KELVIN LIM

Deploying technology at faster speeds had to be done to facilitate property viewings safely and adhere to social distancing measures. We quickly accelerated our digitalization efforts by bringing viewings to life through virtual means with Matterport. This new technology allows 3D tours of properties with a 360-degree view, so interested prospects can get an immersive experience without being physically onsite.

The pandemic has reshaped the entire real estate industry. Companies downsized their workspace as more adopt remote working flexible work arrangements, causing the steep drop in demand for traditional office spaces. On the other hand, the demand for co-working spaces with flexible lease continues growing.

The e-commerce industry has also grown rapidly during this period. This shift will further boost the high demand for industrial spaces. With the self-storage industry growing alongside the e-commerce market share, the need for a physical storage space, alongside a full suite of value-added services and facilities, such as packing stations, livestreaming/photography studios, and last-mile delivery, will become the norm.

Lastly, the pandemic also resulted in a surge in co-living spaces. This trend reflects the high occupancy rate of our Coliwoo properties with over 90%. It can be attributed to people requiring more flexible living arrangements as they face delays in BTO flat completions, millennials moving out of their family homes for more productive environments amidst work- from-home arrangements, and expats looking for a more affordable alternative.