PropertyGuru Group has entered a joint venture with PT. Kreatif Media Karya (KMK), the digital business unit of Indonesia’s leading integrated media firm Emtek (PT. Elang Mahkota Teknologi Tbk) Group. The objective of the partnership is to further strengthen PropertyGuru’s market leadership in Indonesia where it operates under the Rumah.com brand. Rumah.com already serves more than 2 million property buyers with more than 15 million page views every month.
Under the agreement, KMK will acquire a minority equity interest in PropertyGuru’s Indonesian entity. KMK and PropertyGuru will partner on several strategic and business development initiatives to further accelerate the growth of Rumah.com and KMK will provide access to Emtek’s media platforms – including television and digital. In addition, PropertyGuru and KMK will work together to collaborate on joint sales initiatives which will support both PropertyGuru’s and KMK’s online and mobile initiatives.
Jessica Effendi, Head of Operations for Rumah.com, explained, “Rumah.com welcomes this cooperation with Emtek Group with great enthusiasm. Rumah.com has been on a phenomenal growth path, garnering the largest number of property listings. The joint venture with an esteemed partner as Emtek will propel us forward in our journey of success.”
Steve Melhuish, CEO and Co-Founder PropertyGuru, shared, “I'm confident our partnership with KMK will further accelerate our market leadership position in Indonesia – South East Asia's biggest market.”
Adi Sariaatmadja, CEO of KMK, added, “We are very excited to enter the high growth Indonesian online property market with Rumah.com, helping to match families looking for homes with sellers or new property developers. Working together, we believe that we can enhance the market leadership position of Rumah.com whilst creating significant value for KMK’s online business in the process. We are delighted to be partnering with ProperyGuru who have demonstrated their substantial expertise in online real estate property search across various South East Asian markets.” Indonesia is the world’s fourth most populous country with more than 250 million people. Gross Domestic Product (GDP) stood at USD 868.3 billion in 2013 and is expected to increase by 5.5 to 5.8 percent in 2014. The USD 28-30 billion residential real estate markets has been growing 10 to 15 percent year-on-year for the past five years. An estimated 50,000 real estate agents will spend an approximate USD 200 million per annum in real estate advertising. On the back of a growing middle class and a fast-growing (mobile) internet penetration, the overall online real estate advertising market is expected to grow at 15 to 20 percent per year over the next five years.
"Rumah.com continues to lead the market with over 290,000 listings, higher than any other property portal in Indonesia. We strive to provide the most comprehensive selection of properties to our visitors because we believe that every customer has their own unique criteria of a dream home." said Jessica Effendi. "Through this partnership with Emtek, Rumah.com can expand its reach to people who may not be aware of the benefits of online property search. We are committed to help millions of Indonesians find their dream homes every month.”