Accelerating demand growth for Proptech in Thailand Property Market
Property technology or Proptech has developed rapidly in recent years in Thailand. This response is to the constant need to enhance efficiency and human experience in the real estate sector. Its influence is now rising at an accelerated rate. This is due to the property industry demanding more emphasis on health and wellbeing in face of the pandemic. This is according to a report by JLL. The property consultant also expects the momentum to continue into the post-COVID era. The real estate industry is becoming more digitalized in its operations and management.
Property Consultant, JLL Reports
Dexter Norville, Head of Property and Asset Management at JLL, explains, “Whilst all of the key real estate sectors have embraced technologies that automate processes and therefore enhance efficiencies and human experience, the pandemic is speeding up the ongoing adoption of these technologies. It has also sped up the development of new tech solutions. A wide introduction of contactless technologies exemplifies this case. Users expect of higher standards of hygiene. They seek minimum in-person interactions in properties or precincts where they live, work or visit.”
The PARQ, a mixed-use development and a joint venture between TCC Assets with Frasers Property Holdings, introduced germicide UVC robot. They have also installed UVC emitters in its air-cooling system. These help eliminate bacteria and fungus. In addition, these reduce the spread of airborne germs.
Similarly, leading residential property development firm Ananda Development launched its “COVID FREE ZONE” initiative. This launch includes the introduction of UVC technology that provides 99.9% protection against COVID-19 and filter PM 2.5. CentralWorld and Siam Paragon now use robots to conduct temperature checks. The ones at Siam Paragon also trail shoppers reminding them to wear masks.
Long-term use of Technology in Property Management
Though some of these anti-pandemic technologies will fade out in the post-COVID era. There are others will stay on in the long term. Proptech will continue to be one of the most important drivers in reimagining the future of real estate. “We are shifting towards a more digitalized way of property and facilities management. In conclusion, this is an exciting journey in which Protech has played a big part,” says Mr. Norville.
Asides from health and safety, JLL has seen Proptech play an increasing role in mitigating potential risks. It also plays an increasing role in maximising long-term asset value in many other areas. For instance, achieving operational excellence requires nimbleness in a rapidly evolving environment. It also requires embracing technological advancements such as IoT, big data and AI.
Property Management User Case
Developers and operators have, in some cases, succeeded in creating an agile working strategy. This strategy includes coordinating applications, APIs, and management systems. Operational excellence can be therefore be realized to mitigate risks, save energy and improve workflow efficiency and flexibility.
To enhance occupiers’ experience, some property managers, try to capture human behavior as it takes place on the property. This is done through centralized command centers. It uses a wide range of sensors and computer visualization. Further analysis of data can identify user needs by leveraging technologies such as big data or machine learning. This allow them to provide instant support and customized service.
Technology Adoption in Thailand
Among a few prime examples is One Bangkok which is currently under construction. The capital’s largest mixed-use development with 104 rai of land and 1.8 million sqm of floor area. At its core is a smart centralized infrastructure system. It includes features such as central utility plants, centralized security and engineering hubs. Water and energy management smart grids are also features available. This is all overseen by a command centre and more than 250,000 smart sensors. Above all, this allows for efficient facility management and preventive maintenance. Another example is The Makkasan project that is currently at the design stage. Above all, this project aims to have smart technologies and data driven management solutions at its core. The expectation is that both One Bangkok and the Makkasan project become truly digital assets. Both of these properties will set new standards in Asia Pacific and even surpass Singapore.
“In Thailand, although Proptech is still in relative infancy, its adoption is becoming exponential. In response to rising expectations from end-users, key real estate stakeholders have begun to emphasize new value drivers. These go beyond the common real estate mantra of “location, location, location”. Above all, that will collectively drive innovation forward to reshape the future of real estate,” says Mr. Norville.
To see more information on the report visit the link here.
