SINGAPORE (June 10): Real estate agency APAC Realty, which operates the ERA brand, is investing $1 million in Dots Connected, the company behind online property platform UrbanZoom.
Founded last year by a team of real estate professionals and data scientists, UrbanZoom utilises proprietary artificial intelligence algorithms to analyse millions of data points derived from regulatory, industry and other public sources to predict the value of a residential unit.
It claims to provide highly accurate residential price predictions, with an overall median error of less than 3%.
Dots Connected also owns UrbanAgents, a referral service matching home owners with verified property agents.
APAC Realty has entered into an agreement to invest $1 million in three-year interest-free convertible notes issued by Dots Connected, which the group will pay using its IPO proceeds.
At the maturity date, three years from the date of the drawdown of the loan, APAC Realty will have the option to exercise the conversion of the notes into an equity interest in Dots Connected.
The group says this will provide its 17,800 agents across Asia access to real-time and precise residential market data.
“We are delighted about our investment and collaboration with UrbanZoom as this headway will boost our technological capability to enhance productivity, raise professionalism and build stronger client relationships,” says Jack Chua, Chief Executive Officer of APAC Realty.
“This outcome backs up our commitment to provide up-to-date solutions to meet the ever-changing needs of modern real estate salespersons and customers,” he adds.
The group says it is also exploring possible investments and partnerships with other promising technology companies that can enhance their real estate business.
Shares in APAC Realty closed 3.9% higher at 54 cents on Monday.
