IPGA Ltd, the company behind the iproperty.com family of portals operating in Singapore, Malaysia and Hong Kong, has announced it is ceasing its involvement in the Taiwan market.
A statement from IPGA explains the company will not invest further funds into InfoPortal Tech Company International Ltd, which places the company into a form of voluntary administration. The assets of the company, including Taiwanese property portal vrhouse.com.tw, have been sold back to a party associated with the founder of the business.
“vrhouse.com.tw was in a solid position in the Taiwan market, however would have required significant further investment from IPGA in order to generate a meaningful return,” said Patrick Grove, executive chairman of IPGA.
“Given the continuing uncertainty surrounding the Taiwan economy, the board of directors has decided that we are best focusing on our core markets of Singapore, Malaysia and Hong Kong, where our leadership positions continue to go from strength to strength.”
“As the property market begins to recover significantly in Singapore, Malaysia and Hong Kong, we see a tremendous opportunity to invest aggressively in our continued growth, and believe we are best focusing our resources on markets that have significant upward momentum,” Grove added.
vrhouse.com.tw will continue to trade and IPGA says it intends to maintain a working relationship to allow opportunities for its 500 developer and 6,000 agent clients to continue working.
Classified Ad Ventures is the owner of propertyportalwatch.com, and also owns a stake in IPGA.