Singapore’s real estate landscape is undergoing a transformative shift as Mogul.sg, a pioneering software factory, introduces cutting-edge Proptech features, changing the way Singaporeans buy and sell their homes. The platform offers a futuristic online showroom experience that leverages video game-style animations and data visualization, providing users with unprecedented insights and eliminating traditional barriers in the real estate market.
Mogul.sg, founded by Gerald Sim in 2018 and incubated by the Singapore Land Authority’s Geoworks, claims to possess approximately 90% of data on the 160,000 buildings in Singapore. This wealth of information, sourced from reputable outlets like URA and HDB, includes details on future developments that are not yet constructed but are already available for sale.
The virtual showroom experience allows prospective buyers to navigate a 3D map of Singapore, exploring new condo developments and assessing surroundings, balcony views, and even sunlight exposure at specific times of the day. This innovative approach is especially beneficial for private owners looking to sell or individuals in search of a new home.
Key to Mogul.sg’s success is its minimalistic approach to fees. The virtual agent charges a mere $150 listing fee, eliminating traditional agent commissions. With an advanced search engine powered by artificial intelligence (AI), the platform efficiently guides users to their desired properties, boasting a listing of around 29,000 objects. Mogul.sg claims to have completed its fastest transaction in just 9 days.
Founder and CEO Gerald Sim emphasizes the importance of data visualization in real estate, comparing it to the sophistication of stock trading. The platform’s focus lies in three core pillars: 3D maps, geospatial analytics, and AI selling. The visual effects are achieved through fast-loading animated maps using vector graphics, powered by a gaming engine.
Mogul.sg‘s true strength lies in its vast database, incorporating an estimated 70 million data points. This includes publicly available data on services and amenities, such as public transport, schools, supermarkets, and even the type of greenery in the area. Users can access data on past property transactions, enabling informed decisions based on transparent, realistic, and honest information spanning the last 25 years.
The platform’s automated valuation model, known as the M Value, provides instant results, streamlining the home loan approval process. Maybank has reportedly accepted these valuations as the basis for their home loan approvals, with DBS, UOB, and OCBC expected to join the platform in the coming year.
Mogul.sg is expanding its services beyond mortgage applications to include support for home moving and renovations. The platform aims to recommend contractors based on future design requirements submitted by homeowners. It also plans to expedite identity verifications through integration with the Singpass app.
Despite skepticism from established entities, users are embracing Mogul.sg’s services for their cost-effectiveness and convenience. The platform’s adoption of generative AI is simplifying manual processes, allowing it to serve a growing client base with a relatively small pool of agents.
Looking ahead, Gerald Sim envisions organic growth for Mogul.sg in Singapore before expanding to other regions, including Australia, the UK, or Europe. The platform has already started mapping all of Southeast Asia, with a 4% market share achieved in Singapore. By redefining the traditional real estate showroom, Mogul.sg is not only saving costs but also contributing to a more sustainable and environmentally friendly approach to property exploration.