Categories: News

PropertyGuru buys over iProperty Malaysia, REA Group becomes strategic shareholder

PropertyGuru Group, the Singaporean property technology company, has announced that they will be acquiring all of REA Group’s operations in Malaysia and Thailand, which include iProperty.com.my and Brickz.my in Malaysia and thinkofliving.com and Prakard.com in Thailand.

Following this deal, REA Group will get an 18% equity interest in PropertyGuru as well as a Director to the board, with the deal expected to be done by July 2021. However, there was no mention of the price for the deal.

PropertyGuru was originally launched back in 2007 in Singapore, and is now the the biggest real estate marketplace in Southeast Asia. iProperty meanwhile is based in Malaysia and has over 200 employees. Their parent company prior to the takeover was the REA Group, an Australian-based digital advertising company that specialises in real estate websites. Other than the websites taken over by PropertyGuru in this deal, they also operate myfun.com in China and squarefoot.com.hk in Hong Kong.

According to a statement released by the companies involved, the two brands – PropertyGuru and iProperty – will continue to operate independently of each other. They claim that Malaysian home seekers and real estate agents as well as developers will benefit from the combined investment of the two proptech platforms.

The statement adds that PropertyGuru is happy to welcome REA Group in its new role as strategic shareholder with REA Group’s position as a company who understands the digital property industry.

“This acquisition is a key milestone in PropertyGuru’s history and is an exciting opportunity to integrate a trusted local brand in Malaysia and demonstrates our commitment to the market.

With this acquisition, we are more than doubling our footprint in Malaysia and we will continue to invest behind the country’s critical role in PropertyGuru,” – Hari V. Krishnan, CEO and Managing Director, PropertyGuru Group

Hari V. Krishnan
Owen Wilson

“We are excited about this opportunity to bring these great businesses together. REA and the PropertyGuru Group share a similar vision of the incredible opportunities in the region.

Joining with the PropertyGuru Group creates new opportunities for collaboration and access to a deeper pool of expertise, technology and investment. It positions these already strong brands well to accelerate the next wave of Proptech innovation in Southeast Asia,” – Owen Wilson, CEO, REA Group

[ SOURCE ]

Recent Posts

Malaysians can travel to China without a Visa for 30 days starting 30 November

Mainland China has extended its visa waiver for Malaysian visitors and they have extended the…

13 minutes ago

What is it like washing your clothes in a RM12,999 washing machine? | Samsung Bespoke AI Laundry Combo™

This post is brought to you by Samsung. This is the Samsung Bespoke AI Laundry…

2 days ago

Dongfeng Box Malaysia: 94hp compact EV with up to 310km of range, priced from RM101k

Dongfeng Box is now officially available in Malaysia. Launched in partnership with Central Auto Distributors…

3 days ago

Nissan Kicks e-Power now open for booking in Malaysia, priced below RM130,000

Edaran Tan Chong Motor (ETCM) has announced that the Nissan Kicks e-Power is now open…

3 days ago

TikTok, Content Forum and UiTM empowers students with Digital Literacy to promote a safer digital space

TikTok in partnership with Communications and Multimedia Content Forum of Malaysia (CMCF) have recently organised…

3 days ago

Tesla owners in Malaysia can finally use the Autopark feature

Tesla owners in Malaysia have reported that their vehicles can now perform the Autopark feature.…

3 days ago

This website uses cookies.