KUALA LUMPUR, Nov 27 — PropertyGuru Group today signed a share purchase agreement with TechnoDex Bhd and Real Estate Solutions Sdn Bhd to fully acquire Malaysia’s largest online property data company, MyProperty Data Sdn Bhd.
The group said the acquisition would promote greater transparency in the property industry as PropertyGuru empowered Malaysians with property data and insights.
MyProperty Data, which is a joint venture between TechnoDex and Real Estate Solutions, provides property data analytics and insights leveraging over six million unique records across sales, rentals, auctions, new development and geospatial information along with proprietary datasets in demographics, location, liveability and more.
“Our goal is to simplify home buying and help to remove friction from that process and empower other stakeholders, agents and property developers.
“We think it is a good time to invest and bring more trust in the market. In fact, even during the Covid-19 pandemic, home seekers will have the confidence they need as they will have more access to data transparency and insights (on PropertyGuru and MyProperty Data),” PropertyGuru Group chief technology officer Manav Kamboj told Bernama without disclosing the amount of the acquisition due to confidentiality.
On the acquisition, he said PropertyGuru had acquired all shares in MyProperty Data and assumed 100 per cent ownership.
It will invest substantially to expand MyProperty Data’s offerings, which also entails growing the team as it plans to hire over 50 experts from 15 currently, across data science, engineers, product, sales and marketing functions, within the first year.
Solutions from MyProperty Data are endorsed by industry bodies such as the Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector Malaysia and Malaysian Institute of Estate Agents, and are utilised by major banks and over 1,200 valuation professionals in Malaysia.
Meanwhile, MyProperty Data managing director Joe Hock Thor said the team would be absorbed into PropertyGuru as part of the group’s growth plan.
The group, he said, would be acquiring more data that was relevant to help industry stakeholders in the value chain, including developers and banks, to make better and informed decisions.
“PropertyGuru is no stranger to us as we have collaborated on many occasions, such as in developing a Pricing Insight exclusive to PropertyGuru in 2018 and the Home Loan Pre Approval in 2019.
“It was natural for us to further collaborate and we are delighted to join the group,” said Joe.
Moving into 2021, Joe said the group would be launching its new geospatial capabilities, where it would be able to bring up-to-date high resolution aerial photographs to the market, adding value to stakeholders especially in the times of the Covid-19 pandemic.
PropertyGuru Group is Southeast Asia’s leading property technology company, with 24.5 million property seekers using its portal to find their dream home every month.
PropertyGuru and its group of companies empower property seekers with the option of over 2.7 million homes, in-depth insights and solutions that enable them to make confident property decisions across Singapore, Malaysia, Thailand, Indonesia and Vietnam.
— Bernama
