In an effort to introduce insights into the Singapore residential property market and financial literacy in a fun way, property agency PropNex is launching the PropNex Monopoly Championship 2022 for its fans and consumers.
Taking place from May till August 2022 at Furama Riverfront Hotel, the tournament will see 10,000 participants (aged 18 and above) use their real estate knowledge and financial literacy skills to outbid and outwit their competitors and emerge as the overall champion to walk away with the top prize money of S$108k.
Registration opens on 9 February 2022 here. Unlike the standard rules, the tournament will be tweaked so that each game will be completed within 1.5 hours maximum.
Previously, PropNex collaborated with Lazada to give away a Normanton Park condominium worth S$1m. A retired hawker was the prize winner.
With a total prize pool of S$308k up for grabs, the top 100 winners after 4 different qualifying rounds (including a quarter-, semi- and final round) will win part of the prize money and a limited edition PropNex Monopoly set with gold-plated tokens (instead of the standard silver).
The culmination of this tournament comes approximately a year since PropNex licensed its use from Hasbro and introduced its version of the popular Monopoly board game. Its commitment to block-book three boardrooms at Furama Hotel for this tournament (“just for anyone interested in using their real estate skills or a love for the game”) shouldn’t be understated. Participation is free but limited to the first 10,000 qualifying participants.
Unlike the standard Monopoly which is more British in nature (like Mayfair and Whitechapel Road as estates), PropNex’s version comes with locally recognisable venues like Sengkang, Jurong East/West and Marina Bay Financial Centre. Besides that, homebuyers and seekers will recognise categories like Core Central Region (CCR), Rest of Central Region (RCR) and Outside Central Region (OCR).
Not only that, the game incorporates dynamics of the latest property cooling measures such as paying ABSD (Additional Buyers’ Stamp Duty) for purchasing second and subsequent properties.
In a demonstration of the game at PropNex’s office, Gafoor and his team showed how four different participants in a game have to weigh financial decisions on whether to save their cash (eg. in case they land on an opponent’s property or to pay utilities/fines), spend it to outbid others for title deeds or build houses/hotels on the deeds they own. With only 1.5 hours per game, it can be really intensive especially if you want to qualify as the top winner (the one with the highest worth of assets) and move on to the next round.
So far, over 12,000 of its Singapore-flavoured board games have been sold through the company’s network. Another 4,000 PropNex salespersons have undergone training to learn the game – as a way to educate their clients on the intricacies of property ownership. Don’t worry, if you’re concerned you’ll be competing against the more experienced PropNex agents, they will not be able to participate in the championship.
“As an extension of our Consumer Empowerment journey, PropNex launched the board game and now the PropNex Monopoly Championship is the epitome of this consumer engagement real estate journey. We aim to empower consumers with financial literacy knowledge as property investment requires adequate financial planning and the right strategies to succeed,” said Ismail Gafoor, CEO PropNex Realty.
According to Gafoor at a press briefing, the championship has four key objectives:
1. To learn the key fundamentals of real estate investments in Singapore.
2. To experience cash flow management and effective techniques of real estate investments as a lifelong skill.
3. To avoid potential pitfalls in property investment in order to minimise the risk in real life commitments.
4. Bringing people together and cultivating the wisdom of financial prudence and investment skills from a young age in a fun way.
As part of its effort to bring more awareness to the masses, PropNex will be rolling out a marketing campaign for the tournament across TV, radio, digital ads, taxis, buses and MRT stations.
If you want to participate but are unsure if you have the right knowledge or skills to compete, you can sign-up for PropNex’s Masterclass sessions first (open from April 2022 onwards). Alternative, you can practice with your family and friends by getting the game for S$49.99 (excluding GST and delivery fee).
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Do you intend to participate in the PropNex Monopoly Championship 2022? Let us know in the comments section below or on our Facebook post.
If you found this article helpful, check out Singer JJ Lin spends USD90K+ on virtual real estate, after a record USD2.4m metaverse land was similarly sold and Retired hawker spends S$3 and wins Normanton Park condo unit worth S$1m.
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