In the residential market, there is already significant change. Three property agencies, PropNex Realty, ERA Realty, and Huttons Asia all launched online marketplace for home transactions. On the commercial real estate front, more smart buildings are expected to come into the market. The ITM aims to push more innovative and sophisticated solutions such as predictive maintenance and automation through machine learning.
The annual budget showed concern that Singapore needs to reposition itself and build a more vibrant and innovative economy as Asia plays an increasingly larger role in global trade and investment flows. Competition from other cities was also highlighted.
According to Tay Huey Ying, the Head of Research and Consultancy at JLL Singapore, “A future-ready real estate industry is imperative not only to prepare and help the real estate industry ride this wave so that it can continue to grow, but also show investors that Singapore is serious about maintaining its competitive advantage and relevance in this digital age.”