By Richmond Mercurio (The Philippine Star) | Updated May 20, 2015 - 12:00am
MANILA, Philippines - Global property portal Lamudi has gobbled up local counterpart MyProperty.ph in a move seen to strengthen the online real estate market in the Philippines.
In a press briefing yesterday, Lamudi Philippines managing director Jacqueline van den Ende said MyProperty.ph was acquired from Get Sold Corp., a joint venture between Summit Media and its Swiss Media Group partner.
“It was the first acquisition for Lamudi worldwide in all of our 33 countries and now we’re looking into some deals in some other countries as well,” Van den Ende said.
Van den Ende, however, declined to disclose the acquisition cost.
With the acquisition, Lamudi Philippines and MyProperty.ph will merge to become the leading property portal in the Philippines.
The companies, however, will continue to operate individually as both seek to grow their existing brands in the country’s thriving online property sphere.
Kian Moini, Lamudi Global’s co-founder and managing director, said the acquisition will result in knowledge sharing between the two businesses and improvements to the overall customer experience for online property seekers.
“By acquiring MyProperty, we are combining the two strongest players in the Philippines to create the go-to destination for both house-hunters to find their new dream home, and for brokers and developers to market their properties online,” Moini said.
“This acquisition consolidates the market to improve the value provided to all Lamudi and MyProperty users: that is, house-hunters, real estate brokers, and developers. This added value is in terms of an increase in the number of quality listings by merging the controlled content,” he added.
Lamudi officials said funding for the acquisition was sourced from an $18-million investment capital it received last Feburary to expand its operations in Asia and Latin America.
“With a rapidly rising Internet penetration rate and a tech-savvy population, Lamudi is committed to become the leading portal in the Philippines,” Moini said.
Lamudi Philippines is part of the global Lamudi network, which covers more than 30 countries across Asia, Africa, the Middle East, and Latin America. The local branch currently hosts more than 80,000 residential and commercial property listings.
Established in September 2010, MyProperty.ph meanwhile is one of the leading Philippine real estate online and print brands with about 200,000 pre-selling, for sale and for rent property listings.