Two property websites are emerging to specialise in the expanding property markets of the Far East. Helen Osborne looks at what’s on offer
In the Asia-Pacific property market, two recently launched websites reflect the region’s dynamism: iProperty, in Hong Kong, and propbuzz in Singapore.
The Hong Kong market is known for speed of business and iProperty, backed by DTZ Debenham Tie Leung, incorporates a valuation service that allows bankers to obtain an instant preliminary evaluation.
Since early October, over 1,100 licensed agents have registered with the site. They are charged a fee of up to £24 per inquiry.
DTZ Debenham Tie Leung has developed the website on its own, saying that partnership with developers and other parties would affect the creditability of advice. The firm’s head of e-valuation, Ho Siu Wa, says: “Because the system is a round-the-clock, on-line service, it has proved extremely useful to banks in chasing their home mortgage business, especially during weekends, evenings and public holidays, when they can hardly find professional valuers to provide verbal indications on property values.”
The service is also accessible via WAP telephones, at the request of banks. DTZ Debenham Tie Leung has secured 17 banks to participate in the service. Banks pay a fee on each enquiry that leads to a completion, and there are fixed minimum and maximum charges for each bank depending on their scale and number of designated staff using the service. Fees vary from bank to bank depending on their scale and number of enquiries made each month.
Advert-free profits
iproperty’s products were designed to be profit-generating without relying on advertisements or any other income sources not directly related to online product services.
Ho Siu Wa says: “The introduction of our e-valuation service has widened our scope of clientele yet has not affected our traditional valuation business. We have stressed the importance of carrying out internal inspection of a property before arriving at our final opinion of its open market value.”
The project is nonetheless labour intensive: more than 25 senior valuers plus 15 assistants are involved.
However, according to Ho Siu Wa, this means that users can expect a quick response: “Some companies running similar services claim to provide online valuations, but actually users can obtain information only after a certain period, say 24 hours, after submitting enquiries. We don’t feel that is what the market is looking for, especially in a highly competitive market like Hong Kong.”
Regional launches
The launch in Hong Kong will be followed by launches in major cities in China and the Asia Pacific region.
Singapore-based Propbuzz is the first site in the Asia-Pacific market to have the backing of five listed property players. The partnership is made up three property developers: pFission, which is a subsidiary of Pidemco Land, City Developments and MCL Land. pFission was set up to head the group’s e-business investments; its parent, Pidemco Land, invests in and manages commercial property in Singapore. The other two backers are Jones Lang LaSalle and CB Richard Ellis.
Propbuzz’s chief executive, Bob Mok, says: “We’re not a wannabe dot.com.” The site is a one-stop property resource, which aims to make life easier for agents, buyers, sellers, landlords and tenants, with residential and commercial property listings, prices of recent transactions, research information and supporting services.
In Singapore, a country dominated by large government-listed companies, Propbuzz functions as both a business-to-business and a business-to-consumer site. Launched in November, it targets agents, suppliers and service providers. The plan is to replicate this model across Asia.
The site includes more than 1,000 development profiles of different projects, showing site maps, floor plans and vicinity maps. Agents have access to these plans and can enlarge them to be printed. Letting agents are also able to call up and enlarge exact floor plans, or view a thumbnail-size version. According to Mok, no other Singapore portal has these plans.
The business-to-consumer facilities provided include valuation, insurance and banking. Other products are being developed. Daily worldwide property news is provided, as are research reports. It is a “neutral” portal, which welcomes input from competitors.
Conversely, iProperty has placed its research reports, promotion and other informative materials in a separate website, dtz.com.hk, which is free to the public. The contents extend to other major cities in China. DTZ Debenham Tie Leung has purposely reserved its B2B e-services in a separate website that is profit-generating and requires passwords for access. Nevertheless, hyperlinks are available between both sites.
In Singapore, Mok predicts, the property website market will consolidate in the next six months with, at most, three portals surviving. He says: “We don’t really have serious competitors providing the same features.” Banks and agents’ subscriptions as well as service centres, Mok asserts, bring in a balanced revenue stream.
Hong Kong and Australia
Propbuzz is in constant discussions with member shareholders in Hong Kong and Australia about establishing a presence in those countries and, Mok says, it is definitely interested in China. He also believes that Japan and South Korea are viable markets.
Mok is also keen to look at the application service provider model.
Propbuzz is not dissimilar in function to UK sites such as the UK’s Propertyfinder. However, although the British-based site offers many of the services of its Asian counterparts, it does not offer online valuation as iProperty does. Propertyfinder’s chief financial officer, Simon Harford, explains: “We leave agents to do what they do best. We are looking to partner them, not replace them.”
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iproperty: offers an “instant” preliminary valuation www.iproperty.com ” Based in Hong Kong ” Backed by DTZ Debenham Tie Leung ” Launched on 1 February 2000 ” For a fee of between £10 and £24, users e“are e-mailed a preliminary valuation of a property within the same day of enquiry ” Available during weekends, evenings and public holidays and accessible via WAP phone ” Used by 17 banks with more than 500 branches ” More than 1,100 licensed agents registered to use the e-valuation service. l A fee is charged per inquiry ” Plans to cover major cities in China and the Asia Pacific region |
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propbuzz: aims www.propbuzz.com ” Singapore-based ” Launched 21 November 2000 ” Backed by five listed property players: Pidemco Land, City Developments, and MCL Land, CB Richard Ellis and Jones Lang LaSalle ” Comprises residential and commercial property listings, recently transacted prices, research information and support services. ” Backed by S$5.5m investment ” Gives profiles of more than 1,000 residential and commercial developments, including photos, site maps and floor plans. ” Provides a customer service centre, open Monday to Saturday ” Presents listings from developers, international property consultants and housing agents ” Plans to be a one-stop property resource |
