Property players fall back on digitalisation efforts in response to stricter safe distancing measures

Singapore

SINGAPORE property players are falling back on digitalisation efforts in response to stricter safe distancing measures.

The Multi-Ministry Taskforce (MTF) announced on Friday that the occupancy limits of shopping malls and showrooms will be reduced to one person per 16 square metres (sq m) of gross floor area, down from the current one person per 10 sq m, effective May 16 till June 13.

The same occupancy rule was first introduced on March 24 last year as the country's Covid-19 cases began rising.

Despite the additional restrictions, property developers remain unfazed. Steven Tan, managing director at property agency OrangeTee & Tie, told The Business Times on Friday that it has developed an online booking system for many of its showflats since the pandemic hit last year in order to manage its crowds.

Similarly, property development group City Developments (CDL) has implemented virtual tours and online presentations to showcase its flats as a response to the pandemic. Regarding the new restrictions, CDL added: "We are, by now, quite familiar with the various levels of restrictions, and will adjust to the new capacity requirements and will also continue to actively engage homebuyers through our digital marketing platforms."

Developers and property agencies are not the only ones adapting to change. According to marketing agency Propnex chief executive officer (CEO) Ismail Gafoor, buyers are becoming "more savvy" as they narrow down their choices using virtual tours.

"We don't expect these restrictions to impact sales," Mr Gafoor added.

In addition, ERA CEO Jack Chua agrees that "the sentiment to buy is still there".

Singapore's property market has seen bullish recovery despite the pandemic, with sales of new private homes doubling in March.

Prices have also been rising, with rents for condominium units and Housing Development Board (HDB) flats both climbing 1.3 per cent April.

Rhonda Wong, CEO and co-founder of local real estate agent Ohmyhome, told BT on Friday that she expects property prices to continue to climb "regardless of the lockdown" due to the delays in project completions.

Meanwhile, Frasers Property Retail, whose portfolio consists largely of suburban malls, have also leveraged technology to support its tenants in the midst of the current distancing measures.

It launched a feature on its app called Makan Master in April 2020, to allow easier food takeaways. It also introduced Frasers eStore, its e-commerce platform, earlier this year.

"The whole industry is already quite used to it, this time we are more ready," added OrangeTee & Tie's Mr Tan.

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