The iProperty Group Ltd (ASX: IPP), owner of Asia’s No. 1 network of property portals and related real estate services, today announced it has further expanded its market presence in Asia via the acquisition of Thailand’s No.1 real estate portal, ThinkOfLiving.com.
As the dominant brand and leading operator of property portals in Malaysia, Indonesia, Hong Kong, Macau and Singapore, the acquisition cements iProperty Group’s leading position in the region.
iProperty Group’s Managing Director and Chief Executive Officer, Georg Chmiel said, “The acquisition of ThinkOfLiving.com provides us with the number one real estate portal in a new rapidly growing market in Southeast Asia. The Thai market is estimated to spend A$120m on real estate advertising each year, with the online share of those dollars at a similar level to that of Malaysia 5 years ago. ThinkOfLiving.com already attracts more of those dollars than any other player.”
ThinkOfLiving.com is already profitable and has a strong focus on the property developer segment. All top 20 developers in the country subscribe to its services, with a total of 106 property developers currently active as clients of the portal. The business has additionally commenced a strong move into the real estate agent and secondary property segment that is yielding excellent results.
“The acquisition accelerates iProperty Group’s growth strategy, substantially diversifies our business streams and reinforces our leadership position within the region. We will now have a substantially broader portfolio with established global platforms and channels to better serve our customers and consumers. The acquisition brings the total number of developer advertisers on iProperty Group websites to approximately 500 across the region, enabling us to offer unique and wide regional marketing opportunities to real estate developers and agencies who would like to target buyers in multiple Asian countries,” added Chmiel.
Mr Theinruj Toranavikrai, Managing Director and Chief Executive Officer of ThinkOfLiving.com said, “We are extremely excited to join the iProperty Group. As the number one in the Thailand market, we are proud to be joining the region’s clear leader and we look forward to dominating the region together in the years ahead.”
Thailand, with its 68 million inhabitants, has a growing property market with more than 180,000 property sales per year for the Greater Bangkok Region. Property prices have historically grown at approximately 5% per annum, according to a study by real estate group, Engels & Voelkers. According to the Global Property Guide 2014, property prices in Thailand are approximately 50% more expensive than those in Malaysia – with the market ready for a large scale recovery in the years immediately ahead.
About iProperty Group Limited (www.iproperty-group.com)
Listed on the Australian Securities Exchange, the iProperty Group (ASX:IPP) owns and operates Asia’s No.1 network of property websites under the iProperty.com umbrella brand.Headquartered in Kuala Lumpur, Malaysia, the Company is focused on developing and operating leading property portals with other complementary offerings in Asian markets. It currently operates market leading property portals in and property exhibitions across Malaysia, Hong Kong, Macau, Indonesia and Singapore. iProperty Group is continuously working to capitalise on its market-leading positions and the rapidly growing online property advertising market throughout the region.
