December 3, 2007 – Asian online property company IPGA Ltd. (ASX: IPP), through its wholly-owned subsidiary, iProperty Group Asia Pte Ltd, has completed the acquisition of the GoHome network of market-leading property websites in Hong Kong.
The GoHome network’s websites power the Yahoo Hong Kong real estate channel and include GoHome.com.hk, House18.com and other related websites. The GoHome network is number one in both number of listings and user traffic in the Hong Kong market, as measured by ComScore.
The GoHome sites, which are all Chinese-language based, reach over 45% of all unique Hong Kong internet users looking for property online each month, a result that is more than four and a half times better than the nearest competitor. In total, over 578,000 unique users view GoHome network property listings each month.
The GoHome network is currently profitable and cash flow positive.
Patrick Grove, Executive Chairman of IPGA, noted, "We are delighted to have completed the acquisition of the GoHome network in Hong Kong. With over 96% of the population using Chinese as their primary language, IPGA now owns the clear market leader.”
“Our regional footprint now dominates the strategic Asian markets of Singapore, Malaysia and Hong Kong.” he said.
“Not only does GoHome enjoy a significant leadership position in the Hong Kong online property market, it also represents an exceptional strategic acquisition for our company. Hong Kong is a unique place, with the highest broadband internet penetration in the world, and a unique property buying and investing culture.
“IPGA sites and listings are now viewed by over 754,000 unique users in Asia Pacific each month,” said Mr. Grove.
“The Hong Kong property advertising market for 2007 is expected to exceed HK$2.3 billion (approx A$324 million), making it 65% the size of the Australian real estate advertising market in 2006. This acquisition represents a leadership position for IPGA in an extremely lucrative potential market as that advertising money starts to move online, in line with global trends,” he added.
The acquisition price was HK$9.5 million (approx A$1.38 million).
The acquisition of the GoHome network sees IPGA add to its market-leading online property operations in Singapore, Malaysia and the Philippines, and represents its first acquisition since its listing on 11 September 2007.
IPGA continues to seek further strategic acquisitions of leading property portals throughout regional markets.
For more information please contact:
Patrick Grove
Executive Chairman
IPGA Ltd
Mobile: 60 12 269 4977
Email: pg@catchacorp.com
Cynthia Chan
Company Secretary
IPGA Ltd
Tel: (613) 9691 4900
Fax: (613) 9600 1500
Email: cchan@beconwood.com.au
About IPGA Ltd
IPGA Ltd is an Asian-based company with primary operations in Singapore and Malaysia, and is focused on developing and operating Internet-based real estate property portals along with other complementary offerings to Asian markets. IPGA owns online property portals in the markets of Singapore, Malaysia, Philippines and Hong Kong, with a Heads of Agreement in place to acquire an online property portal in Thailand.
For further information please see our website: www.ipgalimited.com
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