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SINGAPORE : Local property agents have yet to realise the potential of the Internet, with only about 5 per cent of agents using the Internet as a marketing tool, according to Mr Patrick Grove, the group CEO of Singapore-based Catcha Media Group.
However, in highly-developed markets like Australia and the United Kingdom, about 90 per cent of property agents are already taking advantage of the Internet.
"The number one property website in Australia is worth S$800 million, while the one in the UK is worth S$2 billion," said Mr Grove, who is also executive chairman of IPGA, an online property subsidiary of Catcha that listed on the Australian Securities Exchange last Tuesday.
IPGA offered its new investors a 29 per cent stake in the company at AUD$0.25 (S$0.32) a share. The IPO raised S$9.45 million from both institutional and retail investors.
"Australian investors have valued our business at S$35 million. We will continue to grow the business and hopefully in the next several years, we'll be worth significantly more than that," said Mr Grove.
Some of the proceeds from the listing will go towards the acquisition of Info-Tools, a company that provides property data to local real estate agents and agencies. The data will be used on IPGA's www.iproperty.com.sg, a website for agents to advertise sales.
"The Australian stock market is very developed in understanding Internet companies. There are around 30 such companies listed in Australia," said Mr Grove.
There are plans to build the business in Malaysia and Singapore, following which Mr Grove aims to bring IPGA's business model to markets like Thailand, Hong Kong, Korea and Taiwan. The company has bought the top property portal in the Philippines.
The company wants to improve the Singapore website by including videos of every condominium on the island, and to offer an application involving Google Maps.
"When you give people this kind of information, they'll rely on the Net more. It drives our business," said Mr Grove.
Catcha Media Group publishes 17 magazines across Asia. - TODAY/ym
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