Property Portal 99.co Acquires Buying and Selling Platform and Property Data Provider in Singapore

99 groups99.co, the parent of XNUMX.co Singapore and Indonesia, as well as a number of property portals in Southeast Asia, announced the acquisition of a property platform and data provider real estate market Singapore Real Estate Exchange (SRX) with an undisclosed amount. This acquisition is claimed to make 99 Group the leader in the property market in Singapore within 18 months.

The sale and purchase agreement was finalized on November 7, 2020. 99 Group will acquire all shares of SRX through Streetsine Singapore Pte Ltd. The transaction is expected to be completed in the early first quarter of next year. All SRX employees will join the 99 Group, migration will begin in the coming weeks.

The joining of SRX under the same umbrella as 99.co and iproperty.com.sg, further adds to the strength of the group listing, information and tools to support the parent in providing value added and competitive services to consumers and real estate professionals in Singapore.

For its business in Indonesia, this acquisition also has a positive impact on the future for developers, agents, and property seekers. Here, post acquisition of UrbanIndo, 99.co form joint venture with Real Estate Australia (REA). REA's two property sites, namely iproperty.com.sg and Rumah123.com, are managed by 99.co to win the Southeast Asian market.

99 Group CEO Darius Cheung said SRX's data analysis capabilities are very suitable for the 99 Group platform, which currently places great emphasis on quality. listing and content for users. He is optimistic, exclusive and best-in-class technology, SRX can enhance the ability of the 99 Group to launch different innovations.

“Reliable property data is very important. The reason is, property searches continue to shift to the online realm, even though visit or open house directly has been re-allowed. This shows there has been a change in consumer behavior. Industry real estate market Of course, it is necessary to carry out appropriate digitization to meet the growing needs of consumers," he said in an official statement, Tuesday (10/11).

SRX was founded in 2009, they quickly proclaimed themselves as a comprehensive property data provider in Singapore. One of the innovations is the AI ​​X-Value algorithm, which provides an accurate and instant prediction of the value of a property. This device is familiar to property agents and consumers.

Their other products are Analyzer and Home Report also considered indispensable in the industry real estate market now.

Technological innovation in the midst of a pandemic

Still related to changes in consumer behavior during the pandemic, Darius said his party answered it by developing technology that had been adapted to new habits. One of them is the option of reviewing dream properties virtually and using video.

In addition, the company held the Singapore Property Show last month. This property exhibition is held online and has services that allow the public to feel as if they were in a sample unit of the 18 participating property projects directly. Also equipped with narration to add to the consumer experience.

In response to the incessant digital transformation in the property buying and selling process. The company announced in September that it plans to recruit 100 technology staff over the next year to develop its product and engineering team.