The commercial property giants have worked together to launch the first Singapore-based regional accelerator for ambitious technology startups in the Asia Pacific region.
JLL and Lendlease have teamed up with coworking space District6 and creative design incubator MeshMinds to launch the programme for early stage startups. The programme will look for technology companies working in property management, real estate transactions, construction management, data collection, data science and analysis.
The Asia Pacific market holds great promise for property investors, with commercial real estate in the region worth $16tn in 2017 and is set to grow to $19.5tn by 2020.
Propell Asia aims to select five start-ups from the region to enter a 10-week programme. Each of the start-ups stand to receive a $20,000 grant, as well as access to reputable mentors comprising real estate industry experts and successful start-up founders, among others.
Tony Lombardo, CEO of Lendlease for Asia, said: “Propell Asia is purpose-built to provide start-ups with the platform to accelerate their business success. Through our integrated business models and networks, Lendlease and JLL will enable participants to access the entire real estate value chain – including investment, development, construction, brokerage, consulting and facilities management – and opportunities to test and validate their products.”
Albert Ovidi, CEO of JLL Asia Pacific, added: “Through Propell Asia, we want to discover promising start-ups with sustainable and innovative solutions that can transform the real estate industry. 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. 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.”
2018 has been a big year for property investment for JLL. In June this year JLL Spark, the technology innovation arm of JLL, announced the creation of a $100m global venture fund to invest in companies focused on leveraging technology to improve the property experience.
Applications for Propell Asia are open from 25 June to 17 August, and the accelerator programme for the five successful start-ups will commence in the third quarter of 2018.
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