Singaporean-based real estate marketplace 99.co saw revenue grow by nearly two thirds in 2020, according to its year-end financials. The company attributed the strong results to an increase in subscriptions, partnerships and package offerings.

The marketplace posted revenues of $5.5 million U.S. last year, up from $3.4 million U.S. in 2019. In addition to the growth in its products, 99.co implemented a successful cost-cutting program, which resulted in around $100,000 in savings.

As part of this cost-cutting measures, 99.co employees took voluntary pay cuts and opted for a pay swap version of the classified employee stock ownership plan, where a dollar of their pay was exchanged for $2 worth of stock. Meanwhile, CEO and co-founder Darius Chueng forwent his remuneration for roughly nine months.

“We are proud of a stellar year, especially in retaining our status as the fastest-growing property platform in Southeast Asia, growing at least twice as fast as our nearest competitor in Singapore and dominating the market by a mile in Indonesia compared to anyone else,” Cheung said.

Monthly visits to the site grew 36% year-on-year, with 78% of the traffic coming from Indonesia, where 99.co also operates. In Singapore, more than nine in 10 users are sourced through organic traffic, a roughly 40% increase. Last year, the company also added Rumah123.com in Indonesia and IProperty.com.sg and SRX in Singapore to its holdings.

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