SINGAPORE: 99 Group, which operates several Southeast Asian property platform brands including 99.co, has acquired property portal Singapore Real Estate Exchange (SRX).
Under a sale and purchase agreement finalised on Saturday, 99 Group will acquire all of the shares in StreetSine Singapore, which operates SRX, the company announced in a press release on Tuesday (Nov 10).
The acquisition will create a widened pool of listings, information and data tools, enabling 99 Group to offer consumers and real estate professionals "better value and more competitive packages", the company said.
"The move positions 99 Group to become the market leader in Singapore in the medium term," the company added.
"This follows the successful blueprint the company adopted in Indonesia, where it acquired UrbanIndo and merged with rumah123.com to become the largest property platform in Indonesia."
All of SRX's employees will be retained, 99 Group said.
"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," 99 Group CEO Darius Cheung said.
He added that the real estate industry needed to digitalise to meet evolving consumer needs.
"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," Mr Cheung said.
Physical property viewings in Singapore were put on hold for more than two months from April to June, as the country implemented measures to prevent the spread of COVID-19.
"We're delighted to join forces with 99 Group to create the most compelling property platform in Singapore for home-seekers and professionals alike," SRX CEO Mr Jason Barakat-Brown said.
"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."
SRX's real estate data tools include its AI algorithm X-Value, 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 rolling out video and virtual property viewing options, the company said.
In September, it announced it was hiring 100 additional technology staff over 12 months to grow its product and engineering teams.
"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," Mr Cheung said.