SEAA plans to buy 51% stake buy from SoReal Prop

The Singapore Estate Agents Association (SEAA), a group of real estate professionals, has recently announced that they would like to acquire a 51 percent stake in SoReal Prop, an online property platform, which is was founded by ERA Realty, Huttons Asia, and PropNex Realty.

The association said that the acquisition is a “timely” one that would help strengthen the capabilities of its nearly 4,700 real estate agencies and salesperson members, equipping them with innovative digital tools and enabling them to offer customer advice and perform tasks more quickly.

Launched in March last year, the SoReal Prop initiative aims to provide the industry with a more streamlined property transaction process between salespersons and consumers. The SoReal Prop technology platform serves as a central repository of property data and hosting of vetted listings, with salespersons equipped with an app - RealAgent - to serve clients in real time.

The proposed acquisition is in line with a key goal of the Real Estate Industry Transformation Map announced last year, which is to fully digitalize property transactions.

For the purpose of the acquisition, SEAA has constituted a company - SEAA Services, to govern the live data feeds by the consortium of agencies.

Under the new umbrella, the RealAgent app – used by almost 23,000 agents in just over a year – will continue to provide clients with property advice.

Other than property reports with the embedded indicative selling price, other features include Real Launches, a component with access to new residential projects in Singapore, as well as eight property calculators.

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