EdgeProp unveils new all-in-one intelligence tool that helps estimate selling prices for upcoming condo developments
/ EdgeProp Singapore |
EdgeProp Singapore has launched LandLens, a tool which allows users to look up information on property and land parcels across Singapore, including Government Land Sales (GLS) and en bloc sites. (Photo: Albert Chua/The Edge Singapore)
SINGAPORE (EDGEPROP) - Data has become an increasingly important tool when it comes to decision-making within the property market. From benchmarking costs to assessing market pricing, it is vital for market participants to have the right data to drive their decisions.
However, for many people, accessing such data is often challenging. To that end, EdgeProp Singapore’s suite of data intelligence tools helps overcome that gap by providing users with a wealth of information that can be accessed through an intuitive interface, thus allowing them to harness invaluable insights.
Under EdgeProp’s newly-revamped property intelligence platform EPIQ (a portmanteau of the portal’s initials and ‘IQ’), users can access information across various segments in the property market, while also customising the data and analysis to suit their needs.
Coinciding with the refreshed platform is the launch of a brand new tool, LandLens, which allows users to look up information on property and land parcels across Singapore, including recent and upcoming Government Land Sales (GLS) and en bloc sites. (See potential condos with en bloc calculator)
“With summarised data of its surroundings, you can understand the nuances of every single land lot. You can now make better decisions on potential purchases, even before negotiations and biddings start,” says Leonard Ng, head of product at EdgeProp.
EdgeProp, through its intelligence platform EPIQ, has launched LandLens — its first property intelligence software for enterprises (Source: LandLens)
At a launch ceremony and live demos for the new product held on Feb 28 and March 1, EdgeProp CEO Bernard Tong notes that LandLens is EdgeProp’s first property intelligence software that caters specifically for the needs of enterprises.
Using the tool, users are able to get a detailed overview of any Singapore property or land site at a glance. “LandLens will allow you to get any information you need to know, be it market or transaction data, land details, breakeven and selling prices for future developments, and more,” says Tong. (Check all latest Singapore property Market Trends)
Everything you need to know, at a glance
A search on LandLens for a property or land site yields a summary of key information such as lot number, planning area, tenure, zoning, land area, number of units, and more. In addition, the tool summarises transaction data for an existing property, including details of recent sales and rental transactions.
Users will have a detailed macro view of the property at their fingertips too, with a function that allows them to easily benchmark against surrounding properties, whether by a specific radius, planning area, subzone or district.
Based on the parameters chosen, the tool aggregates details on all properties — both private and public — within those boundaries. Users will be able to see the list of developments, the total number of housing units, transaction data, a comparison of buildings’ ages, recent or upcoming launches, and even GLS or en-bloc transactions in the vicinity.
LandLens screenshot listing private housing developments within a 500m radius of Chuan Park (Source: LandLens)
For non-landed properties, LandLens also drills down into the unit mix available in the surrounding area, segregated by bedroom type. For example, the tool enables users to see the total number of 3-bedroom units that exist for a particular area, and at which developments.
Tong notes that such information is unattainable anywhere else, as transaction data available on the URA database only discloses unit sizes. “What we have done is to use big data and image recognition software to compare unit sizes and floor plans to identify the unit type,” he explains.
LandLens aggregates unit mix by bedroom type for a particular area, allowing users to see supply for a particular type easily (Source: LandLens)
Population data is also available, providing a breakdown of tenancy data, ethnic distribution and age demographic. In addition, users can easily access all EdgeProp articles relating to the property or site being searched, providing up-to-date coverage of the relevant property.
“The point is that you don’t have to use different tools to look up information — everything is given here,” Tong remarks.
Tong: With LandLens, users will have extensive research, all in one place (Photo: Albert Chua/The Edge Singapore)
LandLens is integrated with EdgeProp’s Singapore condo and apartment directory, meaning that users can click on any non-landed private residential development mentioned to access a research page that has further information on that specific property.
Tong highlights a new addition to the research page, namely, a summary of current listings for the property, aggregated across different platforms. “This means you don’t have to go to multiple portals to see all the listings for a property, and you can use our tool to send out multiple inquiries at once,” he adds.
Estimating selling prices for future developments
Besides providing detailed information on existing properties, LandLens is an invaluable tool for assessing future developments. Its database has been configured to include all GLS and enbloc sites that have been sold in the last five years as well as those on the market or tagged for future sale. (See potential condos with en bloc calculator)
With LandLens, in addition to detailed analysis on the site and the surrounding area, users will be able to access a calculator which determines an estimate of the breakeven and selling prices for the future development on a particular plot of land.
LandLens can be used to estimate selling prices for upcoming condo developments (Source: LandLens)
The calculator factors in the land price and plugs in estimates for construction costs and other related expenses based on EdgeProp research and intelligence to arrive at a breakeven figure. A profit margin is imputed to arrive at the selling price. Users also have the option to input costs manually and adjust the profit mark-up, for further flexibility.
Different use cases for different users
Tong notes that the vast data aggregated by LandLens is a powerful resource that can be utilised in different ways.
For example, for developers, the tool provides a quick and easy method to assess potential land sites or en bloc properties as part of their due diligence.
For users like property agents, LandLens can be utilised to conduct various market analyses. “Agents marketing in a specific area or district can use LandLens to narrow in on a particular demographic like HDB upgraders, or identify alternative developments for your client,” Tong suggests. (Find HDB flats for rent or sale with our Singapore HDB directory)
Sign-up for a free two-week trial* for LandLens by visiting https://edgepr.link/LandLensTrial.
*Exclusive for Agent & Trade Partners.
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