Property sector seeks unified data platform to spur deals

Ageing properties and lease expirations remain pressing concerns.

Real estate practitioners in Singapore are calling for greater digitalisation across the industry, citing the need for a unified property data platform to address inefficiencies in the dealmaking process.

Jones Lang LaSalle, Inc. (JLL) Senior Director for Agency Leasing Zoe Ho said fragmented data remains a major obstacle.

“A key area for improvement is the standardisation of property data,” she told Singapore Business Review. “Critical information such as verified building specifications and sustainability metrics is often fragmented, creating inefficiencies in the due diligence process.” 

“A more unified and trusted data source would allow for faster, more reliable comparisons,” Ho, who was recently named among Singapore Business Review’s most notable agents under 40, said in an emailed reply to questions.

"This would free up agents to focus on high-value strategic advice and empower clients to make quicker, more confident decisions, ultimately creating a more transparent and efficient market for everyone,” she added.

Agents must consult the Urban Redevelopment Authority, Singapore Land Authority, and Building and Construction Authority (BCA) separately for building specifications. Sustainability data, meanwhile, comes through BCA’s Green Mark Scheme and other platforms.

Cushman & Wakefield Property Services (Singapore) Pte. Ltd. Director for Capital Markets Daphne Poh said greater transparency would cut delays and strengthen market trust.

“Streamlined processes and better market information would reduce delays, increase trust, and help buyers, sellers, and agents make faster, more informed decisions,” she said in an emailed reply to questions.

Huttons Asia Pte. Ltd. CEO Mark Yip urged stakeholders to work more closely in raising industry standards.

“The industry still lags behind in digitalisation, whether in sales or leasing,” he said in an email. “While individual agencies have developed their own tools ranging from analytics such as transaction data and trend charts to efficiency-focused solutions like digital forms and property searches, what is missing is a consolidated, industry-wide effort.”

Beyond fragmented data, ageing properties and lease expirations remain pressing concerns. Ho said these issues make transactions more complex as buyers and occupiers become more selective.

“Decisions around how much space to take, how to use it effectively with new ways of working, and how to plan for future growth amidst potential cost pressures require deeper strategic analysis,” she added.

Transaction timelines have also lengthened, now taking one-and-a-half to two times longer. Ho cited more detailed business analysis, stricter budget reviews, and landlords implementing tougher Know Your Customer requirements as key reasons.

As deals become more sophisticated, advanced data analytics could help agents manage complex transactions with greater speed and accuracy, she added.

Cushman & Wakefield Director for Industrial Leasing Darren Lu said brokers must sharpen their value proposition, whilst Yip encouraged agents to go beyond surface-level numbers with insights and analytics.

Continuous learning is also vital, Yip said, citing a government decision to raise compulsory continuous professional development hours for registration renewal. Starting next year, agents must complete 16 hours annually, up from six, with 12 hours of structured training and four hours of self-directed learning.

Huttons also conducts courses for its agents, with new salespersons undergoing a mandatory “fast-track” programme, Yip said.

Ho said the proposed rule requiring agents to close at least one deal a year would keep them active and updated on market trends, ensuring they give sound advice. “This policy would raise the overall calibre of the industry by distinguishing active, committed professionals from inactive ones.”

However, Cushman & Wakefield Senior Manager for Industrial Leasing Felicia Tan said the rule might place undue pressure on agents in niche or long-cycle markets. “A more balanced evaluation framework that considers professional development, client engagement, and contributions to the firm may be a fairer measure of effectiveness,” she said in an email.

Yip added that some agents serve as trainers, team leaders, or support staff whose contributions extend beyond direct sales.

“The requirement for agents to close at least one deal annually will be challenging to balance,” he said. “While Huttons is generally supportive of the intent behind such criteria, we believe further adjustments will be necessary to ensure fairness across the industry.”

“A one-size-fits-all approach may not fully address the diverse functions and responsibilities within the real estate profession,” he added.