PropertyGuru gets SG$60 million booster

Property portal group PropertyGuru has received a SG$60 million fund injection from European property group ImmobilienScout24, a subsidiary of Deutsche Telekom.

PropertyGuru CEO and co-founder Steve Melhuish (pictured), said the investment is aimed at helping the site to develop new services and support further expansion across the region. The company is also looking to attract additional talent to the team.

The group's aim is to capture 10% of Southeast Asia's real estate advertising market in the next three years as well. It works on an advertising and paid subscription model to drive its revenue.

At a press conference held yesterday, Melhuish said ImmobilienScout24 has acquired a minority stake in the company, but declined to reveal more.

"We see strong economic growth, rising middle classes, urbanisation, developing property markets, as well as an online explosion, taking place throughout Asia," said Melhuish, adding that the portal's revenues and traffic doubled over the previous year.

Marc Stilke, CEO at ImmobilienScout24 said that the shareholding is part of its internationalisation strategy to invest early on in emerging countries with strong growth.

PropertyGuru group is present in nine countries across Asia including Singapore, Malaysia, Thailand, Indonesia, Hong Kong, Vietnam, China, India and Australia. Its products run online, print, on mobile, social media and also through events.