Asia’s leading online real estate group, PropertyGuru, has joined forces with PT. Kreatif Media Karya (KMK), the digital business unit of Indonesian-listed Emtek Group, to further expand its market leadership in Indonesia, where it operates under the Rumah.com brand.
Under the terms of the deal, KMK will acquire a minority equity interest in Rumah.com, and both companies will work on several strategic and business development initiatives.
For instance, PropertyGuru and KMK will collaborate on joint sales agreements to support their online and mobile businesses.
In addition, KMK will provide access to Emtek’s media platforms – including television and digital.
“Rumah.com has been on a phenomenal growth path, garnering the largest number of property listings. The joint venture with an esteemed partner as Emtek will propel us forward in our journey to success,” said Jessica Effendi, Rumah’s Head of Operations.
Adi Sariaatmadja, CEO of KMK, added: “We are delighted to be partnering with PropertyGuru who have demonstrated their substantial expertise in online real estate property search across various South East Asian markets.”
Meanwhile, Indonesia’s US$28–30 billion residential real estate market has been growing 10 to 15 percent year-on-year for the past five years, according to PropertyGuru.
As a result, an estimated 50,000 property agents will spend around US$200 million per annum on advertising.
With a growing middle-class and a fast-growing (mobile) internet penetration, the overall online real estate advertising market is expected to grow at 15 to 20 percent per year over the next five years.
Rumah.com currently serves more than two million property buyers with more than 15 million page views every month.
Image: Steve Melhuish, Chief Executive Officer of PropertyGuru, shaking hands with Adi Sariaatmadja, CEO of KMK.
Romesh Navaratnarajah, Singapore Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
