99 Company, which runs property marketplace 99.co, has purchased the Singapore Real Estate Exchange (SRX) property network and real estate data provider for an undisclosed amount.
99 Company will buy all the stock in StreetSine Singapore, an affiliate of Singapore Press Holdings, as part of the acquisition.
99 Company said yesterday that in the coming weeks it would keep all SRX staff and merge the squad.
It intends the deal to be concluded by next year’s second quarter.
The switch would have SRX come together with 99.co and iProperty.com.sg, the two Singapore property portals.
99 Group said this would build an increased pool of listings, knowledge and data resources, allowing it to deliver greater pricing and more affordable packages to customers and real estate professionals in Singapore.
Darius Cheung, 99 Group Chief Executive noted that in order to satisfy evolving customer demands, the industry needs to digitise.
“As property searching begins to move online, accurate property data is increasingly relevant, even though physical viewings are once again permitted, indicating a permanent improvement in customer conduct,” he said.
Jason Barakat-Brown, chief executive of SRX, said: “Our organizations and teams are strongly complementary and, critically, we share a shared goal to provide our consumers with the latest technologies and real estate experience to educate and inspire them.”
In 2018, 99 Group acquired UrbanIndo to form the largest property portal here, integrating with rumah123.com.