99 Group, which operates property portal 99.co, has acquired property platform and real estate data provider Singapore Real Estate Exchange (SRX) for an undisclosed sum.
As part of the acquisition, 99 Group will acquire all the shares in StreetSine Singapore, a subsidiary of Singapore Press Holdings.
99 Group said yesterday that it will retain all SRX employees and integrate the team in the coming weeks.
It expects the transaction to be completed by the second quarter of next year.
The move will bring SRX under the same umbrella as other Singapore property platforms 99.co and iProperty.com.sg.
99 Group said this will create a widened pool of listings, information and data tools, enabling it to offer consumers and real estate professionals in Singapore better value and more competitive packages.
99 Group chief executive Darius Cheung noted that the industry needs to digitalise to meet evolving consumer needs.
"Reliable property data is especially important as property hunting continues to shift online even though physical viewings are now allowed again, suggesting a lasting change in consumer behaviour," he said.
SRX chief executive Jason Barakat-Brown said: "Our businesses and teams are highly complementary and, importantly, we share a common mission to deliver the best technology and real estate expertise to inform and empower our customers."
In 2018, 99 Group acquired UrbanIndo and merged with rumah123.com to form the largest property platform here.
THE BUSINESS TIMES