99.co CEO Darius Cheung
Singapore’s leading property portal 99.co has announced it has inked an agreement to take over operations of REA Group’s consumer brands iProperty.com.sg in Singapore and Rumah123.com in Indonesia.
The joint venture would place 99.co as a market-leading player in Indonesia.
With the rise of Southeast Asia’s digital economy, REA Group is doubling down on the market by investing in 99.co and merging its Singapore and Indonesia assets under 99.co’s leadership.
99.co will be assuming full control of REA’s Singapore and Indonesian operations upon closing.
The joint venture will be helmed by 99.co’s senior management team, including its Co-founder and CEO Darius Cheung. 99.co will continue to operate 99.co, iProperty.com.sg and Rumah123.com consumer portals.
REA Group will also further invest an additional US$8 million in capital to accelerate growth and development.
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“This is a key milestone that positions us instantly as number one in Indonesia, and well on our way to that in Singapore. Our innovative DNA plus REA’s unrivalled experience and resources make this partnership a lethal combination Southeast Asia has not seen before,” said Cheung.
REA Group, Chief Strategy Officer and CEO Asia, Henry Ruiz commented: “Over the past two years, we’ve admired the innovation and speed that Darius and his team have brought to the marketplaces that they serve. The formidable combination of our talent, best of breed technology, digital expertise and customer relationships will supercharge our ability to compete and win in Singapore and Indonesia.”
Founded by Darius Cheung in 2014, 99.co, is a fast-growing property portal in Southeast Asia, having grown its traffic 32x in the last two years.
The company raised US$15.2M in its Series B funding round led by MindWorks Venture and Allianz X in August 2019.
iProperty.com.sg and Rumah123.com are two of the most recognised property portal brands in Singapore and Indonesia, respectively.
iProperty was acquired in 2015 by REA Group, one of the largest property technology groups in the world, for US$531 million.
REA Group is a multinational digital advertising business specialising in property. It operates Australia’s leading residential, commercial and share property websites — realestate.com.au, realcommercial.com.au, Flatmates.com.au, as well as Spacely, a short-term commercial and co-working property site.
In Asia, REA Group owns iproperty.com.my, squarefoot.com.hk, iproperty.com.sg, myfun.com (China), and property review site in Thailand (thinkofliving.com). It also owns Smartline Home Loans, an Australian mortgage broking franchise group, and Hometrack Australia, a provider of data property services.
REA Group also holds a significant shareholding in property websites Move, Inc.in the US and PropTiger in India.
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