KUALA LUMPUR, Feb 17 — iProperty Group, Asia’s number one property network website, is targeting a revenue growth of over 50% this year.
Chief Executive Officer Georg Chmiel said the acquisition of the remaining 77.3% equity in the company for AU$578 million (RM1.73 billion) by Australian-based REA Group was made at the right time.
As of July 2015, the REA Group, a multinational digital advertising business specialising in properties, owned 22.7% of iProperty.
REA Group paid AU$750.8 million (RM2.5 billion) for the entire acquisition.
“It is a historical leap for us and this will provide more opportunity and network access for property market players.
“It will result in more buyers, investors and tenant business apart from improving the online business,” he told a press conference to announce the completion of the sale to the REA Group here today.
However, there would be no name change and the company would operate as usual.
Chmiel said the acquisition would also present more choice for developers as they were not bound to one country.
The iProperty Group owns portals in Malaysia, Thailand, Indonesia, Hong Kong, Singapore and the Philippines.
Meanwhile, Chief Operating Officer, International and Developer of REA Group, Arthur Charlaftis said the acquisition was part of the group’s expansion plan into the South East Asian market.
“Our focus is to work together to optimise the online market in this region which is growing between 40% and 60%, annually,” said Charlaftis.