iProperty Group owner IPGA has just announced the acquisition of Think Media Sdn Bhd, owner and operator of Malaysian portal thinkproperty.com.my, for AUD$2.08 million. The news comes as the company reports record agent sign-ups and website visitors.
According to IPGA, this acquisition gives the company control of the number two property portal in the Malaysian marketplace, complementing its market-leading portal iproperty.com.my.
“We’ll continue to run thinkproperty.com.my as a standalone website in Malaysia as it offers consumers a different user experience and allows advertisers to reach a unique audience of property buyers and sellers,” explains IPGA CEO Shaun Di Gregorio.
“We’ve identified a number of improvements we can make to the website and ultimately deliver an even better result for consumers and advertisers in the Malaysian market,” Di Gregorio adds.
According to IPGA, thinkproperty.com.my currently has over 4,500 agents advertising approximately 80,000 properties for sale and rent, and received 178,000 unique visitors in May.
The acquisition of thinkproperty.com.my comes after iproperty.com.sg, IPGA’s Singaporean portal, bought sg-house.com at the end of June.
Along with this acquisition, IPGA is also reporting record totals of agent sign-ups and website visitors for the first six months of the year.
Di Gregorio tells propertyportalwatch.com that IPGA’s portals had approximately 9,200 agent customers at the end of June, up from 5,600 at the start of the year.
The company started the year with around 800,000 unique visitors to its websites, and this has also increased to over 1 million.
“With our continued investment in the business, we’ve seen a marked improvement in the productivity of our sales force which has driven the great result in new customers sign ups,” Di Gregorio explains.
“At the same time, our ability to drive consumer traffic to our websites has become more sophisticated as we focus on being more innovative and dynamic in everything we do,” Di Gregorio adds. “We’ve also significantly improved the quality and experience of our senior management team with a number of new appointments over recent months.”
Disclosure: CAV Investment Holdings, a related party of Classified Ad Ventures – the owner of propertyportalwatch.com – owns shares in iProperty Group parent company IPGA.
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Nice, I like seeing acquisitions where we can see how much money something was worth – and how much exchanged hands.
Seems like a pretty small amount to me for how many properties they had, agents signed up, and visitors to the site.