Challenge Statement 8 – Virtual/Augmented Reality in Real Estate

Objective

Virtual/Augmented Reality is becoming more and more prevalent in today’s world. Started out in the gaming industry, the VR/AR world is now making its mark in other domains. Real estate developers have seen the impacts of VR/AR and are implementing the technology into real estate.

The multi faceted use of VR/AR in real estate development can be used for construction design as well as for the visualization of estate property for clients. There are several companies in the market that are implementing VR/AR to view residential estate properties. However, there is still a need for commercial estate developers to employ these technologies at a larger scale. High costs and time are the current main issues for VR/AR in commercial estates. Nevertheless, the use of VR/AR technology in commercial properties will be highly advantageous for its construction and sales services.

Desired Outcome

VR/AR in the visualization, design and sales of real estate development provides an enhanced, interactive viewing experience for construction design workers and potential property tenants, and a cost effective solution for overseas clients to view the properties. VR/AR solution is also used for training technical/electrical equipment in these facilities.

Requirements

  • Ability to render an accurate visual representation of the equipment and facility
  • User friendly
  • Cost effective

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