Lifull Connect Acquires Former DCG Assets to Form Regional Vehicle 'SEA Connect Ventures'

The real estate marketplace operator Lifull Connect has announced the formation of a newly formed regional vehicle 'SEA Connect Ventures' after acquiring several assets from the portal operator Digital Classifieds Group (DCG) which entered administration in March.

A press release circulated by Lifull Connect confirmed that the group has acquired the Lamudi portal in Indonesia and the Philippines as well as the market-leading Cambodian real estate portal Realestate.com.kh.

Combined with the Hipflat portal (Thailand) and the dotProperty portal (Philippines, Vietnam, Malaysia, Indonesia) as well as the FazWaz brokerage brand which operates across the region, Lifull Connect now owns one of the largest proptech groups in South East Asia.

Lifull Connect Assets 2025

The deal to acquire the former DCG assets came about after the Australian headquartered marketplace operator entered administration in March. Lifull moved "quickly and strategically" to snap up Lamudi in the Philippines, where it is a traffic leader, and in Indonesia, where it competes with 99.co.

Commenting on the deal, Mauricio Silber, CEO of Lifull Connect said:

"Bringing these assets together under SEA Connect Ventures allows us to take a long-term view of the Southeast Asian PropTech opportunity."

"We’re excited about the future of this region and proud of how quickly our teams moved to make this happen. DCG built strong momentum across these core markets, and this marks the beginning of a new chapter with a focus on integration, execution, and continued growth.

DCG's founder, Mat Care, who is to remain involved with the business, said:

“We built something special at DCG, with talented teams and strong local brands across the region. SEA Connect is the best possible home for it, a place where the platforms we created can continue to grow, evolve, and make an impact at scale. I’m excited about what we can build together in this next phase.”

Lifull Connect owns and operates more real estate marketplace sites than any other company in the world. The portfolio includes aggregator brands Mitula, Trovit, Nestoria and Nuroa, portals such as Lamudi, dotProperty and Hipflat and the transactional brokerage business FazWaz.

In January 2025 the publicly-traded Japanese real estate portal operator Lifull announced that it was spinning off its Lifull Connect 'Overseas' division which oversees all the company's foreign brands. While Lifull retains a minority shareholding in Lifull Connect, the business is now controlled by the Thailand-based operators of the FazWaz brand which had itself been acquired by Lifull Connect back in 2023.

Prior to being taken over by the FazWaz team, Lifull Connect saw its revenue stagnate as its aggregation business model faded and many of its challenger portals struggled to meaningfully monetise listings in developing markets.

Now under the guidance of FazWaz co-founder and MD, Mike Kenner and former Trovit CEO Silber the business plans to be more streamlined and prioritise profit over growth while tapping into the transactional capabilities of its brokerage business.

Below: Mike Kenner discusses the challenges ahead for Lifull Connect on The PPW Pod.