Singapore's Property Site 99.co Acquires Urbanindo

Singapore's property portal 99.co has acquired one of Indonesia's local property sites Urbanindo. By this means, 99.co will also take Urbanindo's staff to support team operational in Bandung, Surabaya, Jakarta and Singapore region. The unity of product's database into 99.co's portal is included in the post-acquisition plan. 99.co property portal just had an official launching in Indonesia on the early 2017 by presenting sites and apps based on agents.

"We are glad to welcome UrbanIndo team to join 99.co family, they have a great team and created an essential leadership in product, listing and consumer's demand which going to lead us in targeting 10 times growth of Indonesia's population," said Darius Cheung, 99.co's CEO.

In Indonesia, 99.co is claimed to collect support from approximately 4000 property agents and strategic partners. This is an important marketplace, because there is more than $150million transaction per year for property business as predicted. The merger with UrbanIndo is expected to be a starting point for dominating property business portal in Southeast Asia, hence Indonesia and Singapore are the two biggest marketplace.

"By synergy of both team in two countries, we will create the finest product to serve customer, agent and developer, with an objective to be a number one property technology company in Southeast Asia," said Petra Barus, UrbanIndo's CTO.

Seeing market segment for property sites in Indonesia, 99.co or UrbanIndo surely not the only high levels. There are other platforms getting support from the experts such as Rumah123 (supported by iProperty), Rumah.com and RumahDijual (supported by PropertyGuru), Lamudi Indonesia (supported by Lamudi) and some other players. UrbanIndo itself has planned a regional expansion by creating new product variants.

– Original article is in Indonesian, translated by Kristin Siagian