IPGA Ltd, the owner of the brand iProperty and a bunch of other real estate website around the region just announced that they are acquiring PT Web Marketing owner and operator of Indonesia’s largest property portal Rumah123.com. They are also announcing the acquisition of another website in the same industry, RumahDanProperti.com which claims #3 biggest real estate portal in Indonesia.
Rumah123.com is based in Jakarta and with a staff of more than 50, backed by Saratoga Group owned by Indonesian billionaire entrepreneur Sandiaga Uno. IPGA ltd has agreed to pay AU$ 1 million or around US$ 1,6 million in cash and 7 million shares in IPGA Ltd upon completion. For RumahDanProperti.com, IPGA Ltd agreed to pay AU$300k in cash and another AU$200k if they meet certain criteria within one year.
Previously, another portal Rumah.com also acquired by Singapore’s PropertyGuru Ltd
and PropertyKita.com also sold to an Australian real estate portal for an undisclosed amount. It is rumored that a lot of foreign companies tried to buy Rumah123.com but apparently the deal is closed by iProperty. This chain of acquisition shows the huge interest of foreign companies in acquiring these types of Indonesian websites, with both PropertyGuru and iProperty competing really hard to be the biggest real estate portal in the region.