Singapore based property portal company 99 Group has announced its acquisition of fellow Singaporean proptech company Singapore Real Estate Exchange (SRX) for an undisclosed amount. The deal is expected to be completed in Q2 2021 and will see SRX become part of 99 Group, an REA Group and News Corp backed alliance of portals in Southeast Asia which includes 99.co and iProperty. SRX employees are reportedly going to be retained and integrated into the group in the coming months.
With its latest purchase, 99 Group will hope to gain some market share in the highly competitive Singapore market where competition with PropertyGuru is fierce.
99 Group CEO Darius Cheung said: “SRX’s best-in-class data capabilities are a natural fit for our platform that increasingly emphasises the quality of listings and content so that users receive trustworthy information. The proprietary technology will also boost our ability to roll out game-changing innovations in the region.”
Aside from offering services traditionally associated with a property portal, SRX differentiates itself from others with its data services through which it tracks property prices across Singapore as well as offering mortgage concierge and landlord services. Launched in 2009 in a country obsessed with property, SRX made a name for itself with algorithms that promised accurate property valuations and caught the attention of Singapore Press Holdings which acquired a 60% stake in SRX’s parent company in 2014.