99 Group announced today (November 10) that it has acquired Singapore Real Estate Exchange (SRX) for an undisclosed amount.
The Group operates several Southeast Asian property platform brands and is the region’s fastest growing property platform.
On the other hand, SRX was established in 2009 and is a leading property platform and real estate data provider in Singapore.
According to 99 Group, the acquisition was finalised under a Sale and Purchase Agreement on November 7, with the Group acquiring all of the shares in SRX’s parent company Streetsine Singapore Pte Ltd.
It added that the transaction is expected to be completed by the second quarter of 2021.
The acquisition brings SRX under the same umbrella as popular property platforms 99.co and iproperty.com.sg, and will create a greater pool of listings, information and data tools.
We’re delighted to join forces with 99 Group to create the most compelling property platform in Singapore for home-seekers and professionals alike.
Our businesses and teams are highly complementary and importantly, we share a common mission to deliver the best technology and real estate expertise to inform and empower our customers. We look forward to bringing further innovations to the market in Singapore and the region as part of the 99 Group family.
– SRX CEO Jason Barakat-Brown
An Upward Trajectory Of Growth
Following the acquisition, all of SRX’s employees will be retained and 99 Group will be transitioning and integrating the team in the coming weeks.
The strategic move positions 99 Group to become the market leader in Singapore in the medium term.
It is also better positioned to offer consumers and real estate professionals in Singapore better value and more competitive packages.
99 Group follows the blueprint the company adopted in Indonesia, where it acquired UrbanIndo and merged with rumah123.com to become the largest property platform in Indonesia.
Meanwhile, SRX is known for its comprehensive real estate data tools. In particular, its AI algorithm X-Value provides an instant, accurate estimate of a property’s value, and is a household name among property agents and consumers.
SRX’s other data products such as Analyzer and Home Report are also considered indispensable tools in the real estate industry today.
SRX’s best-in-class data capabilities are a natural fit for our platform that increasingly emphasises the quality of listings and content so that users receive trustworthy information. The proprietary technology will also boost our ability to roll out game changing innovations in the region.
Reliable property data is especially important as property hunting continues to shift online even though physical viewings are now allowed again, suggesting a lasting change in consumer behaviour. The real estate industry needs to digitalise accordingly to meet evolving consumer needs
– 99 Group CEO Darius Cheung
99 Group has accelerated its tech development in recent months, rolling out video and virtual property viewing options.
It is also currently running the Singapore Property Show, the city’s biggest online property bazaar with narrated tours of virtual showflats for 18 new launch developments.
According to 99 Group, the show received more than a million engagements within two days of its launch, and more than 85,000 live views of its webinars in the first two weekends.
Despite the Covid-19 pandemic and economic uncertainty, 99 Group has continued to expand.
Earlier in September, the company announced that it will be hiring 100 additional tech staff over 12 months to grow its product and engineering teams.
Besides Singapore, 99 Group also has offices in Jakarta, Surabaya, and Bandung.
“We are excited to welcome the entire team of SRX into the 99 family and are privileged to be able to provide job opportunities in this difficult time,” said Darius.
Featured Image Credit: Beamstart