Home News Singapore’s 99.co Buys iProperty and Rumah123.com

Singapore’s 99.co Buys iProperty and Rumah123.com

99.co acquired two units of REA Group (ASX: REA), Singapore-based iProperty.com and Indonesia-based Rumah123.com, said the company today (10/08) - Photo by iProperty

JAKARTA (TheInsiderStories) – 99.co acquired two units of REA Group (ASX: REA), Singapore-based iProperty.com and Indonesia-based Rumah123.com, said the company today (10/08). The Singapore’ realty-tech provider will control almost the whole operations of the two property sites.

Beside get the brands, the company also gaining a US$8 million investment from REA Group through thed deal. The co-founder and CEO Darius Cheung, said 99.co aimed to boost its position in the Southeast Asia and become market leader across the region.

“This is a key milestone that positions us instantly as number one in Indonesia, and we’ll on our way to that in Singapore,” he said by adding that the partnerships will be “a lethal combination Southeast Asia has not seen before”.

Last week, 99.co just received US$15.2 million in their Series B funding round to extend their coverage in Singapore, Indonesia and other new markets.

99.c0 started its business in Indonesia since 2016 but not run marketplace. In January 2018, the company decided to acquired UrbanIndo, an Indonesian property portal with 1.2 million active property listings. Then, in the mid of 2018, Urbanindo changed its brand to 99.co.

The latest consolidation in the online property market also intensifies the region’ battle in this industry, with 99.co and UrbanIndo presenting a united front against incumbents iProperty and PropertyGuru.

REA Group is a Melbourne-headquartered multinational digital advertising business specializing in property. Listed on the Australian Securities Exchange (ASX:REA), the company has various property websites such as realestate.com.au, realcommercial.com.au, Flatmates.com.au – as well as Spacely, a short-term commercial and co-working property site.

The Group also holds a significant shareholding in property websites Move, Inc. in the United States and PropTiger in India. Beside, the company owns Smartline Home Loans Pty. Ltd., an Australian mortgage brokering franchise group, and Hometrack Australia Pty. Ltd., a leading provider of data property services.

REA Group Asia is headquartered in Kuala Lumpur, Malaysia. Operating digital real estate sites, experiences and events which deliver the most comprehensive set of related real estate services and project marketing across South East Asia, including Malaysia (iProperty.com.my), Indonesia (Rumah123.com), prominent portals in Hong Kong (squarefoot.com.hk), China (myfun.com), and Singapore (iProperty.com.sg) as well as an expo business (SmartExpo) across the Asia region and a leading property review site in Thailand (thinkofliving.com).

Its unit iProperty.com.sg is the consumer brand of REA Group Asia in Singapore and Singapore’ property website for all things property as we help connect property hunters, real estate agents and property developers. On average, more than 650,000 visitors visit iProperty portal every month.

While, Rumah123.com was officially launched in March 2007 and has helped tens of thousands of users. As one part of the iProperty Group, the development of Rumah123.com in Indonesia is fairly rapid.

Besides having a head office located in Jakarta, the company also has a number of branch offices in major cities in Bandung, Surabaya, Semarang, Yogyakarta, Bali, Balikpapan and Makassar.

by Linda Silaen, Email: linda.silaen@theinsiderstories.com