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Universiti Teknologi Malaysia Partners to Promote Property Technology

Image Credits: UTM, Press Release

Universiti Teknologi Malaysia (UTM) announced that it has signed a Memorandum of Understanding (MoU) with Johor Corporation (JCorp), a Malaysian government-linked company, formerly known as the Johor State Economic Development Corporation. The partnership will focus on improving information technology, namely big data, cybersecurity, the Internet of Things (IoT), blockchain and data science.

The signing ceremony was conducted at the Johor Bahru campus. The MoU ceremony was signed by the President and Chief Executive of Johor Corporation and the Vice-Chancellor of UTM. The event confirmed the robust and multifaceted partnership between the two organisations with both parties confirmed the great importance of attaching their relationship and underlined the strategic nature and potential of the partnership.

The UTM Vice-Chancellor stated that the two will work together to enhance the economy’s competitiveness and support the private sector’s development in academic and industrial settings. Particular attention will be paid to promoting property technology (Proptech).

Given the strategic orientation of the partnership, both organisations are committed to reinforcing collaboration in developing human capital, skills, up scaling and internship for staff and students and up-skilling programmes,” said the Vice-Chancellor after signing the MoU.

In addition, both organisations are also keen to collaborate in research partnerships as the strategic alliance between Johor Corporation and UTM, especially in research will benefit both stakeholders in various ways.

Advantages for academics may include the chance to confront complex research topics with practical applications, witness the beneficial effects of their research and gain access to new knowledge, information or resources.

The firm will aid by enhancing its performance by creating novel methods or technologies, reducing the risk associated with research investments and expanding the capabilities and domain knowledge at its disposal.

The collaboration between both parties will impact both stakeholders and help to make a difference locally and worldwide through several activities’ breakthroughs and the creation of creative enterprises with the ultimate aim to strengthen the economic development in Johor and Malaysia.

The main pillars of university-industry collaboration are knowledge and technology transfer. There is ample proof that successful partnerships and the transfer of technology and practical knowledge are strongly correlated. An extensive transfer can increase the novelty of the technology, foster innovation and accelerate product development. Knowledge and technology transfer is influenced by strategy and motivation and this relationship can be strengthened by using the applicable regulations and incentives.

While universities and businesses may have differing effects on knowledge transfers, both organisations can benefit significantly from these collaborations since as will promote the discovery of new synergies and models that promise mutual potential for return on investment.

The PropTech market is expected to register a CAGR of 16.8% from 2022 to 2032. The PropTech market size is expected to grow from US$ 18.2 billion in 2022 to US$ 86.5 billion in 2032, a recent report noted.

The use of artificial intelligence (AI), big data and data automation in real estate as well as the digitalisation of property data assets, using sustainable technology in building and maintenance, and IoT and IIoT with drones for 360-view presentation are some of the most recent PropTech market trends.

The demand for PropTech is currently high and expected to grow. This can be attributed to PropTech helping to lower operating costs and aid agencies save money. Customers are provided with digital/virtual services, and agents can work on the go. As a result, profits and productivity rise. PropTech also helps reduce transactional costs and enhances consumer convenience.

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