Southeast Asian property portal operator PropertyGuru has announced the appointment to its board of REA Group CEO Owen Wilson.
Wilson will be joining as a Non-Independent Director and brings 7 years of experience at market-leading Australian property portal operator REA Group as CFO and latterly CEO. During his tenure, REA Group has more than tripled in value on the stock market.
Speaking on his appointment to PropertyGuru's Board of Directors, Wilson said:
"In the competitive Southeast Asia PropTech market, PropertyGuru stands out as a leader and driver of transformation. Hari and his team are simplifying how property buyers, sellers, agents and developers interact using technology and data-driven insights. I am excited to be joining PropertyGuru’s Board as the Group continues to spearhead the transformation of the region’s property market."
Hari V. Krishnan, Chief Executive Officer and Managing Director, PropertyGuru Group, said:
“We welcome REA as a strategic partner as we take the Group forward into our next phase of growth. Owen is an accomplished global business leader, who shares our vision and we are delighted to welcome him to our Board. I have enjoyed my discussions with him and look forward to the Group gaining from his extensive experience.”
With Mr. Wilson's appointment, PropertyGuru’s Board of Directors expands to nine Directors:
In May PropertyGuru announced that it had reached an agreement to acquire REA Group's assets in Southeast Asia. The deal's repercussions for the property marketing industry in the region were immense with the company's arch-rival iProperty now coming under the management of PropertyGuru.
As part of the deal, REA Group has taken an 18% stake in PropertyGuru and plans to further extend investment in the firm through participation in the imminent SPAC merger with Bridgetown 2 Holdings which will see PropertyGuru float on the NASDAQ.
Wilson joins the board of a company that has a great opportunity to capitalise on a dominant market-leading position in a region with a burgeoning economy and a healthy IPO scene. The company has said that it is looking to build out more ancillary and financial products to diversify revenue and offer a more complete consumer package.
PropertyGuru recently upped prices for agents in Singapore announcing the move in a blog post which justified the move by citing recent performance figures and improved services for agents. Whether the price raise in Singapore is testing the waters for a similar change in Malaysia where the Group is similarly dominant remains to be seen.