Savills Hong Kong Announces Strategic Partnership with Inspace XR to Use AR/VR in Real Estate

• Savills has formed a strategic partnership with Inspace XR, a start-up that specialises in building Augmented and Virtual Reality (AR/VR) software to create Interactive 3D Models for the AEC (Architecture, Engineering, Construction) industries.

• Savills (Hong Kong) is the first real estate services firm in the industry to widely adopt the innovative technology which will bring forth interactive, high-fidelity VR experiences to buyers, tenants and stakeholders beyond the confines of geography.

The pandemic in the past two years has been transformational for real estate, with rapid changes in technology driving change in the industry. Interactive 3D models as championed by Inspace XR transcend geographical bounds and can be widely applied to all types of property, be it office, residential, industrial, hotel and development site projects. To celebrate the start of its partnership with Inspace XR, Savills (Hong Kong) has put the Interactive 3D Model technology into use for the KC17 (17 Kai Cheung Road) and 46 Sassoon Road projects, both of which are under Savills (Hong Kong)'s sole agency representation. With just a few clicks, viewers can see the outlook, surroundings and an overview of details of any project via a virtual tour, which takes property viewing to the next level.

With its market share growing to 51% in 2021, Savills (Hong Kong) was named the top broker in the Hong Kong market in the Top Global Investment Brokers of 2021 report by Real Capital Analytics (RCA), a record the firm has retained since 2014. The partnership with Inspace XR will only strengthen Savills (Hong Kong)'s business in Hong Kong, Greater Bay Area and the cross-border investment advisory sector and maintain its leading position in the market.

Mr. Raymond Lee, Chief Executive Officer, Greater China of Savills, commented, "As the first real estate services firm to formally adopt the Interactive 3D Model technology, we firmly believe it will prevail in the industry. Working with Inspace XR, we hope to pioneer this technological breakthrough in our business operations in property investment, leasing and property management advisory, with a view to promoting the technology to a wider circle of asset management companies, REITs and developers that leads to the digital transformation of the local real estate industry."

Mr. Justin Liang, CEO And Co-Founder, Inspace XR, commented, "We are honoured to form the partnership with Savills (Hong Kong). The good rapport between us stems from our common believe in the potential of AR/VR experience in the real estate industry. Through the extensive and reputable platform of Savills (Hong Kong) as an international real estate firm, we look forward to bringing the unique Interactive 3D Model technology to the world of real estate across borders that will enable prospective tenants and investors to virtually walk through spaces and make informed decisions."

Watch the demonstration of interactive 3D Model here