Southeast Asian property start-up 99 Company has reported the acquisition of Singapore Real Estate Exchange (SRX), a real estate data provider and property portal in Singapore.
99.co will buy all of the securities in Streetsine Singapore Pte with the deal finalized on November 7 , 2020. Ltd., which SRX runs.
It is estimated that the deal will be concluded by Q2 next year, the company said in a release. Both staff of SRX will be maintained and the team will be merged in the coming weeks by 99 Group.
Established in 2009, SRX produces its own data resources for real estate, including X-Value, an AI algorithm that it says offers a “instant and reliable” calculation of the value of a house, and other items such as the Analyzer and Home Report.
As property searching tends to migrate online, accurate property data is increasingly relevant, even though physical viewings are now permitted again, indicating a permanent improvement in buyer behaviour. In order to satisfy evolving customer demands, the real estate industry needs to digitalize accordingly,’ said 99 Group CEO Darius Cheung.
The step follows the expansion of the business in Indonesia, where it acquired UrbanIndo local property site and established a joint venture with Rumah 123 property search engine in 2018 and 2019, respectively.
99 Company is headquartered in Singapore and runs 99.co, iProperty Singapore, and Rumah 123. The offices are based in Jakarta, Surabaya, and Bandung.
The organization has intensified its technological advancement for the digitalization of the purchase and sale phase of property in Covid-19. It recruited 100 software workers over 12 months in September to expand its product and technical teams.
The firm is up against rivals including PropertyGuru, which in September received around US$ 220 million in TPG and KKR funding.