With a population of 5.4 Mn in 2020 and a being major financial hub in the Asia Pacific region, Singapore has earned a reputation as one of the world’s most advanced economies. It is a leader in Southeast Asia with more than 80 proptech companies, majority of which are successfully creating a powerful and transparent digital integration and growing a double digit CAGR of 36.1% during 2015-2020.
From project funding to management down to design, property technology in Singapore covers a range of sub-industries in the real estate sector. A growing millennial workforce, fast evolving consumer trends and untapped demand potential in the market are real draw cards for start-ups and developers looking to enter the Aggregators and Co-Living market.
Most full-stack Property Classified players in Singapore have remained focused on the residential property segment considering the burgeoning housing shortage, rapid urbanization and urban migration trends. Property Classified companies range from crowdfunding websites to smart building firms, asset management companies, AR service providers and video analytics solution providers to track human traffic in retail malls.
However, the industry is highly vulnerable to fraud due to its complex nature, reliance on technology, and interaction between stakeholders and third parties. Companies such as PropertyGuru. SRX Property, Carousell and Cove are poised to capitalize on current pain points in Singapore Property Classified Market.
Singapore Property Classifieds Market Segmentation: Ken Research
By Business Model: Revenue Via Listings and Classifieds generated highest revenue due to increased user base. Majority of the property classified ad marketplaces provide the main services at free of cost so that the users can buy/rent properties and the sellers can list their properties for free.
By Market Players for Co-Living and Aggregators: The Singapore co-living and aggregators market is dominated Cove contributing ~% revenue share.
By Type of Market Players:
Singapore proptech Market is further segmented into by type of market players, Listings and Classified market players co-living and Aggregator market players.
By Market Players for Listings and Classifieds: The Singapore Listing and classified market is dominated by Property Guru Group contributing ~% revenue share.
By Transaction Type: Majority of the transactions were carried out via sale of properties rather than renting properties. The government has introduced policies and are encouraging millennials to buy properties rather than renting of properties.
By Revenue Sources: Majority of the revenue is generated from Fee for Listings including Subscription Packages and Commission. The advertisement-based revenue model is gaining traction and is often used by websites/applications/marketplaces that attracts huge amounts of traffic. Revenue is generated by selling ad space and it is one of the most standard methods of gaining revenue.
By Type of Region:
Properties in the RCR are benefitting from the confluence of demand from various buyer groups, including foreigners looking for a good buy, Singaporean investors, owner-occupiers who want to live closer to the city, as well as a sizeable pool of budget-conscious tenants who might be priced out of the prime rental market in the city Centre.
Singapore Property Classifieds Market Competition
The market is moderately fragmented for listings and classifieds companies with major players including Property Guru Group, SRX Property, Carousell, ST Property, Mogul, Grey loft, etc. The market is highly concentrated market for aggregators & co-living companies with top players namely Cove, Hmlet and Easy City holding more than 60% market share in terms of revenue. Players are competing on the basis of Rental Pricing, Room Types, Locations, Services, Community Events, etc. Factors such as expensive rentals, fixed one- to two-year tenancy contracts and the hassle of dealing with intermediaries, have driven the growth of co-living concepts in Singapore.
Singapore Property Classifieds Market Future Outlook and Projections
Singapore Property Classified Market is expected to grow at a massive rate of 30.16% CAGR during 2020-2025 providing a lucrative opportunity for Property Classified investors. Technology has been increasingly becoming an attractive asset for landlords, potential real estate investors and tenants looking for an efficient and secure opportunity in the Commercial Real Estate segment (CRE). This presents a lucrative opportunity for Property Classified investors to witness high returns on their investment. The real estate digital classifieds space is still in the early stages of growth and the listings are dominated by builders and brokers. Further, with newer technology-based services such as 360-degree view, listing convenience, subscription management etc., and the focus is likely to be on educating individual users. Therefore, the advertisements are more likely to be focused on the individuals on both the buying and selling side, which could help reduce the resistance of online real estate tractions by individual users.
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Key Factors Considered in the Report
- Overview of Singapore Proptech Market
- Ecosystem of Major Entities in Singapore Proptech Market
- Business Cycle and Genesis of Singapore Proptech Market
- Singapore Proptech Market Size, 2015-2020
- Singapore Proptech Market Segmentations
- Competition Analysis : Market Share of Major Listings and Classifieds and Major Aggregators & Co-Living Companies
- SWOT Analysis in Singapore Property Classified Market
- Revenue Models in Singapore Proptech Industry
- Growth Drivers and Restraints in Singapore Proptech Market
- Technological Advancements in Singapore Proptech Market
- Impact of COVID19 in Singapore Property Classified Market
- Key Trends in Singapore Proptech Market
- Outlook and Future Projections for Singapore Proptech Market
- Future Market Segmentation by Business Model and Revenue Sources
- Recommendations / Success Factors
- Research Methodology
- Appendix
For more information on the research report, refer to below link:
Covid-19 Impact Singapore Property Classifieds Market
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