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Frasers Property, Hitachi team up to drive digital transformation in Asia-Pac property sector
FRASERS Property Group and Hitachi Asia are investing up to S$50 million each to drive digital transformation in the Asia-Pacific real estate industry over the next five years.
According to the memorandum of understanding (MOU) signed in Bangkok, both companies will explore opportunities to accelerate digital transformation for Frasers Property and the real estate industry - starting first with Singapore, Thailand and Australia. They will also potentially co-develop and invest in new services, the companies said.
Following Hitachi's research, the size of the addressable property market for the Asia-Pacific, excluding Japan and China, is estimated to hit US$82 billion by 2025.
In addition, Hitachi Asia, Frasers Property and Japanese financial institutions have been working closely to develop a new multi-generational approach to provide technology and Infrastructure as a Service (IaaS) solution for the industry, the companies said.
Both parties will also explore ways to "future-proof Frasers Property's current property portfolio in a sustainable manner".
Kojin Nakakita, chairman of Hitachi Asia, noted: "We are excited to collaborate with Frasers Property and work with a partner who shares our belief in contributing to a sustainable society. Through Hitachi's social innovation business, we will draw on our operational technology and information technology expertise to jointly develop new go-to-market solutions, and improve the lives of people."
Mr Nakakita serves concurrently as chairman of Hitachi India, as well as vice-president and executive officer in charge of regional strategies (APAC) at the Japanese conglomerate.
Panote Sirivadhanabhakdi, Frasers property group chief executive, added: "The real estate industry is rapidly evolving. That means we must find ways to redefine the experiences of our customers.
"Today's announcement represents the first of many collaborations we are exploring to help accelerate digital transformation for Frasers Property. We are delighted to collaborate with Hitachi, and to share our real estate and local market knowledge and networks."