Cygnet West backs PropTech group

Cygnet West has thrown its support behind the state’s peak body for property and construction technology, PropTech Hub WA.

The real estate group, which spun-out of Colliers International WA, has inked a deal to sponsor PropTech Hub WA’s awards for the next three years.

The sponsorship follows the property technology group declaring Western Australia the “Proptech capital of Australia”, by virtue of the level of investment, number of employees and initiatives.

According to PropTech Hub WA founder Cullum Ashton, who founded building broker BuilderzWA, more than $87 million has been invested into innovation in the sector since his business began four years ago.

Additionally, more than 300 staff work in property technology in WA and the state has a significant program of property technology initiatives.

Property veteran Jeff Leach chipped in capital to help get PropTech Hub WA off the ground, with the organisation designed to connect people with innovative ideas in proptech to potential investors.

Cygnet West will replace PEXA as the main sponsors for the event.

Cygnet West chief executive Imran Mohiuddin said he saw the importance of technology in the property sector, having seen it evolve during his career.   

“I’ve been in the industry since 1981, when Excel spreadsheets hadn’t been invented,” he told Business News.

“The Department of Defence in the US was the only one who used technology and my first involvement with tech was meeting someone from the US submarines.”

Mr Mohiuddin recalled a time when computers were not prevalent in offices, and when companies were sceptical about their adoption.

Additionally, he recalled the development of Core Vision, which is software that aggregates the systems in a building into a dashboard for building owners and tenants.

Founded in WA more than 20 years ago, Core Vision was a gamechanger for the sector, as it allowed building owners to manage their properties off site and maximise the value of their assets.

Real estate giant Lendlease was one of the first adopters of the software, which is now used across 80 per cent of buildings above 30,000 square metres in Perth.

Mr Mohiuddin said WA was well positioned to excel in proptech, given its level of investment in mining technology, which requires the same skill set.

“If WA wants to remain at the forefront of industry it’s got to not just have the technology, but the people and connections,” he said.

“We want to support those organisations that are encouraging technology.”

This year's awards are scheduled for June.