Its agents can gain access to UrbanZoom's AI-powered residential research platform.
APAC Realty Limited has entered into a collaboration with UrbanZoom, a homegrown proptech startup that applies big data and artificial intelligence (AI) to the real estate sector.
As part of the agreement, the APAC Realty will invest $1m in three-year interest-free convertible notes with an option to convert into shares in Dots Connected Pte. Ltd., the company that owns UrbanZoom and UrbanAgents. In return, UrbanZoom’s proprietary AI-enabled research platform will provide APAC Realty’s agents access to real-time and precise residential market data.
APAC Realty will also explore partnership and investment in innovative startups as part of its Digital Lab initiative, an investment programme aimed at making the company Asia’s leading digital real estate agency. The company has set aside $5m from their IPO proceeds for startup investments.
The announcement builds on earlier proptech investment by the firm. In November 2018, APAC Realty’s subsidiary, ERA Realty Network Pte Ltd. (ERA Realty) collaborated with Lyte Ventures to roll out Lytepay, an instant commission advance service for its agents, allowing ERA agents to get instant payout on their project commissions for a low flat processing fee without affecting their personal credit.
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