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CommercialGuru’s parent company PropertyGuru on Tuesday (4 October) announced that it has made a strategic investment in Vietnam’s largest real estate website Batdongsan.com.vn.
Neither parties discussed the financial terms of the deal, but it is understood to be PropertyGuru’s largest investment to date. PropertyGuru also gains two board seats at the Vietnamese property portal which is used by more than two million people in Vietnam. Batdongsan boasts over 50 million page views every month.
The investment increases PropertyGuru’s foothold in one of the largest and fastest growing countries in Southeast Asia. Vietnam’s GDP grew by 5.5 percent in the first half of 2016 and is expected to continue growing at 6.0 to 6.5 percent till 2020.
“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 becomes the fifth core market for PropertyGuru, which has property sites in Singapore, Malaysia, Thailand and Indonesia.
Image: (From left) Hari Krishnan, CEO of PropertyGuru Group; Steve Melhuish, Vice Chairman & Co-Founder of PropertyGuru Group; Lê Xuân Trường, Founder and Managing General Director of Batdongsan.com.vn; Nguyễn Quốc Anh, Deputy General Director of Batdongsan.com.vn; Jani Rautiainen, Executive Director & Co-Founder of PropertyGuru Group. (Source: PropertyGuru)
With reports from Romesh Navaratnarajah, Senior Editor at PropertyGuru. This story was edited by Nikki De Guzman for CommercialGuru.com.sg.
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