Singapore-headquartered proptech platform 99.co has acquired REA Group’s consumer brands, iProperty.com.sg in Singapore and Rumah123.com in Indonesia, according to an official statement.
iProperty.com.sg, founded in 2007, was part of iProperty Group, an entity consisting of multiple property-related platforms in Southeast Asia and listed on the Australian Securities Exchange (ASX). The company was acquired by REA Group in 2015 for USD 531 million and in 2016, it was delisted from the ASX. Rumah123.com, acquired by iProperty Group in 2011, is considered an established player in Indonesia.
99.co will assume full control of iProperty.com.sg and Rumah123.com upon the closing of the agreement, positioning 99.co as a potential market leader in Southeast Asia. The newly formed joint venture is valued at over USD 100 million.
It will be a challenger to PropertyGuru, a firm which has over the years acquired several property listing sites in Southeast Asia and is in the process of listing in Australia. PropertyGuru said it could potentially raise ASD 363 million (USD 257 million) with a successful listing.
The joint venture will be led by 99.co’s senior management team, including 99.co’s co-founder and CEO Darius Cheung. The company will continue to operate the 99.co, iProperty.com.sg and Rumah123.com consumer portals.
Besides merging its Singapore and Indonesia assets under 99.co’s leadership, REA Group will also invest USD 8 million in capital to accelerate the growth and development of the newly formed joint venture.
Founded by Darius Cheung in 2014, 99.co says it’s the fastest growing property portal in Southeast Asia. The company claims to have grown its traffic 32 times in the last two years. The acquisition came only two months after 99.co raised a USD 15.2 million Series B round led by MindWorks Venture and Allianz X in August. 99.co is also backed by notable investors like co-founder of Facebook Eduardo Saverin, EastVentures, Sequoia Capital India.