The warning to PropertyGuru comes as the Paul Bassat-backed property technology company considers a listing in Australia, and underscores the intense competition for market dominance in south-east Asia where growth in real estate is being fueled by a growing middle class and urbanisation.
Chasing rival PropertyGuru into its home market of Singapore: REA boss Henry Ruiz Supplied
REA Group Asia Chief Executive Henry Ruiz has put the company's regional rival on notice, saying any claims to market leadership are "nonsense".
"We have our sights set on having a big impact across Asia. We're a clear leader in four of the five markets we play in," Ruiz said.
"We see Singapore, the fifth market where we are not market leader, as a clear market of opportunity for us – and we're coming for it.
The battle for dominance in property listings across the region appears set to heat up as REA Group takes what it has learnt over the past 18 months in markets where it has a leading presence – Malaysia, Indonesia and Hong Kong – and then applies it as the company looks to steal market share in Singapore.
"We have customers proactively telling us there is dissatisfaction with the incumbent's pricing and product value," said Mr Ruiz.
PropertyGuru Chief Executive Hari Krishnan said the company has 45,000 agents using its platform across its five key markets, citing the use of artificial intelligence and immersive content as a key driver of its revenue growth of 20 per cent a year over the past three years.
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