Singapore Property Site 99.co Acquires Urbanindo

Singapore-based property portal 99.co has successfully acquired a local property site, Urbanindo. With this acquisition, 99.co has also brought in Urbanindo staff to strengthen team operations in Singapore, Jakarta, Surabaya and Bandung. The integration of the product database into the 99.co portal is included in the planned post-acquisition. The property portal 99.co itself just inaugurated its presence in Indonesia in early 2017 ago, by presenting agency-based sites and applications.

"We are very pleased to welcome the UrbanIndo team to join the 99.co family, they have an amazing team and have built important leadership in product, listing and consumer demand that will lead us to our target of 10x growth in Indonesia," said the CEO of 99 .co Darius Cheung.

In Indonesia, 99.co claims to have gathered support from around 4000 property agents and strategic partners. This market is important, because it is estimated that there are transactions of more than $150 million per year for the property business. The business merger with Urbanindo is expected to be the starting point for mastering the property portal business in the Southeast Asia region, considering that Indonesia and Singapore are the largest markets in the region.

"With the synergy between the two teams in the two countries, we will provide exciting new products to serve buyers, agents and developers, and aim to become a leading property technology company in Southeast Asia," said Petra Barus, CTO of UrbanIndo.

If you look at the market share for property sites in Indonesia, 99.co or Urbanindo are not the only players at the top level. There are also other platforms that also get support from seasoned players, such as Rumah123 (supported by iProperty), Rumah.com and RumahDijual (supported by PropertyGuru), Lamudi Indonesia (supported by Lamudi), and several other players. Urbanindo itself also initially planned regional expansion, including by carrying out new product variants.