Property listing site 99.co debuts its international expansion by making its official launch in the Indonesian market on Monday.
Founded in Singapore in 2014, the startup has been operating in the Indonesian market since 2015. But by the time the business was in the market penetration stage, and their activities were more focussed on research and market analysis.
“When we first enter the Indonesian market, we were also testing our business model by getting into new property segment (primary property). The result has been satisfactory, as since Q4 2016, we were able to adsorb 400 property units. To mark our official launch in Indonesia, we also launched two new products, a consumer site and a dedicated Android app for property agents,” 99.co CEO Darius Cheung told DailySocial.
The consumer site for the Indonesian market includes features similar to the one in Singapore, such as map-based search engine, product comparison, and live chat with a concierge officer. As for the property agent app, it includes features that enable them to predict their commission and broadcast messages to various platforms.
99.co also announced the appointment of Irvan Ariesdhana as new Country Manager for Indonesia, to replace Rizki Indrawan.
Ariesdhana explained that of all the 400 units available on the platform, about 40 per cent of them consists of apartment buildings while the rest is of detached homes. The majority of the consumers are of middle to lower economic class, with more than 80 per cent of buying their properties through non-collateral credit scheme.
This year, apart from aiming to grow its Q4 2016 number by 20 times, 99.co is exploring the possibility to expand to secondary property market.
“We are still studying the [secondary property] market before we jump into it. We are also optimistic about reaching our target, as it does not include what we can possibly achieve from the total size of property market in Indonesia,’ Ariesdhana said.