The development of a new multi-generational, sustainable approach will enhance the industry’s processes and redefine customer experiences
Hitachi Asia and Frasers Property Group have each contributed USD50 million to accelerate the digital transformation of Asia-Pacific’s real estate sector within the next five years, reported Yahoo! Finance.
Both companies signed a memorandum of understanding (MOU) that states their objective to digitise the real estate sector, primarily focusing first on Australia, Singapore, and Thailand.
By 2025, Asia Pacific’s total addressable property market, excluding China and Japan, is expected to reach USD82 billion, revealed Hitachi’s research.
Moreover, Hitachi Asia and Frasers Property Group have also been collaborating with other Japanese institutions to design a new multi-generational, sustainable process to deliver technology and Infrastructure as a Service (IaaS) solution to the industry.
The MOU was passed shortly after both parties worked on One Bangkok Development, where they developed smart city services for facility management operational systems. The said project is currently the first fully-integrated district in Thailand, built on people-centric principles, with a focus on smart city living and eco-friendly sustainability.
“We are excited to collaborate with Frasers Property and work with a partner who shares our belief in contributing to a sustainable society. Through Hitachi’s social innovation business, we will draw on our operational technology (OT) and information technology (IT) expertise to jointly develop new go-to-market solutions, and improve the lives of people,” said Kojin Nakakita, chairman of Hitachi Asia.
“The real estate industry is rapidly evolving. That means we must find ways to redefine the experiences of our customers,” added Frasers Property Group chief executive Panote Sirivadhanabhakdi.
“Today’s announcement represents the first of many collaborations we are exploring to help accelerate digital transformation for Frasers Property. We are delighted to collaborate with Hitachi, and to share our real estate and local market knowledge and networks.”
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