Have you imagined what it would be like when AI runs the world? I had my share of watching Sci-Fi films that introduce out-of-this-world ideas, but have you noticed that it's already happening now? And it's not just Alexa or Siri!
Take, for example, the integrated AI customer service apps that respond to you like an actual human. Large companies that cater to truckloads of inquiries have reduced the workload thanks to AI chats, so customers get specific responses 24/7. As you keep using these tools, it gets better and better in catching keywords, therefore producing effective solutions whenever you need them.
So what does this have to do with Singapore Real Estate? The quick answer is A LOT. AI developments are enjoying billions of dollars in investment, and it's bound to take over most, if not all, aspects of our lives.
In fact, there is already an app that can assume the role of a real estate agent. His name is "Luke." How is this possible? This conversational bot catches specific words and uses image recognition to suggest properties for you. All you have to do is to "chat" with Luke and let him respond according to your questions--yes, you can act "normally" like Luke is a real person.
With this in mind, I can imagine a few possible scenarios for the future of Singapore Real Estate.
1. More Care-Focused Residences for Ageing Population.
Today, our country has the highest age median rate of citizens, averaging 41.8 years old.
What should this look like? At a glance, it's a residence but is designed to cater to an aging group and includes a long-term, full-service healthcare system.
A pioneer in this innovation is Bangkok, Thailand's The Aspen Tree. It is deemed as "the country's first and ASEAN's finest healthy living community with holistic lifetime care." (Source: Bangkok Post)
I quote, "The Aspen Tree offers its residents rich, fulfilling lifestyles as part of The Forestias, a green neighborhood; Thailand's first prototype forested city project dedicated to well-being and sustainability. The inspiring development features an office building, a medical complex, luxury hotels, and premium residences." I don't know about you, but that sounds like an ideal retirement place.
This affirms the vision of 3-Generation homes in Singapore and looks like a longer-term investment for citizens looking to prepare for their futures.
2. Innovative Building Materials
Watch out for better-quality homes with innovative materials. The construction industry has been experiencing massive transformation thanks to research-backed solutions that are kinder to the planet and prolongs the life cycle of homes. Some are lightweight concrete yet can take on any harsh weather, as well as self-renewing raw materials that repair themselves from damage thanks to carbon dioxide, which is everywhere!
What does this mean for homeowners?
Great news! We can enjoy fewer maintenance expenses and sturdier homes! Other than that, we can anticipate earth-friendly practices initiated by our walls and more!
Have you noticed our maintenance fees are more manageable than before? This is definitely 1 of the reasons too.
3. AI-Aided Security and Maintenance
Alexa, wash my car! We're no strangers to robot vacuums and smart homes, so we can expect nothing less than more efficient maintenance tools that could do half, if not most, of the job for us. Did you ever hope for a self-cleaning home? I don't doubt that it will come in the future.
Besides that, we can anticipate safer, worry-free homes with AI's help. As you know, our phones can accurately determine people with the use of face recognition. So it won't be a surprise if these features are more integrated into our home's security system.
4. Efficient Construction
In this fast-paced world, it's important to be efficient. Prefabricated homes were already in the market a couple of years back, offering quicker installations of houses and cutting half of the waiting time as parts are created and assembled off-site.
The phrase "haste makes waste" may come to mind, and it's valid to be skeptical about the "express homes." But when you come to think of it, AI helps minimize the risks that humans might not foresee and will significantly shorten the production period since these tools can create solutions that will help constructions to be delivered ahead of schedule.
5. Property Viewing Through Metaverse
Welcome to the age of metaverse! Soon, home buyers will be enjoying virtual tours and exploring their possible homes through 3D rendered models. This tangible, real experience can help buyers decide on the right property for them, at no expense to the developers.
Showrooms are hefty expenses that are solely produced for the sake of viewing. Not to mention, buyers can seamlessly check out their units without the need to commute and at their most convenient time.
Have you seen a lot more 3D virtual tours of properties nowadays? With the disruptions of technology, the ripple effects to us as homeowners and investors are massive. Question is how can we tap on this to our advantage too.
6. More Electric Cars
You might have spotted more and more electric cars on our roads lately, and that's because of the movement to opt for these vehicles compared to the traditional ones.
Not to mention, the launch of car-sharing services like Blue SG and Getgo, enabling people to conveniently get a car with a few taps on an app and drive. If more people would opt for services such as these, then there will be less demand for parking space, allowing developers to dedicate more spaces for homes, or recreational spots.
So, what do you think? At this time when it's more evident that nothing is out of reach for technology, the possibilities, as they say, are endless. But how about you, what AI developments do you want to see more of? Comment your thoughts below!
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