PropertyGuru Co-founder and Vice Chairman Steve Melhuish
Singapore-based online property platform PropertyGuru has made an undisclosed investment in major Vietnamese real estate portal Batdongsan.vn, according to a report by VNExpress.
Following the deal, PropertyGuru will join Batdongsan’s board of directors. Founder and CEO of Batdongsan, Le Xuan Truong, will continue to lead and run the site.
The partnership will enable Vietnam-based real estate brokers and investors to feature real estate on PropertyuGuru’s site and exhibit them to other countries in Southeast Asia.
PropertyGuru will also help deliver technological improvements to Batdongsan’s platform.
This new deal comes just a few weeks after PropertyGuru’s CEO Steve Melhuish stepped down, handing over leadership duties to Hari V Krishnan, who was previously the Chief Business Officer (CBO) and President of the company.
Founded in 2006, Batdongsan is a platform for property information and services in Vietnam. It allows users to list, buy and sell real estate as well as procure related services such as furnishing and landscaping.
Today, it claims a reach of 50 million page views and 2 million users monthly.
PropertyGuru was founded in the same year as Batdongsan. Currently, it claims to generate over S$15 billion (US$11 billion) in transactions per year for its 35,000 real estate developer and agent clients.
Last year, PropertyGuru raised a S$175 million (US$122 million) Series D from investors including TPG, Emtek Group and Square Peg Capital.
It had plans to go public but that has been put on hold. In January, it acquired Singapore-headquarted real estate media company Ensign Media.
Image Credit: PropertyGuru