Spaceworx launches Singapore’s first proptech marketplace
Proptech (property technology) B2B marketplace Spaceworx, the first of its kind in Singapore was launched in late August, offering a pre-integrated platform for smart solution sourcing and lifecycle management.
The platform aims to empower users with technology advancements, setting up landlords, operators, occupants, and system integrators with a one-stop proptech solution for smart space needs in the construction and real estate industries, through its proprietary Shop, Plug, and Play approach, and is currently available to the Singaporean and Malaysian markets.
“We’ve seen an upward trend in recent years, with the increase in more clients needing smart, integrated solutions and we saw a massive gap in the industry for a B2B marketplace and a trusted intermediary. Therefore, we set out on a journey to help fill this gap,” said SpaceWorx chief executive officer Lakshita Wijerathne.
This approach to proptech enables businesses with a platform that has an ecosystem of modular building blocks to craft their own integrated digital solutions, with pre-integrated products, pre-configured automation, and expert service providers making up those building blocks.
An open proptech ecosystem
Spaceworx’s open ecosystem concept also allows users or businesses to list their products on the marketplace, as long as it is interoperable, via its unique integration platform called Lucy, something that is rarely available in the industry.
Headquartered in Singapore, Spaceworx is led by a team with over 20 years of experience in delivering smart city, building, and workplace solutions across the world. The company is the result of a partnership between Eutech Cybernetic and DP Architects in 2019 to deliver a pilot implementation of Spaceworx.io for CapitaLand Limited, under a grant award from the Infocomm Media Development Authority’s (IMDA) Call for Innovative Solutions (CFIS) with CapitaLand and government agency JTC Corporation.
In the platform’s pre-launch phase, Spaceworx had onboarded over 70 product principals, over 400 products, and over 100 automation onto the marketplace, while making several partner introductions such as Waste Hero, MapsPeople, Microengine, and Visioglobe to the building– and city-level customers.
“We are standing at the crossroads of the future of real estate, where digital twins can enable physical and digital experiences of buildings to merge. The ease by which digital twins can be created with Spaceworx.io will unlock latent human resources within the built-environment industry and accelerate its digitalization,” said DP Architects Chief Executive Officer Seah Chee Huang.
Moving forward, Spaceworx plans to expand beyond technology to onboard non-tech products and essential services, such as insurance, security, utilities, electricals, and furniture.
Importance of sustainability
While sustainability and green buildings have been enduring trends in the real estate space for the past few decades, it is no longer a niche as more and more consumers demand and expect it from most aspects of their lives, according to Nathan Miller, Founder and Chief Executive Officer of Rentec Direct.
This is backed by Nielsen’s 2018 strategy guide, “Sustainable Shoppers Buy The Change They Wish To See In The World”, which states that 73% of global consumers say they are willing to change their consumption habits to reduce their environmental impact.
Business owners should take heed that sustainable real estate development not only brings environmental benefits, it brings along financial and social benefits as well, where green buildings not only cost less but have a very good return on investment as the value of the property increases with sustainable construction.
The use of sustainable materials also improves health, minimizes waste, and leads to better use of resources, according to Majesty Gayle, Senior Fund Manager at Evo Opportunity Fund.
These point towards the importance of incorporating sustainable processes and materials into real estate developments and construction projects, if only to remain current with consumer needs, with platforms like Spaceworx offering easy access to smart solutions for buildings, homes, and workspaces.
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