23:39 (GMT +7) - Friday 16/11/2018

Property

Batdongsan now a member of PropertyGuru

Released at: 15:15, 31/10/2018

Batdongsan now a member of PropertyGuru

Photo: Ngoc Lan

Previous minority holding lifted to majority in deal between long-time partners.

by Ngoc Lan

Asian property technology group the PropertyGuru Group and Vietnamese property portal Batdongsan.com.vn announced on October 31 that the latter is now a fully consolidated member of the former, cementing their long-standing relationship.

While no financial details of the deal were disclosed, Mr. Le Xuan Truong, Founder and Managing Director of Batdongsan, said that PropertyGuru was previously a small shareholder in Batdongsan but has now become a major shareholder, controlling Batdongsan’s operations. “PropertyGuru brings the region’s best real estate opportunities and technological expertise and with these we will better serve the needs of property seekers in one of the fastest-growing property and digital markets in Southeast Asia,” he added.

The full consolidation of Batdongsan underlines PropertyGuru’s commitment to Vietnam and its collaboration with Batdongsan that began in 2016.

Batdongsan is now part of PropertyGuru’s portfolio of market-leading property portals that include PropertyGuru in Singapore and Malaysia, DDproperty.com in Thailand, and Rumah.com in Indonesia.

It holds a 55 per cent market share in Southeast Asia, reflecting the strong preference of property seekers for its portals.

The group also runs Asia’s most prestigious property awards, the “Asia Property Awards”, in eleven key markets, including Vietnam.

Vietnam has been hailed as one of Southeast Asia’s best property investment destinations and as a member of PropertyGuru Batdongsan will be a driving force opening up regional opportunities for Vietnamese property seekers, investors, agents, and developers.

Batdongsan will have easier access to interested buyers in PropertyGuru’s other markets - Singapore, Malaysia, Thailand and Indonesia. Vietnamese property buyers and sellers will also benefit from PropertyGuru’s innovative solutions.

Mr. Hari V. Krishnan, Chief Executive Officer of the PropertyGuru Group, said it first invested in Batdongsan in 2016 and has been impressed with its strong market leadership fueled by delivering great value to Vietnam’s property sector. “We reinforce our commitment to Vietnam with the consolidation of Batdongsan,” he added. “We look forward to making our regional expertise fully available to Vietnamese property seekers as well as to helping the country’s real estate industry benefit from ASEAN integration.”

Mr. Jeremy Williams, Chief Operating Officer of PropertyGuru Group, who led the integration of Batdongsan, also said they are fully committed to Batdongsan’s next stage of growth. “PropertyGuru’s prime focus has been to deliver innovative solutions to both property seekers and sellers and that is the hallmark of our success in each of our markets,” he said. “We will bring our leading technology solutions to Batdongsan, delivering quality property search experience to Vietnamese property buyers and business efficiencies to clients. The Batdongsan team has done an exceptional job in building and sustaining market leadership and solidly growing the business. We look forward to working closely with the team and supporting their future growth.”

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