Southeast Asia’s property technology major PropertyGuru Group announced that it has entered into an agreement to acquire iProperty.com.my and Brickz.my in Malaysia and thinkofliving.com and Prakard.com in Thailand.
In a statement, the Singapore-based firm said it will acquire all of the shares in REA Group‘s operating entities in Malaysia and Thailand that run the said property websites. Financial details of the acquisition were not disclosed.
REA is an Australia-listed global digital business that specializes in property marketplaces and data assets. The deal marks PropertyGuru’s biggest acquisition in its 14-year history, according to a Bloomberg report.
As part of the deal, REA Group will receive an 18% equity interest in the enlarged PropertyGuru Group and appointed a director to the board. The transaction is expected to close in July 2021.
The addition of these businesses will bolster PropertyGuru’s ability to provide home seekers with transparent and easy access to the most comprehensive set of data, actionable insights, and services to support their homeownership aspirations in Southeast Asia, according to the announcement.
The acquisitions underpin PropertyGuru’s strategy of being the No. 1 Proptech group in Southeast Asia. Home-grown in Singapore, PropertyGuru operates leading property marketplaces in five of the biggest Southeast Asian economies.
The addition of these businesses will bolster PropertyGuru’s ability to provide home seekers with transparent and easy access to the most comprehensive set of data, actionable insights, and services to support their homeownership aspirations in Southeast Asia, the property technology major said.
“A key part of PropertyGuru’s success has been its laser focus on anticipating and addressing the unique needs of consumers in our region by investing in continuous innovation. As a Singapore-based and home-grown, regional Proptech leader, this is a key milestone in PropertyGuru’s history,” said PropertyGuru Group chairman of the board Olivier Lim.
PropertyGuru has been operating in Malaysia for the past decade and has witnessed a clear shift in consumer preferences for online solutions that simplify the home searching and buying journey. PropertyGuru’s success in Malaysia, with over 12 million monthly visits, is a result of substantial investments over the years.
For REA Group, the transaction will provide the company with a strategic shareholding in a larger, more diversified company in a region that continues to experience rapid digital transformation across the real estate sector.