The collaboration is expected to ease the mass property appraisal process through the block revaluation of real estate assets and alleviate related challenges faced by valuers and financial institutions.

“Financial institutions will have access to up-to-date information, encouraging greater transparency and governance, and ensuring compliance with banking laws and regulatory requirements (Basel II),” its statement read today.

KFM group executive chairman Sarkunan Subramaniam said their partnership with PropertyGuru allows them to pioneer new solutions together and increase their service quality to clients through better expertise, data and innovation.

“Such tools not only assist financial institutions, but also other objectives like assisting local councils in their rating process,” Sarkunan said.

PropertyGuru general manager Joe Thor said the demand for this service is anticipated to increase further, as many have been relying on traditional methods to value real estate assets, which can be time-consuming.

“Similar solutions are already being used in many developed countries, and we hope to continue partnering with different stakeholders in the industry to drive growth in the real estate ecosystem through intuitive data, insights, and intelligent software,” Thor said.

KFM’s clients will be able to experience this latest innovation in the coming month.