Singapore's PropertyGuru Group, a leading online property group in Asia, appointed Hari V. Khrisnan as its new chief executive on Tuesday (06/09). (Screenshot from propertyguru.com.sg)
Media Conglomerate Emtek Takes Stake in PropertyGuru Group
BY :MUHAMAD AL AZHARI
JUNE 09, 2015
Jakarta. Indonesian media conglomerate, Emtek Group, was party to a $175 million investment in PropertyGuru Group, Asia’s leading online property portal, a joint statement sent by the consortium said on Tuesday.
PropertyGuru runs online property portals in a number of countries, including Indonesia (Rumah.com), Singapore (PropertyGuru.com.sg), Malaysia (PropertyGuru.com.my) and Thailand (DDProperty.com).
It claimed its services have been used by more than 11 million property buyers, whom have viewed over 104 million property pages and generated over 500,000 enquiries for real estate developers and agents across the four countries every month.
The investment from Emtek, along with two other strategic investors — global private investment firm, TPG, and leading Asia Pacific-based tech venture capital firm Square Peg Capital — is considered the largest in the technology sector in Southeast Asia this year, the statement said, citing data from various sources including CrunchBase, TechInAsia, MergerMarket and CB Insights.
This fund will be used to support PropertyGuru’s further expansion, marketing and various innovations in the region.
The Indonesian media conglomerate already has some investment in Rumah.com, along investment in various other local sites, including Bukalapak.com (online shopping and market place), Lakupon.com (online voucher), and Bobobobo.com (online shopping focusing on lifestyle and travel).
Emtek’s subsidiary Kreatif Media Karya (KMK) currently owns and operates news portal Liputan6.com, one of the major news websites in Indonesia.
“Consistent with Emtek’s focus of investing in technologies that shape businesses and the broader society and where it can leverage its media expertize, this investment in PropertyGuru presents a prime opportunity for us to deepen our exposure to the online classified business,” Emtek Group’s Director Sutanto Hartono said .
“Our investment is aimed at fast-tracking PropertyGuru’s plans to innovate ahead of market needs and extend its leadership in the property space.”
Emtek Group, which owns various businesses in the media, content and technology sectors, is controlled by brothers Eddy Sariaatmadja and Fofo Sariaatmadja — estimated to have a net worth of $1.15 billion, according to GlobeAsia’s 2014 rich list.
Emtek Group controls two free-to-air television channels, SCTV and Indosiar, and a regional broadcaster for Jakarta O-Channel. It also has a Pay-TV business (Nexmedia) and several IT solutions businesses.
The group also has interests in content production in Indonesia and a substantial interest in Plan B Media, the second largest home advertising business in Thailand.
“PropertyGuru has built its track record on a vision of consumer-centric innovation that empowers people to make better property decisions. We will capitalize on this investment to tap into the Southeast Asia property market potential and developments in the digital space to further our regional agenda,” said Steve Melhuish, CEO and co-founder of PropertyGuru.
PropertyGuru group saw a 28 percent traffic growth for the year last year, according to the company statement, with mobile devices contributing to 52 percent of total traffic.
Headquartered in Singapore, PropertyGuru was founded in 2006 by two entrepreneurs to simplify internet searchers for property buyers and help sellers and investors make better property decisions.
Thanks to Asia’s growing affluence there is a stronger demand for property and PropertyGuru has developed itself into a major player in Singapore, Thailand and Indonesia. The value of real estate transactions through the group’s online platforms is estimated to be S$14 billion per year.
This is equivalent to approximately 10 percent of all property transactions in the region, the company said.
PropertyGuru has developed 15 mobile applications in four countries and three languages and currently the Group records more than 2.5 million downloaded mobile apps.
Meanwhile, TPG, another strategic investor, already owns complementary internet and real estate portfolios, including among others Uber, Airbnb, Lynda.com, SurveyMonkey and RentPath.
TPG is a global private investment firm with over $67 billion of assets under management.
The other investor Square Peg Capital is a venture capital with various portfolio in Israel, Melbourne and Sydney, Los Angeles, Boston and Munich.