AllProperty Media, which owns Singapore’s leading property portals, www.PropertyGuru.com.sg and www.CommercialGuru.com.sg, has announced a joint venture agreement with Malaysian media company Redberry.
This comes a week after AllProperty Media announced its acquisition of FullHouse Media Sdn Bhd, which owns North Malaysia’s top property portal Fullhouse.com.my.
“We are excited about partnering with Redberry. This JV will further accelerate our expansion into Malaysia and help establish HomeGuru as Malaysia’s leading real estate site. As well as leveraging Redberry’s extensive media reach, we see exciting opportunities to collaborate editorially,” said Steve Melhuish, CEO of AllProperty Media.
Under the agreement, Redberry will provide a relevant cross-media platform and strategic business marketing solutions for the expansion of AllProperty Media into Malaysia, especially with the launch of www.HomeGuru.com.my, the newest Malaysian property portal, featuring more than 50,000 residential and commercial properties for rent and sale in the country.
The joint venture will also see Redberry holding a stake in the Malaysian entity of AllProperty Media, with the latter investing cash, branding, technology, sales and marketing, its award-winning platform products and real estate expertise.
"We are delighted to strategically join forces with AllProperty Media to create Malaysia’s leading online real estate business because it is aligned with one of our corporate mission to be relevant to our media consumer,” said David Ho, Chief Operating Officer of Redberry Group.
“Getting the first home is a real struggle for the young urban family community. This is a perfect combination of AllProperty’s extensive experience and expertise as Singapore’s market leading real estate sites along with Redberry’s high reaching, relevant multimedia platforms; local market insight and business strategy to promote and grow the real estate market in Malaysia and Singapore.”
AllProperty Media will also have access to Redberry’s media platforms, which comprise The Malaysian Reserve, The Malay Mail, Bernama TV and out-of-home TV digital media like Focus Media, as well as outdoor media in airports and on buses.