A shift from traditional methods to profound transformation
The property industry, historically characterised by conservative practices and traditional methods, is undergoing a profound transformation. In an era defined by rapid technological advancements and changing consumer expectations, the key to thriving in this sector lies in creative digitalisation.
Digitalisation in the property industry goes far beyond creating a website or using social media for marketing. It involves leveraging cutting-edge technologies to streamline processes, enhance customer experiences, and drive innovation. This new phase is reshaping every facet of the real estate ecosystem.
For example, virtual tours and 3D modelling enable prospective buyers or tenants to explore properties from the comfort of their homes. This not only saves time and effort but also opens up new possibilities for global buyers interested in international properties.
Data analytics and artificial intelligence have become indispensable tools for property professionals. Predictive analytics can forecast market trends, helping developers make informed decisions about location, design and pricing. And realtors can provide personalised property recommendations based on buyer preferences, increasing customer satisfaction. Moreover, building information modelling (BIM) helps architects and developers design energy-efficient structures, reducing the carbon footprint.
Chatbots and AI-powered virtual assistants are also revolutionising customer service in real estate. They can answer inquiries, schedule property viewings and provide instant responses, improving customer engagement and satisfaction. Moreover, the concept of a smart home has shifted from luxury to necessity. Internet of Things (IoT) devices enable homeowners to control security, lighting, temperature, and more from their smartphones. Property developers are integrating IoT technology into their projects, making homes more convenient, secure, and energy-efficient.
While creative digitalisation offers immense opportunities, it also presents challenges. The industry must address concerns related to data privacy and cybersecurity. Moreover, not all stakeholders may embrace these innovations immediately, requiring education and training. For those who embark on the digitalisation trend, they are certainly on the right track. That is why the digitalisation attribute in the Malaysia Developer Awards has a value of 10% towards the overall score. Points are allotted to the following criteria:
- Innovation and digitisation initiatives undertaken to improve the entire process of deliverables:
- Design and planning process
- Project management and construction
- After handing over of Vacant Possession services
- Leader in adopting digital transformation
- How the developer overcomes challenges via the innovation and digitisation initiatives adopted and its ingenuity in leveraging technology in reaching out to potential and existing buyers.
- Impact and benefits generated for various stakeholders such as the communities, residents, users, company, employees, partners and industry.
TOTC quantitative rankings - Creative Digitalisation
In the RM1bil and above category, Sime Darby Property Bhd tied with UEM Sunrise Bhd after both scored 8 points out of 10, the highest score to date. In the below RM1bil category, Paramount Corporation Bhd took the pole position with 7.7 points out of 10.
The property industry's future is undeniably intertwined with creative digitalisation. Companies that embrace these innovations will stay ahead of the curve. Creative digitalisation isn't just about keeping up with the times. It is about pioneering new frontiers and the possibilities are limitless.
Ranking by creative digitalisation
|RM1bil and above tier
|Sime Darby Property Bhd
|UEM Sunrise Bhd
|IOI Properties Group Bhd
|IJM Corporation Bhd
|Tropicana Corporation Bhd
|Mah Sing Group Bhd
|Matrix Concepts Holding Bhd
|OSK Holdings Bhd
|HCK Capital Bhd
Ranking by creative digitalisation
|Below RM1bil tier
|Paramount Corporation Bhd
|NCT Alliance Bhd
|LBS Bina Group Bhd
|JKG Land Bhd