Fresh from a capital infusion of S$175 million, Singapore’s leading realty portal PropertyGuru Friday said it had acquired ePropertyTrack, a project sales and marketing company in Southeast Asia, for an undisclosed amount.
PropertyGuru said the deal will strengthen its sales, marketing and data insights capabilities for the real estate industry. The development comes within a month of the portal raising S$175 million ($130 million) from a consortium of investors including leading private equity firm TPG, Indonesia’s largest media group Emtek and Asia Pacific-based tech venture capital firm Square Peg Capital.
While both companies will continue to work independently in the near-term, PropertyGuru said that plans were already underway to jointly develop new products and services regionally.
Even as projects account for an estimated S$40 billion of annual real estate transactions in Southeast Asia, historically property developers and marketing agencies have not been able to easily coordinate such sales due to a lack of integrated inventory and marketing analytics, the portal said.
Further, explaining the rationale behind the deal, PropertyGuru said: “With ePropertyTrack’s information-sharing platform, which covers over 90 per cent of active new projects in Singapore, developers and agencies can make use of a range of services such as real-time views on project reservations during launch, registration of interest management, inventory management, floorplans/virtual tours/photos/video content management, promotion broadcasting, analytics reporting and sharing of information to agents. In addition, ePropertyTrack also provides a multimedia interactive sales tool accessible on both desktop and mobile that facilitates sales discussions with prospective buyers and bookings of units directly with the developer in real-time.”
Steve Melhuish, CEO and co-founder of PropertyGuru, said: “Today, a growing number of top property developers and real estate agencies are using the ePropertyTrack service to market more than 500 new project launches in Southeast Asia. There are immediate synergies to be had from this acquisition, which is in line with our regional agenda to capitalise on the Southeast Asia property market potential, and our push for continued product innovation.”