However, in Singapore, greater effort is being emphasized on utilizing pre-owned construction materials like steel and one company is at the forefront of this: GoListid Pte. Ltd. (a subsidiary of Mlion Corporation Pte. Ltd.).
Clothing, furniture, and electronics – just a few product categories that are typically given a second chance in the market, thanks to the increasing awareness on the importance of recycling and sustainability.
Unknown to most, steel materials used in the construction industry have an average lifespan of five to 10 years but are often prematurely scrapped at a loss due to reasons like timing mismatch (of up to 120 days), lack of transparency, and higher costs due to several layers of middlemen.
As a result, scrapping steel materials produces unnecessary carbon footprint from both the scrapping process and the production of new steel. However, this can be potentially avoided because recycling at least one ton of steel can potentially save over 1.8 tons of carbon dioxide.
To address this, GoListid was an idea that came to fruition by understanding the true market need in the construction industry for pre-owned steel materials. The idea was originated in early 2020 by Mlion Corporation and roped in Enterprise Singapore and McKinsey & Company to help refine the business plan further. What resulted was a next-generation B2B marketplace for pre-owned steel materials that seamlessly connects market participants, all while providing an integrated solution that includes financing, logistics, and quality assurance.
What resulted was a next-generation B2B marketplace for pre-owned steel materials that seamlessly connects market participants, all while providing an integrated solution that includes financing, logistics, and quality assurance.
According to Ong Song Yi, Country Manager, Mlion Corporation, “In the steel industry, we often sell new steel materials to customers at the start of the project. But when the project is near completion, many find it difficult to sell it and they end up scrapping the material. Subsequently, someone is willing to buy it, but the timing mismatch is always there and it’s such a waste. It was with this idea that I wanted to build something better. An ecosystem that can solve this problem.”
GoListid can be accessed via a website (golistid.com), as well as a dedicated mobile app that is available for download on Apple and Google Play app stores. Buyers will be able to access materials from various sellers in multiple countries, while sellers have access to a wide network of buyers across the region. What’s more, GoListid offers strong end-to-end customer experience from awareness to payment. The company’s experienced customer service team is dedicated to assisting in dealmaking, setting-up inspections, arranging for value-added services, and payment.
“Being a regional and eventually a global platform, GoListid opens up possibilities to a far reaching audience. Imagine if you are looking for a steel beam or sheet pile, now you can choose from a variety of locations, quality, and being able to seamlessly click and buy. It’s like an eBay for steel,” reveals Eric Leong, Chairman & CEO, Mlion Corporation. Adding on, Bryan Wong, Vice President, GoListid, shares, “We are the first platform to provide refinancing for steel materials. We will also be able to provide 80% upfront scrap value even before the item is sold on the platform – a first of its kind in the industry.”
Download the GoListid app on the Apple and Google Play app store today. For more information, visit golistid.com.