SINGAPORE (EDGEPROP) - In a first for the industry, local real estate agency PropNex Realty has launched its very own Monopoly PropNex Edition that has been curated to include familiar elements and characteristics of the Singapore property market.
The million-dollar partnership deal with Hasbro, the publisher and licence holder of the Monopoly boardgame, was first pitched by PropNex around July 2019. This was before the Covid-19 pandemic kept many people isolated in their homes due to various stay-at-home orders and national lockdowns.
Monopoly PropNex Edition aims to impart a deeper understanding and appreciation of the local property market to more Singaporean home buyers and investor. (Picture: Albert Chua)
Monopoly PropNex Edition is designed as a fun and engaging way to introduce the local residential property market. According to PropNex, the game teaches some of the key fundamentals behind real estate investing in Singapore. These include cash flow management and the risks behind property investing.
The boardgame is available for purchase online and retails for $49.99. Individuals in the PropNex Friends membership programme can get a set for $42.99.
Ismail Gafoor, CEO of PropNex Realty, says he and his team took more than a year to design and playtest Monopoly PropNex Edition. They were able to get permission from Hasbro to tweak some of the standard Monopoly rules and ubiquitous title deed cards. For example, all of the title deeds now reflect areas and neighbourhoods in their respective Core Central Region, Rest of Central Region and Outside Central Region. Most of the title deeds are also doled out at the start of the game to shorten playtime to under 1½ hours.
PropNex says that when the boardgame was first unveiled to its agents over the Jan 23 and 24 weekend, many agents bought several copies of the boardgame for their clients and customers. The agency boasts the largest number of salespersons in Singapore, with over 8,900 agents operating under its banner this year.
The agency says that it is launching the game now for families to enjoy over the coming Chinese New Year holidays.
Gafoor says he and his team took more than a year to design and playtest the PropNex edition of Monopoly. (Picture: Albert Chua/The Edge Singapore)
“It has always been my dream to bring the Monopoly game to every household in Singapore. I was introduced to the game at an early age of 10 years old by my dad, as this game was played as part of our family bonding, teaching us the basic understanding of the real estate,” says Gafoor.
The Monopoly boardgame serves as a major branding campaign for PropNex. Gafoor says that when safe-distancing restrictions are gradually lifted at the right time, the agency plans to roll out booths at showflats and at its property seminars for the public to trial the game for themselves.
PropNex says that it will use the boardgame in some of its agent training sessions to teach property asset management. Other training lessons based on the game include property asset progression strategies and the basics of financial prudence in property investing.
PropNex is also a key partner in a new digital experiential game by Hasbro called Monopoly Explore! SG. This wholly digital game showcases snapshots of the spaces, places, food and objects that are unique to Singapore. Other local partners include property developers, tourism businesses and F&B brands.
Gafoor hopes that the Monopoly game will impart a deeper understanding and appreciation of the local property market to more Singaporean home buyers and investors.
“Singapore has the highest property ownership in the world, and it matters whether our property is an asset or a liability over time. Many people have grown their wealth through property investments, while others have made the wrong move and lost all their fortunes investing in the wrong property due to lack of knowledge or poor cash flow management,” says Gafoor.
From his experience hosting public property seminars, he also believes that Singaporeans could stand to be better armed in terms of their knowledge of the complexities within the local property market. For example, a home which was an asset 20 years ago could turn into a liability due to reasons beyond their control such as the running down of a 99-year lease, says Gafoor. Property cooling measures may also tilt their investment portfolio.
Read more: PropNex sees 10.6% stronger 3Q earnings of $6.8 mil on strong domestic demand in housing segments
“I think it is all the more important, especially since Singapore has one of the highest percentages of home ownership in the world, that every Singaporean take an active approach to understand the real estate market. This is regardless of whether he chooses to upgrade or sell or downgrade, or buy a second property,” he says.
New local flavour text and title deed cards are featured in Monopoly PropNex Edition. (Picture: Albert Chua/The Edge Singapore)
PropNex now offers a suite of consumer education services and offerings, on top of its property agency services, project marketing, consultation services and property investment services. PropNex Realty’s parent company PropNex Ltd, is a Singapore-listed company.
In its latest bid to grow its market strength further in Singapore, PropNex is building a community of home buyers and potential clients that it can tap in the future. PropNex launched the PropNex Friends programme in December last year to expand its pool of future clients and customers.
According to Gafoor, sign-ups and referrals for its $1 membership programme have been very positive since it was unveiled in December. But he declined to disclose the exact number of sign-ups.
Some of the benefits under the programme include lifestyle rewards, on-demand premium videos through PropNex video streaming, as well as access to research-backed insights and discussions on property trends. It also opens the door to real-estate seminars and property launches.
Gafoor says that the real estate agency scene in Singapore underwent a significant change during the circuit breaker period last year, which lasted from April 4 to June 1. At the time, the majority of real estate agents jumped onto the digital bandwagon and started hosting virtual property viewings, accelerating a digitalisation trend that had previously seen lower take-up rates.
Digital transformation also got a boost from government initiatives, such as the recently launched HDB sales portal to streamline the buying process.
Digitalisation has benefitted both home buyers and property agents, and has heightened competition in the sector, says Gafoor. He adds: “This pandemic has changed the future of conducting the real estate agency business. People who choose to remain in a purely traditional transactional base (of services) without adding more value will find it really tough to survive.”
PropNex says it is still committed to being strong in its core real estate agency business, but the company wants to ensure that its future business prospects serve up greater value to customers.
The launch of Monopoly PropNex Edition as a branding campaign and an educational tool to engage PropNex clients, as well as the PropNex Friends membership programme, are steps in the company’s strategy to continuously engage with its customers, as PropNex doubles down on its already strong market position in the real estate agency sector in Singapore.