PropertyGuru extends its presence to Vietnam, adding a fifth core market to its property portals portfolio. (Photo: PropertyGuru)
Real estate group PropertyGuru announced on Tuesday (4 October) that it has made a strategic investment in Vietnam’s leading property website Batdongsan.com.vn.
Financial terms were not disclosed by both parties, but this is understood to be PropertyGuru’s largest investment to date, and gives the group two out of five seats on Batdongsan’s board.
Started in 2006, Batdongsan is used by more than two million people in Vietnam, and has over 50 million pageviews every month.
The investment increases PropertyGuru’s foothold in one of the largest and fastest growing countries in Southeast Asia. Vietnam’s GDP is expected to continue growing at 6.0 to 6.5 percent till 2020.
In addition, the number of internet users in the country has surged to about 50 million, while mobile connections far exceeds the population.
“PropertyGuru and Batdongsan have been close partners for the past three years. With this latest strategic investment in the business, we will continue to build on our established partnership, and accelerate Batdongsan’s growth over the coming years,” said Jani Rautiainen, Executive Director and Co-Founder of PropertyGuru Group.
Vietnam is the fifth core market for PropertyGuru, which has an existing portfolio of portals in Singapore, Malaysia, Thailand and Indonesia.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
