PETALING JAYA: Property technology company PropertyGuru Group will acquire all of the shares in REA Group’s iProperty.com.my.
ASX-listed digital business REA Group will receive an 18% stake in the enlarged PropertyGuru Group and appoint a director to the board, with the transaction expected to close in July.
Besides iProperty.com.my, PropertyGuru Group will also acquire REA Group’s Brickz.my in Malaysia as well as thinkofliving.com and Prakard.com in Thailand.
“A key objective of the transaction is to accelerate the development of the proptech industry in Malaysia. The addition of iProperty.com.my and Brickz.my will bolster PropertyGuru Malaysia’s ability to provide consumers with the most diverse digital marketplaces, together with the most comprehensive set of data, actionable insights and services to support homeownership aspirations of Malaysians,” PropertyGuru said.
The acquisition will enable both companies to combine resources, accelerate innovation, and provide enhanced digital solutions to home seekers, property agents and developers, it said.
“It allows the group to share the best data solutions and insights and bring transparency and access to the Malaysian property market as it continues to simplify the buying journey for home seekers.
“Leveraging the group’s larger base of customers, it will enable greater innovation and wider inclusion of Malaysian property agents and developers in the Southeast Asian property ecosystem,” it added.
PropertyGuru CEO and managing director Hari V Krishnan said that in the weeks and months ahead, PropertyGuru and iProperty.com.my will work closely to put in place a strategy that enables them to provide the best solutions for Malaysians and take proptech to new heights.
“This acquisition will also enable us to invest even further into building the best solutions for efficiency and audience reach for our customers, Malaysian agents and property developers,” Hari said.
REA Group CEO Owen Wilson said the joining of the two companies will accelerate the next wave of proptech innovation in Southeast Asia.
PropertyGuru Malaysia country manager Sheldon Fernandez said the integration of PropertyGuru’s strengths in technology and proprietary data with iProperty.com.my’s national footprint and deep relationships with developers and agents, users will have access to the data and insights they need to make confident home-buying decisions.
PropertyGuru is a platform that connects Southeast Asia’s property industry into an efficient ecosystem that builds trusted relationships between agents, consumers, developers, valuers, and banks by driving greater transparency and efficiency.
