PropertyGuru Group, has announced it has entered into a share purchase agreement with TechnoDex Berhad and Real Estate Solutions Sdn. Bhd. to fully acquire Malaysia’s largest online property data company, MyProperty Data Sdn Bhd.
With this acquisition, the platform also becomes the provider of comprehensive property data and insights to agents, financial institutions, home buyers, credit rating agencies, valuers and property developers.
MyProperty Data provides property data analytics and insights leveraging over six million unique records across sales, rentals, auctions, new development and geospatial information along with proprietary datasets in demographics, location, liveability and more.
MyProperty Data solutions are endorsed by industry bodies such as The Association of Property Valuers, Property Managers, Estate Agents & Property Consultants in the Private Sector – Malaysia (“PEPS”); Malaysian Institute of Estate Agents (“MIEA”), and are utilised by major banks and over 1,200 valuation professionals in Malaysia.
Manav Kamboj, Chief Technology Officer, PropertyGuru Group said, “Advancing on our mandate to serve Malaysians in their home ownership aspirations, we now focus on bringing transparency with data and are pleased to announce this acquisition as we move towards creating an integrated property ecosystem.
PropertyGuru and MyProperty Data have a shared vision to promote greater transparency in the Malaysian property market through democratisation of property data. We started work on this vision together two years ago and launched Home Loan pre-Approval, to address Malaysia’s high loan rejection rates and home ownership issues.
Over the next few months, we will be investing substantially to expand MyProperty Data’s offerings and it will also entail growing the team with data scientists, engineers, product managers, sales and marketing experts. We look forward to serving over 5 million home seekers who rely on PropertyGuru every month to find, finance, and own their home with greater confidence.’’
Combining the forces of MyProperty Data’s data and expertise with PropertyGuru’s proprietary market insights, its data science and technology capabilities, PropertyGuru will now serve Malaysia with high quality and most comprehensive property and geospatial data, insights and data-backed solutions for the property industry to manage growth opportunities, and improve business performance.
Agents will benefit from valuable insights on pricing trends as well as detailed home reports which they can share with customers. Financial institutions and valuers will benefit from MyProperty Data’s proprietary property valuation management tools to better manage risks and achieve greater efficiency.
Market intelligence on locations, upcoming projects, amenities, and demographics will enable property developers to plan future projects. Malaysian home buyers will benefit the most from this ease of access and transparency on real-time transaction data and other factors that influence property valuations and their buying decisions.
Joe Hock Thor, Managing Director, MyPropertyData, said “This acquisition advances the goal we share with PropertyGuru – empowering Malaysians with accurate transaction data, so that they neither overpay nor underpay when making decisions.
PropertyGuru is no stranger to us as we have collaborated on many occasions, such as in developing a Pricing Insight exclusive to PropertyGuru in 2018 and the Home Loan Pre Approval in 2019. It was natural for us to further collaborate and we are delighted to join the Group,” Joe further elaborated.
“Moving into 2021, the pandemic has accelerated the adoption of digital demand in every arena, including property. Our goal is to use data to enable home ownership in Malaysia, to help consumers make more informed buying, selling, renting decisions and we look forward to partnering with agents, developers, financial institutions and valuers in the industry to work towards achieving this goal,” added Kamboj.