Singapore will be faster to establish taxonomy than EU

While digitisation and ESG transformation are the big innovation topics for real estate, the sector is far behind other sectors in these areas, said PwC partner and global real estate leader Thomas Veith.

Talking to Real Asset Media’s Richard Betts in Singapore recently Veith said, in terms of digitisation, venture capital investors around the world are focusing on proptech. While the US is quite advanced and large investors see Europe as a good balance of investment and supply but prop tech is at the startup stage.

The Asiapac region is a bit further behind the rest of the world but with such a young and well-educated workforce there is a big opportunity, particularly for Singapore as a potential hub, and for Asiapac in general, to drive digital transformation.

Meanwhile, ESG is seen as a number one priority. Veith’s Singapore clients feel the region is a bit behind Europe, the Singapore government has significant ambitions on ESG transformation. The government is planning its own taxonomy, similar to that in Europe. Veith said this will help real estate Investors to focus on ESG transformation and to set a clear framework. And, because Singapore is a single state, it can push this through faster than has been the case in Europe.

Please click on the video above to watch the full interview or listen to the podcast below.