Solid growth in both the for-sale and rental real estate sector helped commercial proptech company RSquare rake in record sales revenue from South Korea and abroad during the first five months of 2022.
Based in Seoul and established in 2009, RSquare posted 61% year-on-year growth in sales from its commercial real estate (office, retail and distribution center), brokerage and space reconstruction businesses in the January-May period.
Five-month revenue exceeding ₩100 billion ($76.8 million U.S.) even surpassed what was recorded in nine months in 2021, the company said in a news statement.
RSquare said its real estate and data business in Southeast Asia is also thriving, with more than 160,000 datasets being “a driving force to growth.” The proptech company has accumulated thousands of data points in Vietnam and Singapore to identify leads, automate transactions and predict trends.
“Just as we collect real estate market information and create innovation to break the information imbalance in commercial real estate by using the IT system, we are accumulating data and experience that will become a game changer in the market. We will expand our business into various fields using our assets,” said a company official.
RealtyPlanet is one of RSquare’s main same-category competitors in South Korea, with other property brands mainly serving the residential market including ZigBang and Dabang.
The property site’s operator, Real Estate Direct Inc., recently changed its name to RSquare to unify the corporate identity and capitalize on brand equity as it gradually moves beyond its home country.