PropertyGuru, Asia`s leading property portal group, has received a S$60 million (THB1.5 billion) strategic investment from ImmobilienScout24, one of the top three property portals in the world and a subsidiary of Deutsche Telekom.
Considered the largest online deal in Southeast Asia, the investment will boost PropertyGuru’s market leading position in the region and support the booming online property market.
PropertyGuru aims to capture 10 percent of Southeast Asia’s real estate advertising market in the next three years along with 25 million regional users. DDProperty is the company`s market-leading property portal in Thailand.
“We see strong economic growth, rising middle classes, urbanisation, developing property markets, as well as an online explosion, taking place throughout Asia. PropertyGuru sits in the middle of all of this. Our revenues and traffic doubled over the previous year, and we increased our leadership position in our markets,” said Steve Melhuish, PropertyGuru’s CEO.
“We welcome ImmobilienScout24 as a strategic investor, which will accelerate our growth and support additional investment in developing innovative services for our clients.”
Marc Stilke, CEO of ImmobilienScout24, said: “PropertyGuru’s strong presence in the neighbouring countries of Malaysia, Indonesia and Thailand is good reason to buy into the company, as these countries will achieve significant economic growth in the coming years.”
Image: Steve Melhuish, CEO and co-Founder of PropertyGuru Group (left) with Marc Stilke, CEO of ImmobilienScout24, at yesterday’s press conference in Singapore.
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