{"id":54399,"date":"2017-05-11T10:03:28","date_gmt":"2017-05-11T03:03:28","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-tap-vr-tech-to-market-projects\/"},"modified":"2017-05-11T10:11:45","modified_gmt":"2017-05-11T03:11:45","slug":"developers-tap-vr-tech-to-market-projects","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-tap-vr-tech-to-market-projects\/","title":{"rendered":"Developers tap VR tech to market projects"},"content":{"rendered":"


\nArtist\u2019s impression of Paya Lebar Quarter by Lendlease.
\nProperty developers are making use of virtual reality (VR) technology to assist them in marketing their new projects, reported Channel NewsAsia.
\nFor instance, Australian developer Lendlease is utilising a three-dimensional modelling platform to showcase the upcoming Paya Lebar Quarter to potential clients.
\n\u201cWe needed to have a mechanism that would show people what it would be like to actually be in the precinct. We wanted to create this immersive environment so that people can visualise that,\u201d said Richard Paine, Managing Director of Paya Lebar Quarter.
\nMoreover, Lendlease is using VR to put together the precinct, with architects, structural engineers and project managers taking advantage of this technology for planning and execution purposes. It also intends to use this innovation to manage its facilities when Paya Lebar Quarter fully opens in 2019.
\nAnother property player making use of VR is CapitaLand, which rolled out an immersive VR simulation studio that enables guests to explore the interior of Funan mall in 3D even before it opens in 2019.
\nHowever, adopting such technology can be expensive. Although Lendlease declined to divulge its total investment in its VR platform, the rendering of its 3.9ha Paya Lebar Quarter took six months. Small companies may not have the resources for this.
\n\u201cThe return of investment on these technologies is often hard to prove \u2026 because it\u2019s hard to quantify the benefits of this technology, especially when you\u2019re looking at it from the lens of a single project alone,\u201d said Mukund Sridhar, who leads McKinsey & Company\u2019s infrastructure practice in Southeast Asia.
\n\u201cConstruction professionals will tell you that construction is complex \u2013 no project is alike so it\u2019s a challenge of scaling it up across different projects and ensuring that this technology can be customised and applied across different kinds of projects.\u201d
\nFurthermore, a study by McKinsey shows that the construction sector lags behind other industries in adopting new technology.
\nNevertheless, Singapore\u2019s Building and Construction Authority has established a Construction Productivity and Capability Fund to help reduce the costs involved in adopting such new technologies.
\nAs of 31 December 2016, around $450 million out of around $800 million have been committed to over 9,000 construction firms.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Developers tap VR tech to market projects<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Artist\u2019s impression of Paya Lebar Quarter by Lendlease. Property developers are making use of virtual...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-54399","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-e9p","jetpack-related-posts":[{"id":30309,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lendlease-unveils-plans-for-3-2-billion-paya-lebar-quarter\/","url_meta":{"origin":54399,"position":0},"title":"Lendlease unveils plans for $3.2 billion Paya Lebar Quarter","date":"October 17, 2016","format":false,"excerpt":"\r The 3.9ha Paya Lebar Quarter site will comprise Grade-A offices, a shopping mall and residential apartments. Source: Lendlease Australian property developer Lendlease has unveiled plans for its $3.2 billion Paya Lebar Quarter urban regeneration project, which is expected to transform the area around Paya Lebar Central into a regional\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":47409,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/park-place-residences-to-open-showflat\/","url_meta":{"origin":54399,"position":1},"title":"Park Place Residences to open showflat","date":"March 10, 2017","format":false,"excerpt":"\r Artist\u2019s impression of Park Place Residences at Paya Lebar Quarter. Source: Lendlease Australian property developer Lendlease plans to launch the Park Place Residences condominium at Paya Lebar Quarter (PLQ) on 25 March. It also announced unit prices at the 99-year leasehold project: the 117 one-bedroom apartments will be priced\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":46819,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lendlease-to-launch-park-place-residences-in-end-march\/","url_meta":{"origin":54399,"position":2},"title":"Lendlease to launch Park Place Residences in end March","date":"March 6, 2017","format":false,"excerpt":"\r Artist\u2019s impression of Park Place Residences at Paya Lebar Quarter. Source: Lendlease Lendlease is set to launch Park Place Residences at Paya Lebar Quarter (PLQ) on 31 March, marking its maiden foray into residential development in Singapore. \u201cWe are excited to be entering Singapore\u2019s residential property market with Park\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":82468,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/phase-2-of-park-place-residences-to-launch-at-higher-prices\/","url_meta":{"origin":54399,"position":3},"title":"Phase 2 of Park Place Residences to launch at higher prices","date":"March 12, 2018","format":false,"excerpt":"\r Artist\u2019s impression of Paya Lebar Quarter. Source: Lendlease Lendlease is set to launch Phase 2 of the 429-unit Park Place Residences at mixed-use Paya Lebar Quarter on 7 April amid a property market upturn.\u00a0 At a media briefing on Monday (12 Mar), the Australian-based developer revealed that the final\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":111876,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/paya-lebar-quarter-by-landlease-officially-launched\/","url_meta":{"origin":54399,"position":4},"title":"Paya Lebar Quarter by Landlease officially launched","date":"October 25, 2019","format":false,"excerpt":"\r Minister for National Development and Second Minister for Finance, Lawrence Wong said that the mixed development is a \u201ctremendous opportunity to reimagine and remake Paya Lebar for the future, even for the next century\u201d. Image source: Park Place Residences The mixed-use development Paya Lebar Quarter (PLQ) by Lendlease has\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":49781,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/50-of-park-place-residences-sold-on-launch-day\/","url_meta":{"origin":54399,"position":5},"title":"50% of Park Place Residences sold on launch day","date":"March 27, 2017","format":false,"excerpt":"\r Overwhelming response seen at the one day launch of Park Place Residences last Saturday. (Photo: Lendlease) Australia-based developer Lendlease sold 215 (50 percent) of the 429 available units at Park Place Residences in Paya Lebar Quarter (PLQ) during the first day of launch last Saturday (25 March). This represented\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/54399"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=54399"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/54399\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=54399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=54399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=54399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}