Having the already profitable property portal under its stable further cements Australian Stock Exchange-listed iProperty Group’s leading position in the region.
No transaction figures were disclosed.
Managing director and CEO Georg Chmiel said in a statement that the acquisition provides the group access to the rapidly growing Thai real estate market.
“The Thai market is estimated to spend A$120 million on real estate advertising each year, with the online share of those dollars at a similar level to that of Malaysia five years ago. ThinkOfLiving.vom already attracts more of those dollars than any other player,” he said.
ThinkOfLiving has a strong focus on the property developer segment. All top 20 developers in the country subscribe to its services, with a total of 106 property developers currently active as clients of the portal.
The business has also moved into the real estate agent and secondary property segment that is yielding results, the statement added. ThinkOfLiving.com is headed by managing director and CEO Theinruj Toranavikrai.
“The acquisition accelerates iProperty Group’s growth strategy, substantially diversifies our business streams and reinforces our leadership position within the region. We will now have a substantially broader portfolio with established global platforms and channels to better serve our customers and consumers,” Chmiel said.
With ThinkOfLiving.com, the total number of developer advertisers on iProperty Group websites hits approximately 500 across the region. This will provide the group regional marketing opportunities to real estate developers and agencies who would like to target buyers in multiple Asian countries.
Thailand, which has a population of 68 million, has a growing property market with more than 180,000 property sales per year for the Greater Bangkok Region.
Property prices have historically grown at around 5 per cent per annum, according to real estate group Engels & Voelkers.
The Global Property Guide 2014 showed that Thailand property prices are approximately 50 per cent more expensive than those in Malaysia, with the market ready for a large scale recovery in the year ahead.
iProperty Group is headquartered in Kuala Lumpur. The company owns and operates Asia’s top network of property websites under the iProperty.com umbrella brand.
The group currently operates property portals and property exhibitions in and across Malaysia, Hong Kong, Macau, Indonesia and Singapore.
The group comes under the portfolio of Patrick Grove’s Catcha Group.