SINGAPORE (BLOOMBERG) - PropertyGuru, South-east Asia's largest real estate website, is investing in Vietnam's Batdongsan to gain a foothold in one of the fastest growing countries in the region.
PropertyGuru will gain two board seats at Vietnam's largest real-estate site, according to a statement on Tuesday (Oct 4) that did not disclose financial details. Batdongsan is used by two million people a month in Vietnam and has about 500 employees in seven offices.
Growing Internet use by the country's young population, where there are more mobile phones than residents, provides an attractive option for PropertyGuru, offsetting slumping regions such as its home market of Singapore. Vietnam's economic growth accelerated to 6.4 per cent in the third quarter from 5.8 per cent in the previous quarter.
"Consumers in PropertyGuru's current markets will benefit from greater visibility into Vietnam property and potential investment opportunities," said Mr Jani Rautiainen, co-founder and executive director of PropertyGuru.
"Consumers in Vietnam will benefit from additional property content, listings and new services to ease their property searches."
Vietnam becomes PropertyGuru's fifth market after Singapore, Malaysia, Thailand and Indonesia.