KUALA LUMPUR, MALAYSIA, March 25, 2008 – The iProperty.com Group (www.iproperty.com), Asia’s leading network of property portals and owner of Malaysia’s No. 1 property and real estate website, iProperty.com Malaysia (www.iproperty.com.my), today announced that it has completed the acquisition of Keagan Group Sdn Bhd, the owner and organiser of Asia’s leading series of exhibitions, “International Home Buyer and Property Investor”. Following the acquisition, the event has been renamed iProperty.com EXPO and Keagen Group Sdn Bhd has been renamed iProperty Events Sdn Bhd.
The acquisition of the International Home Buyer and Property Investor exhibitions sees the iProperty.com Group add to its market-leading online property operations in Malaysia, Singapore, Hong Kong and the Philippines, and represents its latest acquisition since its purchase of Hong Kong’s No. 1 network of property websites, the GoHome network, in November 2007.
Antony Wong, Managing Director of Keagen Group Sdn Bhd said, “By leveraging on iProperty.com Group’s extensive network and large captive audience of property hunters, the exhibition series will be propelled to a significantly larger scale with exposure to a wider audience. I firmly believe that the iProperty.com team has the relevant expertise and experience to make the exhibitions a “must-go” for property buyers across Asia.”
Established in 2005, the International Home Buyer and Property Investor exhibition has grown to become the leading mid- to high-end property related event, attracting over 80,000 people and 300 exhibitors. Its exhibitors include top international developers, agency and property-related companies. In 2008, the exhibition will take place in Hong Kong, Singapore and Malaysia, presenting a perfect synergy in the markets in which the iProperty.com portals are dominant. Further expansion into other countries is planned for coming years in line with the geographical expansion of the iProperty.com portals.
Patrick Grove, Executive Chairman of the iProperty.com Group noted, "We are delighted with the acquisition of the International Home Buyer and Property Investor exhibitions. The acquisition represents an exceptional strategic move for iProperty.com, allowing us further dominance in the property media space in the region, as well as an extremely effective cross-promotional and cross-selling opportunity in all markets in which iProperty.com property portals operate.”
Grove continued, “The exhibitions not only represent an excellent promotional opportunity for the iProperty.com brand, one that is also potentially very lucrative, but also allows us to strengthen our relationships with property developers throughout the region. We see the development and consolidation of such relationships as important to the ongoing success and growth of our online business.”
The renaming of “International Home Buyer and Property Investor” to “iProperty.com EXPO”, and Keagan Group Sdn Bhd to iProperty Events Sdn Bhd is in line with the Group’s strategic initiative to unify its network of regional websites and related products under the iProperty.com brand umbrella. This serves to strengthen its brand identity and position it strongly to tap on growth opportunities as it continues to seek further strategic acquisitions of leading property portals throughout regional markets.
“Our goal now is to consolidate our market leadership in each country and translate this into regional dominance,” he added. “We want iProperty.com to be the first one-stop “shop” people think of when researching and buying Asian properties.”
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About iProperty.com Malaysia
iProperty.com Malaysia is the country’s No.1 property and real estate website (confirmed by Comscore, Frost & Sullivan and Alexa.com). It attracts over 400,000 visitors and has more than 23,000 quality property listings, every month. The website offers the largest online database of properties for sale and rent and continues to consolidate its market-leading position by consistently achieving growth across all key metrics.
About iProperty.com (www.iproperty.com)
iProperty.com is Asia’s leading network of property portals, with over 750,000 unique users every month (confirmed by Comscore, Frost & Sullivan and Alexa.com). The Group operates consumer and business online property portals in the Singapore, Malaysia, Hong Kong and Philippines markets, with a Heads of Agreement in place to acquire an online property portal in Thailand.
iProperty.com has an average of over 100,000 property listings available on its network daily, and is utilised by more than 4,000 real estate agents and 100 developers. With further expansion planned, iProperty.com is continuously working to capitalise on its market-leading positions and the rapidly growing online property advertising market throughout the region. iProperty.com is a wholly-owned subsidiary of Australian Stock Exchange-listed IPGA Limited, www.ipgalimited.com (ASX: IPP).
iProperty.com Network of Websites:
Singapore: iProperty.com Singapore
Malaysia: iProperty.com Malaysia and iLuxury.com.my
Hong Kong: GoHome.com.hk and House18.com
Philippines: iProperty.com Philippines
For media queries, please contact:
Chris Cheung
iProperty.com
DID: +60322970867
Mobile: +6016-6031271
Email: chris@iproperty.com
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