Gaming the property market: PropNex announces Monopoly competition
By Timothy Tay
/ EdgeProp Singapore |
PropNex hopes the competition can promote financial literacy and introduce insights into the Singapore real estate market in a fun and engaging way.
SINGAPORE (EDGEPROP) - PropNex Realty will hold a Monopoly competition based on its own Hasbro-certified edition of the board game. The total prize pool of the PropNex Monopoly Championship 2022 is $308,000, and the winner will walk away with a prize of $108,000.
Registration for the competition starts on Feb 9 and the competition will take place from May to August this year at Furama Riverfront Hotel.
PropNex CEO Ismail Gafoor hopes the competition can promote financial literacy and introduce insights into the Singapore real estate market in a fun and engaging way.
The objective of the competition is to promote financial literacy knowledge and a better understanding of the local real estate market. (Picture: Albert Chua/The Edge Singapore)
“We aim to empower consumers with financial literacy knowledge as property investment requires adequate financial planning and right strategies to succeed,” says Gafoor. Some of the skills players can learn are cash flow management, managing risk and potential pitfalls involved in property investments, and cultivating financial prudence.
PropNex unveiled its special edition of the board game in January last year, shipping 20,000 boxes of the special edition for its agents and consumers in Singapore. To date, close to 12,000 sets have been sold so far, says Gafoor.
The PropNex edition of the Monopoly game incorporates many features of Singapore’s real estate market. Besides new property titles that reflect geographic segments such as the Core Central Region, the dynamics of the government’s property cooling measures will influence play. For example, an Additional Buyer’s Stamp Duty mechanic has been introduced.
A tax, with similar mechanics as the ABSD, is part of the PropNex version of the Monopoly board game. (Picture: Albert Chua/The Edge Singapore)
According to Gafoor, this competition is one way the real estate agency plans to engage with homebuyers and potential consumers this year. “As a result of the latest property cooling measures and concerns over rising interest rates, many homebuyers have taken a wait-and-see approach when it comes to their property purchases,” says Gafoor.
This comes as developers move to clear any outstanding inventory as the level of unsold new private homes dips to a record low. Developers and real estate agents are also mulling over the upcoming new launch prices amid higher land sale prices. (Browse newly launched condos in Singapore right now)
Gafoors hopes that the four-month long event will encourage some consumers to “take a realistic assessment of their real properties” this year.
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