99 Group, a Singapore-based property tech company, today announced it has acquired Singapore Real Estate Exchange (SRX) for an undisclosed sum.
As per a press statement, 99 Group will wholly acquire SRX with the transaction expected to be completed by Q2 2021. All of SRX’s employees will be retained and 99 Group will be transitioning and integrating the team in the coming weeks.
The leading property platform and real estate data provider in Singapore, SRX will join other platforms including 99.co and iproperty.sg in the 99 Group.
According to the company, with a widened pool of property listings and data tools, customers can look forward to more affordable and competitive property packages.
99 Group CEO Darius Cheung said: “SRX’s best-in-class data capabilities are a natural fit for our platform that increasingly emphasises the quality of listings and content so that users receive trustworthy information. The proprietary technology will also boost our ability to roll out game-changing innovations in the region.”
“Reliable property data is especially important as property hunting continues to shift online even though physical viewings are now allowed again, suggesting a lasting change in consumer behaviour. The real estate industry needs to digitalise accordingly to meet evolving consumer needs,” he added.
Also Read: Can SEA’s proptech come back to its pre-COVID-19 glory? Experts speak
SRX CEO Jason Barakat-Brown said: “We’re delighted to join forces with 99 Group to create the most compelling property platform in Singapore for home-seekers and professionals alike.”
“Our businesses and teams are highly complementary and, importantly, we share a common mission to deliver the best technology and real estate expertise to inform and empower our customers. We look forward to bringing further innovations to the market in Singapore and the region as part of the 99 Group family,” he added.
Established in 2009, SRX is a property platform and real estate data provider in Singapore. Utilising artificial intelligence, its algorithms claimed to be able to provide an instant and accurate estimate of a property’s value.
Previously, 99 Group has implemented a similar blueprint of acquiring Indonesia-based property tech startup UrbanIndo and merging with rumah123, with the goal to become the largest property tech platform in the archipelago.
Despite the economic uncertainty brought about by the pandemic, 99 Group said that it has continued to expand amid hastened digital transformation within the industry. The company announced in September that it will hire 100 additional tech staff over 12 months to grow its product and engineering teams.
It is currently running the Singapore Property Show, an online property bazaar with narrated tours of virtual show flats for 18 new launch developments. The company said that the event received more than 1 million engagements within two days of its launch and more than 85,000 live views of its webinars within the first two weekends.
—
Image Credit: Étienne Beauregard-Riverin on Unsplash
The post 99 Group acquires real estate portal and data provider SRX to expand market share in Singapore appeared first on e27.