reporter2
14-01-16, 16:23
http://www.businesstimes.com.sg/real-estate/propertyguru-buys-publisher-of-luxury-property-magazine
PropertyGuru buys publisher of luxury property magazine
By Jacquelyn Cheok
[email protected]
@JacCheokBT
Jan 14, 2016
FOR an undisclosed amount of "millions of dollars" in "cash terms", local property site PropertyGuru has acquired Ensign Media - publisher of regional luxury property magazine Property Report and owner of real estate awards programme the Asia Property Awards, BT has learnt.
Its third acquisition to-date since it was founded in 2006, its buying of Ensign Media would further PropertyGuru's objectives to provide "clearer market transparency" to homeseekers and investors, and offer more marketing options to partners, real estate agents and developers in Asean, chief executive Steve Melhuish told BT on Wednesday.
"The profitable and fast-growing businesses of Ensign Media are complementary to PropertyGuru's existing businesses, and will further strengthen our integrated media capability."
PropertyGuru's 14 million users and Property Report's 70,000 readers, for one thing, will have combined access to PropertyGuru's 600 monthly research and news articles, and Property Report's over 100 online features per month, said Mr Melhuish.
Advertisers across Asean will also be able to work with a single partner to not only reach a wider audience within their own countries but across the region - through online, mobile or print platforms, he added.
With this full asset purchase, all of Ensign Media's staff will be absorbed into PropertyGuru. Asked about the IPO (initial public offering) and fundraising plans in 2016, Mr Melhuish said: "Our focus is on investments that can propel our expansion plan: accelerate growth, strengthen leadership positions in each market, and capitalise on the shift in consumer usage behaviour from traditional to online media."
PropertyGuru, which has amassed S$175 million in investments since its founding, last year acquired Indonesia's real estate portal RumahDijual and local property sales and marketing platform ePropertyTrack.
Meanwhile, the online property space continues to grow as buyers spend more time researching their ideal property online, said Mr Melhuish.But it may still be early days, as less than half the developers, agents and sellers here are fully utilising digital avenues to market their real estate, noted Darius Cheung, chief executive of property startup 99.co.
"Online is the inevitable platform of choice - it empowers consumers to make real decisions based on real data. Interactive tools such as virtual showflats and street views are what traditional ads lack that can help buyers make better decisions," he said.
On Monday, local property firm StreetSine Technology Group (which runs STProperty and SRX) launched X-Listing Price, allowing sellers to establish a listing price backed by a "licensed valuation" online. In November, News Corp unit REA Group made a takeover offer for iProperty Group, in a deal valuing the Australia-listed online property site at A$751 million (S$754.7 million).
StreetSine Technology Group launched X-Listing Price on January 11 (Monday), not in December 2015. The article has been amended to reflect this.
PropertyGuru buys publisher of luxury property magazine
By Jacquelyn Cheok
[email protected]
@JacCheokBT
Jan 14, 2016
FOR an undisclosed amount of "millions of dollars" in "cash terms", local property site PropertyGuru has acquired Ensign Media - publisher of regional luxury property magazine Property Report and owner of real estate awards programme the Asia Property Awards, BT has learnt.
Its third acquisition to-date since it was founded in 2006, its buying of Ensign Media would further PropertyGuru's objectives to provide "clearer market transparency" to homeseekers and investors, and offer more marketing options to partners, real estate agents and developers in Asean, chief executive Steve Melhuish told BT on Wednesday.
"The profitable and fast-growing businesses of Ensign Media are complementary to PropertyGuru's existing businesses, and will further strengthen our integrated media capability."
PropertyGuru's 14 million users and Property Report's 70,000 readers, for one thing, will have combined access to PropertyGuru's 600 monthly research and news articles, and Property Report's over 100 online features per month, said Mr Melhuish.
Advertisers across Asean will also be able to work with a single partner to not only reach a wider audience within their own countries but across the region - through online, mobile or print platforms, he added.
With this full asset purchase, all of Ensign Media's staff will be absorbed into PropertyGuru. Asked about the IPO (initial public offering) and fundraising plans in 2016, Mr Melhuish said: "Our focus is on investments that can propel our expansion plan: accelerate growth, strengthen leadership positions in each market, and capitalise on the shift in consumer usage behaviour from traditional to online media."
PropertyGuru, which has amassed S$175 million in investments since its founding, last year acquired Indonesia's real estate portal RumahDijual and local property sales and marketing platform ePropertyTrack.
Meanwhile, the online property space continues to grow as buyers spend more time researching their ideal property online, said Mr Melhuish.But it may still be early days, as less than half the developers, agents and sellers here are fully utilising digital avenues to market their real estate, noted Darius Cheung, chief executive of property startup 99.co.
"Online is the inevitable platform of choice - it empowers consumers to make real decisions based on real data. Interactive tools such as virtual showflats and street views are what traditional ads lack that can help buyers make better decisions," he said.
On Monday, local property firm StreetSine Technology Group (which runs STProperty and SRX) launched X-Listing Price, allowing sellers to establish a listing price backed by a "licensed valuation" online. In November, News Corp unit REA Group made a takeover offer for iProperty Group, in a deal valuing the Australia-listed online property site at A$751 million (S$754.7 million).
StreetSine Technology Group launched X-Listing Price on January 11 (Monday), not in December 2015. The article has been amended to reflect this.