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SINGAPORE: 99 Group, which operates several Southeast Asian real estate platform brands including 99.co, has acquired the Singapore Real Estate Exchange (SRX) property portal.
Under a sale and purchase agreement finalized on Saturday, 99 Group will acquire all shares of StreetSine Singapore, which is operated by SRX, the company announced in a press release on Tuesday (November 10).
The acquisition will create a broader set of listings, information and data tools, allowing 99 Group to offer consumers and real estate professionals “better value and more competitive packages,” the company said.
“The move positions Group 99 to become the market leader in Singapore in the medium term,” the company added.
“This follows the successful plan that the company adopted in Indonesia, where it acquired UrbanIndo and merged with rumah123.com to become the largest real estate platform in Indonesia.”
All SRX employees will be retained, 99 Group said.
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“SRX’s improved data capabilities are a natural fit for our platform that increasingly emphasizes the quality of listings and content so that users receive reliable information,” said 99 Group CEO Darius Cheung.
He added that the real estate industry needed to digitize to meet the changing needs of consumers.
“Reliable property data is especially important as property searches continue to change online even though physical views are now allowed again, suggesting a lasting shift in consumer behavior,” Cheung said.
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Visits to physical properties in Singapore were suspended for more than two months from April to June, as the country implemented measures to prevent the spread of COVID-19.
“We are delighted to join forces with 99 Group to create Singapore’s most attractive real estate platform for both home seekers and professionals,” said Jason Barakat-Brown, CEO of SRX.
“Our businesses and teams are highly complementary, and most importantly, we share a common mission to bring the best technology and expertise in real estate to inform and empower our clients.”
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SRX’s real estate data tools include its X-Value artificial intelligence algorithm, which provides instant estimates of property value, and the Analyzer and Home Report applications.
99 Group has accelerated its technology development in recent months by implementing video and virtual property display options, the company said.
In September, it announced that it would hire an additional 100 technology employees over 12 months to grow its product and engineering teams.
“We are excited to welcome the entire SRX team to the 99 family and we are privileged to be able to provide career opportunities at this difficult time,” said Cheung.
