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

“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

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