PropertyGuru Grows Revenue Ahead of SPAC Merger

February 28, 2022
Share this Post: 

The Southeast Asian real estate portal company PropertyGuru Group has released an update on its performance in 2021. According to a press release, highlights of the company's year include:

  • Revenue up 22.7% year-on-year to S$100.7
  • New property listings on the group's Vietnamese portal (Batdongsan.com.vn) increased 4.5 times in December compared to August as the country eased lockdown measures
  • iProperty.com.my successfully integrated into the group's operations in Malaysia where PropertyGuru Group now enjoys >90% market share

The revenue achieved by PropertyGuru in 2021, in particular, will be encouraging for the company as it prepares for its public debut via a SPAC merger with the Peter Thiel-backed Bridgetown 2 Holdings. The S$100.7m (USD 74.2m) over the period beat company expectations by 3.3%.

Hari V. Krishnan, CEO and Managing Director, PropertyGuru, said: “Despite the uneven recovery from COVID-19 across Southeast Asia, PropertyGuru continued to execute well in 2021 delivering strong financial results. Southeast Asia’s growth is being propelled by the long-term fundamentals of urbanization, digitalization and a rising middle class, and we exited 2021 with good momentum in the real estate sector in our key markets, as COVID restrictions eased.

Although no figures for profit were forthcoming from the company, PropertyGuru expects to return to positive EBITDA in 2022 as it begins to reap the benefits of the REA Group assets integration and investments made in marketing and staff. It also expects revenue growth to accelerate further to 44% with projections of S$145m for the calendar year.

The next big date in the calendar for the company is March 15th when Bridgetown 2 will hold an Extraordinary General Meeting for shareholders to approve the business combination with PropertyGuru and in doing so, take the company public on the NASDAQ.

February 28, 2022
Edmund got to know the world of portals and marketplaces working at Mitula Group (which became Lifull Connect after the buyout in 2018). He worked directly with hundreds of portals across the world in his role in the content department for three and a half years before transferring to the SEO department to understand the inner workings of listings sites. He joined Online Marketplaces as Head of Content in March 2020.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Ringier Ag
Ringier (Switzerland) Agrees to Acquire 100% of Shares in Ringier One Africa Media

Swiss-based media company Ringier AG—owner of around 130 subsidiary businesses including real estate online marketplaces—has agreed to acquire almost 100%...

Read More
Funding Roundup Wynwood Homesfy
More Funding Rounds Closed as Wynwood House and Homesfy Plan Major Expansions in LATAM and India Respectively

Hot after news that UK-based Giraffe360 and Finnish iBuyer Rive each completed multi-million funding rounds, two more companies have announced...

Read More
Boomin Chain
Mortgage Advice Bureau Writes off Boomin Investment as the Failed Portal Publicises its £10M Debts

The Mortgage Advice Bureau (MAB) has written off its £2.5m investment in Boomin, the UK portal that went bust last...

Read More
Shutterstock 601941827
Zoopla and OnTheMarket Rule Out Price Breaks for Struggling Agents

British property portals Zoopla and OnTheMarket have ruled out enacting price breaks for agents struggling with the cost of living...

Read More

Editor's Pick