REA Group will acquire the marketplace through 99 Group, a subsidiary that operates several Singaporean real estate marketplaces. SRX’s employees will join 99 Group and be integrated into their team. The transaction is expected to be completed in Q2 2021.
Last year, REA launched a joint venture with 99.co. By unifying SRX with 99.co and IProperty.com.sg, REA Group will gain a stronghold on the market.
REA Group is an Australian multinational digital advertising company specializing in property marketplaces. It holds a 27% stake in 99 Group.
“99 Group’s acquisition of SRX strengthens REA’s footprint in Asia and supports our global growth strategy. It also complements our recent announcement that REA will acquire a controlling interest in Elara Technologies, India’s fastest growing digital real estate business in terms of the audience” said Owen Wilson, the CEO of REA Group.
The move follows REA Group’s acquisitions of UrbanIndo and Rumah123.com in Indonesia, which created the largest real estate conglomerate in the country.
“Reliable property data is very important, this is because property search continues to shift to the online realm even though direct visits or open houses have been permitted again. This indicates that there has been a change in consumer behaviour. The real estate industry certainly needs to digitize accordingly to meet the growing needs of consumers, ” said 99 Group’s CEO, Darius Cheung.
Despite the economic instability of the pandemic, 99 Group continues to expand. The company recently announced that it plans to recruit 100 technology staff over the next 12 months for its product and engineering teams.