99 Group, the parent company of 99.co Singapore and Indonesia, as well as several property portals in Southeast Asia, announced an acquisition of the property platform and real estate data provider Singapore Real Estate Exchange (SRX) with undisclosed value. It is said to take 99 Group as the leading player of the property market in Singapore within 18 months.
The agreement has signed on 7 November 2020. 99 Group will acquire all the shares of SRX through Streetsine Singapore Pte Ltd. The transaction is expected to be completed by the beginning of the first quarter of next year. All SRX employees will join the 99 Group, migration will begin in the coming weeks.
Joining SRX under the same flag as 99.co and iproperty.com.sg add strength in terms of a collection of listings, information, and various tools to support the parent in providing added value and competitive services to consumers and real estate professionals in Singapore.
In Indonesia, this business acquisition will also have a positive impact on the future for developers, agents, and property seekers. Here, after the acquisition of UrbanIndo, 99.co formed a joint venture company with Real Estate Australia (REA). Two property sites owned by REA, namely iproperty.com.sg and Rumah123.com, are managed by 99.co to win the Southeast Asian market.
99 Group’s CEO, Darius Cheung said SRX’s data analysis capabilities were very suitable for the 99 Group platform which currently places great importance on listing quality and content for users. He is optimistic, exclusive, and best-in-class technology, the SRX can enhance the 99 Group’s ability to launch different innovations.
“Reliable property data is very important. This is because property search continues to shift to the online realm, even though direct visits or open houses have been permitted again. This indicates that there has been a change in consumer behavior. The real estate industry certainly needs to digitize accordingly to meet the growing needs of consumers,” he said in an official statement, Tuesday (10/11).
SRX was founded in 2009, quickly proclaiming itself as a comprehensive property data provider in Singapore. One of the innovations is the AI X-Value algorithm, which provides an instant and accurate prediction of the value of a property. This device is familiar to property agents and consumers alike.
Their other products, Analyzer and Home Report are also considered indispensable in today’s real estate industry.
Technology innovation amid pandemic
Related to changes in consumer behavior during the pandemic, Darius said that his party responded by developing technology that had been adapted to new habits. One of these is the option of virtually viewing ideal properties and using videos.
In addition, the company held the Singapore Property Show last month. This property exhibition is held online and has a service that allows the public to feel as if they are in a sample unit of 18 participant property projects in person. Also equipped with a narrative to add to the consumer experience.
In response to the incessant digital transformation in the process of buying and selling property. The company announced last September that it plans to recruit 100 technology staff over the next year to develop its product and engineering teams.
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Original article is in Indonesian, translated by Kristin Siagian
