MOGUL.sg, a property technology start-up, just announced the launch of Singapore's first-ever 3D Virtual Property Expo and provides us with a glimpse into what we can expect to see emerging in today’s experience economy. The virtual expo will take place from 15 to 17 October 2020 and be hosted on the MOGUL.sg platform, featuring Singapore Land Authority (SLA)'s OneMap3D, with the aim to assist home buyers with their property search and decision-making process.
MOGUL.sg is a cutting-edge real estate platform that harnesses proprietary geospatial technology and government agencies' geospatial data to redefine the meaning of 'where'. The company aims to digitally enable home buyers, home renters, property sellers and property agents in Singapore to search, buy and sell in a smart and hassle-free manner. Currently, MOGUL.sg features more than 30,000 property listings in Singapore, but offers international investment opportunities for real estate projects in the US, the UK, and the Asia-Pacific region, too.
More than 21 newly launched condominium and commercial projects. by developers such as GuocoLand, Far East Organisation, CapitaLand and Four Seasons, will be featured at the expo, allowing potential buyers to experience the properties and their surrounding environments via three-dimensional walk-throughs -- even before they have been built. This means that online visitors can tour the neighbourhood and discover nearby amenities. MOGUL.sg and its partners believe that this will help prospective buyers determine if the property and the neighborhood suit their lifestyles and priorities.
The unique 3D mapping feature also allows home buyers to look outward from within each property to appreciate the virtual view and outward facing line of sight -- from any floor in the building. These features also apply for businesses looking to lease or rent commercial or office spaces.
"GuocoLand has a proven track record for developing luxury residential developments that are known for their quality, innovation, lush landscaping and livability. We look forward to giving visitors of the 3D Virtual Property Expo a closer look and a deeper understanding of our projects, as well as what they offer in terms of flexibility and connectivity that will uplift home owners' quality of life," said Dora Chng, General Manager (Residential), GuocoLand.
In Singapore, the average home buyer spends at least six months viewing property listings before making a purchasing decision. For each new build listing, home buyers typically spend time painstakingly visiting a showroom, before visiting the property's location to assess the neighborhood. With this time-consuming process already engrained in consumers' search behavior prior to COVID-19, the 3D Virtual Property Expo aims to transform the traditional concept of showrooms and eliminate common house-hunting inconveniences.
"Home buyers care a great deal about the neighborhood and nearby amenities, often asking about nearby supermarkets and schools, while carefully assessing transportation links. 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," said Gerald Sim, Co-founder and Chief Executive Officer, MOGUL.sg. 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 first-of-its-kind 3D viewing capabilities for local properties 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 17 September 2020.
"As an early user of OneMap3D Beta, we see the platform's potential for delivering immersive 3D experiences, not just for viewing new homes but entire neighborhoods as well," Sim continued. "We would like to thank SLA for giving us the opportunity to showcase OneMap3D Beta at our event."
Meeting home buyers' end-to-end property discovery, financing, and renovation needs
The 3D Virtual Property Expo will also offer end-to-end services for home buyers. All project launches showcased at the Expo will incorporate first-hand information on the project facilities and prices from their respective developers. Visitors with queries on any project 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. This ensures that home buyers get the best price from developers for their property of choice and extends the convenience they enjoy from home discovery to mortgage financing.
"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," said Alan Yet, Head of Consumer Finance, Maybank Singapore.
In addition, Expo 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.
MOGUL.sg's overarching mission to digitally enable the real estate sector
The upcoming 3D virtual event represents another milestone for MOGUL.sg, as it accelerates its mission of digitally enabling home buyers, home renters, property sellers and property agents in Singapore to search, buy and sell in a smart and hassle-free manner. Following recent partnerships with leading property agencies OrangeTee & Tie (OTT) and Century 21 Singapore Holdings, MOGUL.sg has also been accepted into Enterprise Singapore's Enterprise Development Grant program to catalyze the development of its proprietary technologies.
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 tenfold user growth 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.