Media Release – SPEED OF PROPTECH ADOPTION CRUCIAL FOR CLOSING PROPERTY TRANSACTIONS
MHub empowering property developers deeper towards digital transformation in COVID-19 environment
KUALA LUMPUR, 22 June 2020 – COVID-19 related shutdown or slowdowns in business activities have definitely given many property developers the push in picking up their pace of digital transformation. Before, tech adoption was seen as a matter of speed and efficiency, now it has become a matter of safety and in many cases, business survival.
MHub, the leading end-to-end property transaction platform has responded to the global pandemic by refining their suite of apps to meet the needs and challenges of the market.
“The past 5 years we’ve supported close to 500 property projects from more than 70 developers. We have set in place industry standards that bring together property developers, real estate agents, bankers, lawyers and buyers ” says Quek Wee Siong, Co-Founder & CEO of MHub.
He adds: “This online-based model has been proven effective as MHub successfully transacted 222 bookings during the first 2 weeks of the Movement Control Order. When the country was in lockdown, we launched our own ‘MCO – MHub Can Online’ which enabled developers to conduct virtual walkthroughs, online unit selections and online transactions despite the obvious limitations. The overwhelming response from developers attests to MHub being an ideal solution to an unprecedented challenge.”
Dato Soam Heng Choon (President, REHDA Malaysia) observes that COVID-19 is actually driving forward-thinking developers to embrace proptech. “ Developers who think they are just brick and mortar company need to reconsider. We need to look at proptech holistically as something that enables the property industry. How do you make the experience better? ”
He also commented on the validity of virtual signing which has been brought up by lawyers and developers. “This is something we need to dissect under the Housing Act. As the developers Association, we recommend the Ministry of housing to amend the act, part of the Act, or the regulation that enables it. I think it’s very important under the new normal.”
One such development that has received an overwhelming response from the public despite the CMCO is Starling at Bandar Rimbayu by IJM Land which was sold-out within 24 hours. During the launch of Phase 1, more than 500 homebuyers signed up for the project which consists of 125 available units priced from RM 656,800.
The pandemic has proven that now more than ever, digitization has become more crucial in our lives at the turn of the decade. To connect with a digital-centric audience and to keep both homebuyers and employees safe, Bandar Rimbayu has taken extra steps to work with MHub to digitize their consultation and engagement processes which include virtual 360 walkthroughs of the development and units, while also providing them with the digital masterplan as a reference.
Succeeding the sold out response of Starling Phase 1, Bandar Rimbayu conducted the first-ever live balloting session was streamed on their official Facebook page on 7th June 2020. From over 500 registrants, 190 lucky ones were selected for the balloting that was live-streamed to provide an unbiased and transparent process for registrants. This was then followed by an online unit selection, all done in the safety of the buyers’ homes.
“This is definitely a challenging year for everyone, but it only proves that in today’s age, our lifestyle changes rapidly due to external circumstances. As a visionary property developer, we have adapted and embraced digitization to provide our residents and homebuyers with safe and efficient solutions, including home-viewing up to finally buying a home in a desirable location which is Bandar Rimbayu,” said Mr. Chai Kian Soon, Senior General Manager of Bandar Rimbayu.
“With social distancing in place and the general public’s increasing tech adoption, more and more of our project owners in IJM Land are using MHub to complement our current sales process. We find that it’s really relevant in our new normal of digitalisation and automation. The platform has helped us adapt faster to customers’ needs” says Susan Teh, Assistant GM Sales & Marketing of IJM Land.
“ COVID-19 has been very disruptive for property developers who are used to meeting potential buyers face to face. Now, with social distancing being a way of life, how are developers going to sell? We will need digital platforms like MHub to communicate and sell online ” said Steven Ooi who has been in the property industry for 25 years.
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