Singapore-based property tech firm PropertyGuru Group, whose backers include TPG Capital and KKR, announced on Friday that it has entered into a share purchase agreement with TechnoDex Berhad and Real Estate Solutions to fully acquire Malaysia’s largest online property data company, MyProperty Data.
The acquisition will promote greater transparency in the property industry as PropertyGuru empowers Malaysians with property data and insights, it said in a statement.
“Advancing on our mandate to serve Malaysians in their home-ownership aspirations, we now focus on bringing transparency with data… as we move towards creating an integrated property ecosystem,” PropertyGuru group chief technology officer Manav Kambo said.
“Over the next few months, we will be investing substantially to expand MyProperty Data’s offerings and it will also entail growing the team with data scientists, engineers, product managers, sales and marketing experts,” he added.
“This acquisition advances the goal we share with PropertyGuru — empowering Malaysians with accurate transaction data so that they neither overpay nor underpay when making decisions,” said MyProperty Data managing director Joe Hock Thor.
PropertyGuru’s acquisition comes after global private equity giants TPG and KKR invested S$300 million ($220 million) in the group, as announced in September. It was reported then that the fresh funding is expected to accelerate PropertyGuru’s growth strategy in all its key markets, mainly Malaysia and Vietnam.
Indonesian media group Emtek ceased to be an investor in PropertyGuru following the funding round, while Square Peg Capital and Vulpes Testudo Fund pared their stakes in the company, DealStreetAsia had reported. TPG first invested in PropertyGuru in 2015, in a $130 million round that included Emtek and Square Peg. KKR had previously invested about $200 million in a Series D funding round in 2018.
In October 2019, PropertyGuru pulled its proposed A$1.2-billion initial public offering on the Australian Stock Exchange, citing market uncertainty. The company also said at the time that TPG and KKR, which held nearly 58 per cent in the company then, were not seeking to sell any stock in the IPO.
Enabling data-backed decisions
MyProperty Data provides property data analytics and insights leveraging over six million unique records across sales, rentals, auctions, new development, and geospatial information along with proprietary datasets in demographics, location, and liveability.
The solutions provided are endorsed by industry bodies such as The Association of Property Valuers, Property Managers, Estate Agents & Property Consultants in the Private Sector—Malaysia, Malaysian Institute of Estate Agents, and are utilised by major banks and over 1,200 valuation professionals in the country.
PropertyGuru Malaysia, the country’s largest property site, provides comprehensive property data and insights to agents, financial institutions, home buyers, credit rating agencies, valuers, and property developers, it said.
Agents will benefit from insights on pricing trends as well as detailed home reports which they can share with customers. Financial institutions and valuers will benefit from MyProperty Data’s proprietary property valuation management tools to better manage risks and achieve greater efficiency, the company said.
Market intelligence on locations, upcoming projects, amenities, and demographics will enable property developers to plan future projects. Malaysian home buyers will benefit the most from this ease of access and transparency on real-time transaction data and other factors that influence property valuations and their buying decisions.
PropertyGuru Group is a destination for 24.5 million property seekers to find their dream home, every month.
PropertyGuru and its group companies help property seekers by providing 2.7 million homes, in-depth insights and solutions that enable them to make confident property decisions across Singapore, Malaysia, Thailand, Indonesia, and Vietnam.
PropertyGuru Group operates as Batdongsan.com.vn in Vietnam, DDproperty.com in Thailand, Rumah.com and RumahDijual.com in Indonesia, and PropertyGuru in Singapore.