JLL and Lendlease launch Singapore-based regional proptech accelerator
JLL and Lendlease have jointly launched Propell Asia, the first Singapore-based regional property technology (proptech) accelerator that will connect ambitious startups to Asia Pacific’s commercial real estate market, which was worth $16 trillion in 2017 and is set to grow to $19.5 trillion by 2020.
Propell Asia is an industry-first collaboration between JLL and Lendlease. Together with partners co-working space District6 and creative design incubator MeshMinds, the accelerator program is targeted at early stage startups in the region with a clearly defined product that can be applied to one of the following categories:
- Property management — improve procurement and user experience through predictive maintenance and robotics
- Real estate transactions — increase automation to achieve greater efficiency in leasing and sales including use of blockchain technologies
- Construction management — disrupt the design and construction of the built environment to enhance safety and productivity outcomes during construction
- Data collection, data science and analysis — improve decision-making for occupiers, investors and managers by applying artificial intelligence and machine learning techniques on data that is both internal and external to commercial real estate.
Propell Asia aims to select five startups from the region to enter a 10-week program. Each of the startups stand to receive a S$20,000 ($14,670) grant, as well as access to reputable mentors comprising real estate industry experts and successful startup founders, among others.
The program will be based at District6, a co-working space located in Bras Basah, Singapore.
“Propell Asia is purpose-built to provide startups with the platform to accelerate their business success,” said Tony Lombardo, CEO Asia of Lendlease. “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.”
In June 2018, JLL Spark, the technology innovation arm of JLL, announced the creation of a $100 million global venture fund to invest in companies focused on leveraging technology to improve the real estate experience.
The fund will contribute to the grants for startups that are selected to join the Propell program.
Applications for Propell Asia are open from June 25 to August 17, and the accelerator program for the five successful startups will commence in the third quarter of 2018.
For more information about Propell Asia, visit http://www.propellasia.com.