Singapore-based 99 Group, which operates several property platforms in Southeast Asia, on Tuesday announced that it acquired Singapore Real Estate Exchange (SRX), a real estate data provider, for an undisclosed amount.
The acquisition was finalized on November 7, with 99 Group purchasing all of the shares in SRX’s parent Streetsine Singapore Pte Ltd. The transaction is expected to be completed by the second quarter of 2021.
SRX will join property platforms 99.co and iproperty.com.sg, which will create a greater pool of listings, information, and data tools. 99 Group said that it will retain all SRX employees and integrate the team in the coming weeks.
99 Group follows the blueprint the company adopted in Indonesia, where it acquired UrbanIndo and merged with rumah123.com to become the largest property platform in Indonesia.
Meanwhile, SRX is known for its comprehensive real estate data tools. In particular, its AI algorithm X-Value provides an instant, accurate estimate of a property’s value, and is a household name among property agents and consumers. Its other data products such as Analyzer and Home Report are also considered indispensable tools in the real estate industry today.
99 Group has accelerated its tech development in recent months, rolling out video and virtual property viewing options. It is also currently running the Singapore Property Show, the city’s biggest online property bazaar with narrated tours of virtual showflats for 18 new launch developments.
Despite the COVID-19 pandemic and economic uncertainty, 99 Group has continued to expand. Earlier in September, the company announced that it will be hiring 100 additional tech staff over 12 months to grow its product and engineering teams.
This article was originally published by Vulcan Post.