BREAKING : Indonesia's Largest Real Estate Portal Rumah123.com Acquired by IPGA Ltd.

IPGA Ltd brand holder iProperty and several other real estate sites in Southeast Asia recently announce that they acquired PT Web Marketing, the owner and operator of the largest property portal in Indonesia  Rumah123.com. They also announced the acquisition of another site in the same industry, HomeDanProperty.com which has established itself as the #3 largest real estate portal in Indonesia.

Rumah123.com is headquartered in Jakarta and employs more than 50 employees, supported by Saratoga Group owned by billionaire entrepreneurs Sandiaga Uno. IPGA Ltd agreed to pay cash in the amount of AU$ 1 million or approximately US$ 1,6 million and 7 million shares in IPGA Ltd upon completion of the acquisition. For RumahDanProperti.com IPGA Ltd approved cash payments of AU$ 300 thousand and AU$ 200 thousand if certain criteria were met within a year.

Previously, similar portal home.com too acquired by Singapore-based Property Guru Ltd and also portal PropertyKita.com which was sold to a real estate portal from Australia for an undisclosed sale value.

The issue is, many foreign companies have tried to buy Rumah123.com but it seems that the final choice fell to iProperty. This chain of acquisitions shows the great interest of foreign companies in acquiring such sites in Indonesia, as can be seen from the intense competition between PropertyGuru and iProperty to become the largest real estate portal in Southeast Asia.