Real Estate Analytics, Savills, and LanciaConsult joined forces to deliver a tool that can help developers identify how much a unit should be sold for and what price should be bid for a certain piece of land. SingaporeBusinessReview
In pricing or buying real estate, developers often make decisions based on the combination of data they can access through agencies such as Urban Development Authority and a great deal of gut instinct, Savills Southeast Asia CEO Christopher Marriott said. This practice has barred developers from getting the most out of their projects.
SoRealProp was established by PropNex, ERA, and Huttons, which together transact around 80% of all deals in Singapore. The platform was then acquired by Real Estate Analytics. “Once a deal is inked between the buyer and the seller, or the landlord and the tenant, that data is immediately put into the live database. So it's within 12 to 24 hours of a transaction being executed,” he explained.
“[The developer suite] gives specific data and specific answers on what is the best price to pay for a piece of land. What is the best design of that land once purchased and then finally, what is the best price to sell the developed units? So the real three questions that the developer suite answers,” he said.
Jeff Cronkshaw, CEO of LanciaConsult, said their clients find the solution “very interesting.” As a partner of REA, LanciaConsult provides the “go-to-market and engagement with sectors.”
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