APAC Realty entered a deal to invest S$1 million in three-year interest-free convertible notes issued by Dots Connected, the parent of UrbanZoom, an online AI-enabled property research platform, the Singapore-listed real estate agency said Monday.
UrbanZoom’s proprietary AI platform will provide APAC Realty’s more than 17,800 agents in Asia with precise, real-time residential market data, the Singapore company said in a filing to SGX.
“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,” Jack Chua, CEO of APAC Realty, said in the statement.
“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 added.
The platform uses algorithms to analyze data points from regulatory, industry and other public sources to predict the value of a residential unit with high accuracy, the filing said.
UrbanZoom was initially developed for the Singapore residential market, but it has plans to expand to other regional markets, the filing said.
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