Taking digital route to book new homes cuts transaction time for bookings

Singapore

OVER 1,000 units and US$1 billion worth of new homes were booked since August last year through a digital booking platform by proptech firm Showsuite, which helps to cut down the average booking transaction time by going paperless.

Since the majority of a buyer's particulars can be recorded digitally during the expression of interest stage, the average booking transaction time at a property launch is reduced from three to five hours using the conventional method, down to one-and-a- half hours, Showsuite estimated.

At the recent sales launch of Sengkang Grand Residences, a 99-year leasehold project co-developed by CapitaLand and City Developments Limited (CDL), 216 units were booked over two days with transactions carried out by property agents using the proptech firm's iPad application.

CDL group general manager Chia Ngiang Hong said: "With Showsuite's platform, we are able to enhance our homebuyers' experience by reducing the average transaction time. At the same time, the initiative supports our sustainability and resource conservation commitment by reducing paper usage."

Showsuite's technology - which is used by developers such as MCL Land, CEL Development and Roxy-Pacific as well - also allows developers to manage inventory and track progress payments. In addition, Showsuite has an online portal for new homes which taps 3D technology and virtual reality.

Karamjit Singh, chief executive officer of Showsuite, said: "We are setting our sights on solving several more key problems connected to new home sales to help developers, agents and home buyers."

First on the agenda is a secure digital payment solution for the first 5 per cent booking fee. Mr Singh added: "We will be rolling out a QR code solution very soon, working with the major banks, which would help home buyers who prefer the convenience of making digital payments.

"The next step would be to introduce a digital option to purchase (OTP), the document that developers would need to sign to formally award a unit to the buyer."