PH real estate firms tap ‘proptech'

Photo Courtesy of bungalow.com
Photo Courtesy of bungalow.com

More property developers are tapping property technology or proptech to reach out to consumers amid the challenges brought about by the pandemic.

Proptech refers to the use of digital innovation to help individuals and companies research, buy, sell and manage real estate.

Among the companies that use proptech are Vista Land which teamed up with Singapore proptech startup Ohmyhome, Ayala Land which enables virtual tours and home buying, Filinvest Land which provides virtual tripping, Robinsons Land which developed digital catalogs and virtual tours and SMDC which also has virtual showrooms.

Christophe Vicic, chairperson of the PropertyGuru Philippines Property Awards and country head for JLL Philippines, said in a news article, that proptech creates new opportunities in real estate.

“Adoption of environment, social, governance, (ESG), and sustainability; venturing into real estate investment trusts (REITs); and digitalization will be some of the new ways to measure property resilience and success,” Vicic was quoted as saying.

He said Filipino homebuyers are watching to see how these property companies are adjusting to the changing business environment.

Vicic said the industry remains optimistic as it sees bright spots that will facilitate the growth of Metro Manila’s real estate landscape.

He said more industry players, including in construction, are expected to turn to technology to boost operations.

“With the rising costs of materials and labor, construction professionals are looking into using technology and innovative construction materials in managing their costs,” Vicic said. 

The 2021 Philippines Property Awards will feature how the industry was able to maximize technology in adapting to the new normal.

“The panel of judges are looking into how proptech and commitment to ESG policies are being utilized in order to make sustainable progress and mitigate the challenges brought about by the pandemic, whether it is for the benefit of employees or communities at large, or for virtually promoting properties to continue addressing real estate demands,” he said. 

The 9th Annual Philippines Property Awards will recognize 12 companies for its developer awards.

New categories include the titles of Best Developer (Luzon), Best Developer (Visayas), and Best Developer (Mindanao). Entries for the extensive 2021 virtual gala edition will be accepted until Aug. 20. A virtual gala dinner and awards ceremony for the Philippine edition will be held on Nov. 11.

Two special recognition awards will also be given, as well as 34 development awards for residential and commercial properties, 14 design awards, Best of the Best Awards for Best Condo Development and Best Housing Development, and Publisher’s Choice award for Real Estate Personality of the Year.

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“Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.” 

-Franklin D. Roosevelt

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