The Hong Kong government has allotted a record annual budget with a surplus of HK$138 billion (US$17.7 billion). The major income contributor continues to be the land sales. Out of the HK$604.5 billion revenue achieved in 2017, land premiums contributed the HK$121 billion.
A staggering HK$50 billion is being allocated for the development of innovation and technology in the realty sector. With a surplus budget in capacity, the government is ready to emphasis on the technical development of the real estate sector. The respective fund will be provided to the related industries to help drive the city forward in achieving its Smart City aspirations.
This step by the government indicates that the businesses should be investing more time and resources to delve into their technological standing. Being one of the most dynamic sectors, the Hong Kong realty sector is set to revaluate their strategies to attract the tenants.
The technological innovations has begun to transform the ways of real estate. Enhancing the globalisation, technology has furnished the transparency and business processes, benefitting the property sector. Recently gaining the popularity as one of the biggest trends in real estate is the Property technology (PropTech).
The occupiers are ready to adapt to the technologies that go forward with the cost savings and the operational efficiency in the long run. Thus calling for the landlords to be more effective in meeting their needs. According to the latest CBRE Research report, the 84 percent of the landlords expected a rise in smart buildings due to the arrival of tech innovation. The leading class in this revolution will be the experts dealing with the occupier needs and tech requirements.
The real estate industry is already being equipped with the artificial intelligence and automation, in order to build efficient tools that will help in forecasting client requirements, making complicated portfolio decisions, creating augmented or virtual realities of work environments and mapping real estate scenarios. The overall major impact faced by the digital technology is the shifting of the focus from the products to the services.
This shift has propelled a new approach by placing the people at the heart of real estate before the data. There is a requirement for the deeper understanding of the data in the real estate, as a huge amount of data is available on the internet, for delivering such products that benefits the customers.
Harnessing the data more methodically is one of the most visible ways to improve and personalise the consumer experience within the built space. This give rise to a sophisticated environment where an app can enhance the living experience, such as automatically adjusting the lighting, ordering favourite food ahead of time and making it ready at the correct temperature.
Most efficient users of PropTech in Hong Kong’s office sector are the co-working space operators. Putting technology at the heart of the facility management, the co-working centres are putting the data to work, which is gathered from meeting room bookings and unused office patterns. The centres are enabling the management operators to maximise space efficiency.
Efficient use of the office space is the key for a company’s survival in one of the highest-priced property markets, in the context of conventional office occupiers. In order to maximize the energy savings, the occupiers can use the mapping technology for the space usage, so that the power and the water supplies can be shut down as the space is not being used. Also the activity based working is a rising workplace format that supports a reduction in empty space. This format has recently gained popularity in the business community across the Hong Kong.
Encouraged by sustained demand and supply pressure, the real estate sector will continue to prosper. The issue of addressing the changing demands of the progressing businesses, can provide a setback if the sector fails to catch up with the fast spreading technology across all the sectors. In fact the slogan from the Hong Kong Government provides an opportune call to the realty sector, that is “invest in the future”.
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