S’pore Proptech Firm 99 Group Acquires SRX For Undisclosed Amount

99 Group announced today (November 10) that it has acquired the Singapore Real Estate Exchange (SRX) for an undisclosed amount.

The Group operates several brands of real estate platforms in South East Asia and is the fastest growing real estate platform in the region.

On the other hand, SRX was established in 2009 and is a leading real estate platform and real estate data provider in Singapore.

According to 99 Group, the acquisition was finalized as part of a buy-and-sell agreement on November 7, with the group acquiring all the shares of SRX’s parent company, Streetsine Singapore Pte Ltd.

He added that the transaction is expected to be finalized by the second quarter of 2021.

The acquisition puts SRX under the same roof as the popular real estate platforms 99.co and iproperty.com.sg, and will create a larger pool of listings, information and data tools.

We are excited to partner with 99 Group to create Singapore’s most compelling real estate platform for home enthusiasts and professionals alike.

Our activities and our teams are very complementary and, above all, we share a common mission to provide the best technology and real estate expertise to inform and empower our clients. We look forward to bringing new innovations to the market in Singapore and the region as part of the 99 Group family.

– Jason Barakat-Brown, CEO of SRX

An ascending growth trajectory

99.co team
Image Credit: 99.co

Following the acquisition, all SRX employees will be retained and 99 Group will transition and integrate the team in the coming weeks.

This strategic decision allows 99 Group to become the market leader in Singapore in the medium term.

It is also in a better position to offer consumers and real estate professionals in Singapore better and more competitive deals.

99 Group follows the plan the company adopted in Indonesia, where it acquired UrbanIndo and merged with rumah123.com to become Indonesia’s largest real estate platform.

Meanwhile, SRX is known for its comprehensive real estate data tools. In particular, its X-Value artificial intelligence algorithm provides an instant and accurate estimate of a property’s value and is a household name among realtors and consumers alike.

SRX’s other data products such as Analyzer and Home Report are also considered indispensable tools in the real estate industry today.

SRX’s better data capabilities are a natural fit for our platform, which increasingly emphasizes the quality of listings and content so that users receive reliable information. Proprietary technology will also strengthen our ability to deploy breakthrough innovations in the region.

Reliable property data is especially important as property search continues to move online, even though physical visits are allowed again, suggesting a lasting change in consumer behavior. The real estate sector must digitize accordingly to meet the ever-changing needs of consumers

– Darius Cheung, CEO of Group 99

99 Group has accelerated its technological development in recent months, by deploying options for viewing videos and virtual properties.

It also currently hosts the Singapore Property Show, the city’s largest online real estate bazaar with narrated virtual showflat tours for 18 new launch developments.

According to 99 Group, the show received more than one million engagements within two days of launch and more than 85,000 live views of its webinars in the first two weekends.

Despite the Covid-19 pandemic and economic uncertainty, 99 Group continued to grow.

Earlier in September, the company announced that it would hire an additional 100 technical people over 12 months to develop its product and engineering teams.

Besides Singapore, 99 Group also has offices in Jakarta, Surabaya and Bandung.

“We are delighted to welcome the entire SRX team to the 99 family and we are privileged to be able to offer employment opportunities during this difficult time,” said Darius.

Featured Image Credit: Beamstart

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Jothi Venkat

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