iProperty acquires Thai property portal ThinkOfLiving.com

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iProperty Group Ltd has extended its Asian footprint, with the latest market expansion via the acquisition of Thailand’s top real estate portal, ThinkOfLiving.com.

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.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.