SINGAPORE - Singapore Press Holdings (SPH) said that it has acquired a 60 per cent stake in StreetSine Technology Group, which consists of StreetSine Singapore, StreetSine Hong Kong and the digital platforms Singapore Real Estate Exchange (SRXTM) and Hong Kong Real Estate Exchange (HRXTM).
The purchase consideration of $30 million for the stake was arrived on a willing-buyer, willing-seller basis and was paid in cash. StreetSine Singapore will integrate SRX and STProperty onto one digital platform.
The move will create the most far-reaching, digital property listing platform in Singapore, offering end-to-end real-time information, property applications and other services to enable consumers and property professionals to efficiently transact real estate in Singapore.
The information on the platform, including proprietary price indices, real-time price data, and trend analysis, will help consumers, real estate agents, property developers and other industry players make more informed decisions about the market and individual property transactions.
Mr Leslie Fong, Senior Executive Vice President of SPH's Marketing Division, said: "StreetSine has set the standards for providing users with real-time pricing information and easy computation like X-ValueTM, the market's standard for computer-generated real-time property appraisals. STProperty has all the up-to-date and reliable listings any consumer could possibly want. By combining SRX and STProperty, we offer consumers and real estate professionals a one-stop shop for all the information they will need for all property-related transactions. That's win-win-win."
STProperty will retain its brand but will be completely integrated with SRX, HRX, srx.com.sg, and professional mobile applications including Agent ConnectTM, New Project MarketingTM, and SRX AnalyzerTM.
Co-founders Sam Baker and Jeremy Lee will maintain a combined stake of 40 per cent in StreetSine and will continue to run the company as Chief Executive Officer and Chief Technology Officer, respectively.
The acquisition was done via SPH's wholly-owned subsidiary, SPH Interactive.