iProperty.com acquires Hong Kong’s No. 1 property portal

The iProperty.com Group, Asia’s leading network of property portals and owner of Malaysia’s No. 1 property and real estate website has announced that it has completed the acquisition of www.GoHome.com.hk, the leading online portal for Hong Kong property.

This follows the successful launch of iProperty.com’s Singapore portal, which is already the leading portal for Singapore property with over 200,000 current and archive listings and over 80% of agencies providing their listings to the service.

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 No.1 both in terms of number of listings and user traffic in the Hong Kong market, as measured by ComScore.

The GoHome sites, which are Chinese language based but also available in English, 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 cashflow positive.

Patrick Grove, executive chairman of iProperty.com, noted, “We are on track to build a regional powerhouse for online property via our network of the leading portals in Malaysia, Singapore, the Philippines and now Hong Kong.  We offer more property listings than anyone one else in Asia. With over 750,000 unique users per month looking for property to buy or rent across our network, we are clearly a leader in the space.”

“Our experience in Singapore and Malaysia makes it far simpler for us, as a regional player, to integrate the GoHome network of sites into our organisation. With the booming Asian property market, more investors are looking to buy properties overseas. By utilising our network of sites, investors in Hong Kong can now easily access properties in Singapore and Malaysia, and vice versa with the click of a mouse,” 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. iProperty.com sites and listings are now viewed by over 754,000 unique users in Asia Pacific each month,” he added.

The acquisition of the GoHome network sees iProperty.com 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.

Also in line with this regional expansion push, the Group recently acquired the “iProperty.com” domain name. iProperty.com is already synonymous with leading property websites in both Malaysia (iProperty.com.my) and Singapore (iProperty.com.sg). With the acquisition, the Company’s network of regional websites will be unified under the iProperty.com brand umbrella, and this will serve 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.

“Home buyers who use iProperty.com sites in both Singapore and Malaysia already know that we represent the most effective way for people to research, find and ultimately buy properties. By re-branding our portals in Philippines, and subsequently Hong Kong, we are effectively communicating one key message – that all sites under the iProperty.com umbrella are going to give the same comprehensive, reliable and up-to-date property information,” Grove said.

“The 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 website people think of when they are looking for a one-stop online “shop” through which to research and buy Asian properties.”