Global real estate giants JLL and Lendlease are partnering to launch an accelerator in Singapore to kickstart innovation in real estate, an industry that had been slow to witness technological advancements.
Headquartered in Singapore, the programme is called Propell Asia and will be open to early-stage startups that have clearly defined products in real estate transactions, construction management, property management, and big data.
“Propell Asia is purpose-built to provide startups with the platform to accelerate their business success,” said Lendlease’s CEO Tony Lombardo.
Ten startups will be chosen for the ten-week programme which is divided into two sections.
For the first five weeks, tten startups will receive mentorships, corporate connections, and office space to improve their products and business models.
The real estate giants will then evaluate and select five startups to continue their incubation for the remaining five weeks until the programme ends.
“Through our integrated business models and networks, Lendlease and JLL will enable participants to access the entire real estate value chain,” added Lombardo.
This includes investment, development, construction, brokerage, consulting, management, facilities, and opportunities to test and validate the startup’s products.
Qualified startups will also stand to receive US$20,000 grant in exchange for up to 5 percent stake equity in the startup, as well as access to reputable mentors which comprise of real estate industry experts and successful startup founders.
At the same time, JLL also has a large US$100 million global venture fund called Spark and the team was open to the possibility that a qualified Propell Asia alumni could take advantage of the investment avenue.
“Against the backdrop of rapid urbanisation and the rise of smart cities, our industry in Asia Pacific is primed for the next wave of disruption,” said JLL Asia Pacific COO Albert Ovidi.
“Data analytics, artificial intelligence, the Internet of Things, virtual reality, blockchain, all of these technologies will play a pivotal role in the evolution of the real estate industry,” he added.
Applications for Propell Asia is currently open from 25 June to 17 August, and the accelerator programme for the five qualified startups will begin in Q3 2018