KT Estate-Yanolja Establish Proptech Company 'Trustay'

Kim Jong-yoon, Head of Yanolja Division (left), and Lee Gong-hwan, Chief of Business Planning at KT Estate (right), are posing for a commemorative photo at the launch ceremony of the proptech startup 'Trustay' held at the Yanolja headquarters on the 23rd. (Photo by KT Estate)

[Asia Economy Reporter Moon Jiwon] KT Estate, a specialized real estate company under the KT Group, has established a proptech startup called 'Trustay' in partnership with Yanolja.

According to KT Estate, the two companies held the launch ceremony for Trustay on the 23rd at Yanolja's headquarters in Gangnam-gu, Seoul. The ceremony was attended by Kim Jong-yoon, Head of Yanolja Division, and Lee Gong-hwan, Chief of Management Planning at KT Estate.

Trustay is a portmanteau of 'Trust' and 'Stay.' The plan is to combine the technological capabilities and expertise of both companies to develop a new type of residential business model that users can trust and utilize, leading the proptech market.

Yanolja will expand its cloud-based PMS (Property Management System) technology, previously applied mainly to hotels, to residential properties, aiming to reduce operating costs for rental housing and improve service quality.

As a leading company in corporate rental housing, KT Estate plans to integrate its accumulated know-how in residential development and operations into Trustay's new residential business model to enhance the brand value and quality of small- and medium-sized residential assets.

Trustay will apply IoT and blockchain technologies to transform the entire rental housing transaction process?including listing property information, visit reservations, lease contracts, and management fee payments?into a one-stop service.

Lee Gong-hwan, Chief of Management Planning at KT Estate, stated, "We will continue to invest in the proptech sector and expand the market through cooperation with promising companies."

Kim Jong-yoon, Head of Yanolja Division, said, "Trustay, which combines Yanolja's cloud technology competitiveness and KT Estate's abundant residential development expertise, is expected to introduce a new proptech business model based on digital technology that organically coexists with the industry."

This content was produced with the assistance of AI translation services.