PropertyGuru, Singapore’s leading online property portal, has closed a S$5 million line of credit from a Singaporean investment management firm to speed up its expansion plans.
The financing allows the company to draw down extra funding at short notice if needed, at very favourable market terms.
“The company’s performance has completely exceeded expectations over the last 12 months — tripling revenues, doubling traffic and expanding our presence to seven Asian countries,” said Group CEO Steve Melhuish.
“This financing scheme is a strong endorsement from our investors and gives us the ability to further accelerate growth and strengthen our position as Asia’s leading property portal group.”
“We have ambitious plans this year and will be announcing some exciting new initiatives shortly, which will add to our growth trajectory,” he said.
Over the past year, PropertyGuru has rapidly expanded from a market leading presence exclusively in Singapore to seven countries — inorganically, organically and through partners. The group’s paying agent subscriber base rose 85 percent to 13,000, while traffic has more than doubled, to around four million users browsing 48 million pages per month.
Moreover, the latest statistics from Hitwise, an independent online research company, revealed that PropertyGuru has over 47 percent market share of all Singapore’s property related page views, compared to just 5.5 percent from its closest competitor. According to Alexa.com, PropertyGuru also emerged as one of the country’s top three local websites.
The company recently refurbished and re-launched its flagship Singapore website www.PropertyGuru.com.sg and released its latest nationwide quarterly property sentiment survey results for Singapore and Malaysia, which were extensively covered on TV, radio and in print media.
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