Singapore's largest listed real estate agency – PropNex Realty emerged the winner for PropTech in the Real Estate category at the Singapore Business Review (“SBR”) Technology Excellence Awards 2024 that was held on 18 April 2024.

The most prestigious award programme for technological innovations, the SBR Technology Excellence Award recognizes exceptional companies in Singapore that are riding the digital disruption wave and leading the technological revolution and digital journeys of their respective industries.

PropNex’s PropTech initiatives and innovative solutions to ensure its 12,400 salespersons have access to these powerful digital tools in improving their productivity is shown in the 62.5% market share2 by transaction volume for FY2023 that the company captured. PropNex’s sustained efforts in investing in IT capabilities and trainings enabled its salespersons to effectively access massive information and obtain analytical insights that add value to homebuyers across Singapore and contributed to the company’s sustained success.

“We are honoured to win this award. The PropTech revolution has transformed the real estate industry, resulting in innovative solutions while disrupting traditional practices. From virtual property tours to blockchain-enabled transactions to the use of AI for market analysis, PropTech is providing data-driven insights and transforming operational efficiency for industry players. As technology advances, real estate salespersons must adapt and leverage these trends to thrive in an increasingly digital landscape. As a trail-blazer in the property space, PropNex is whole-heartedly embracing technology-driven strategies and staying abreast of emerging trends to maintain our market relevance and competitiveness in this rapidly evolving sector,” concluded Kelvin Fong, Executive Director and Deputy CEO of PropNex.

PropNex currently has a team of over 40 full-time app developers who work on its extensive suite of tools that are constantly being upgraded. The tools are housed in the Company’s two signature proprietary apps — PropNex Investment Suite and its recently enhanced PropNex Business Suite.

PropNex Investment Suite App is geared towards helping real estate salespersons identify market trends across various property segments, be it residential, commercial or industrial. Recognising the extensive research that real estate salespersons have to do when marketing properties, the app was created to provide in-depth analysis at a click of a button. It helps real estate salespersons prospect for sales, shorten the sales cycle, and resolve various pain points faced by realtors in their day-to-day tasks by allowing them to filter property listings through multiple criteria, including budget, location, size, number of bedrooms and distance to key amenities.

Additionally, the PropNex Business Suite App has embraced technology and artificial intelligence (“AI”) to allow salespersons to use this as a marketing tool to easily reach out to clients. Also embedded within the Business Suite app is a brand-new module called “Templates.AI,” which is engineered with the ChatGPT OpenAI capability to empower the salesperson to write creatively for more convincing and compelling social media posts and property descriptions for their property listings. It also serves as an internal co-broking chat and training registration platform

“It is no longer enough to have real-time data of the property market, or to be able to handle almost every part of a real estate transaction and interaction online. PropNex has been doing that for years and we have jumped ahead to integrate AI into our daily lives,” remarked Michael Koh, Chief Technology Officer of PropNex.