker’ period.
For more information, please visit https://expo2020.mogul.sg/.
This post has originally been featured in Property Investor Today.