PropertyGuru shines amid market gloom

PropertyGuru

6 May 2014 at 1:09 am

Real estate portal PropertyGuru Malaysia remains a popular platform for sellers, buyers and real estate agents despite Malaysia's cooling property market, revealed figures from Google Analytics.

The portal's property listings surged by 60 percent at the end of 2013 to reach the current 320,000 listings. Website visitors have also spiked by 70 percent to 18.6 million, while page views soared by 97 percent to 131.3 million.

"2013 has seen continuous growth for the Group in Singapore, Malaysia, Thailand and Indonesia. We have further strengthened our rankings amidst stiff competition, said PropertyGuru's CEO and Co-Founder Steve Melhuish.

"As we press on with sustainable investment in our business fundamentals including award-winning products, world-class talent on board our executive leadership team and cutting-edge technology, PropertyGuru continues to deliver a superior consumer experience. IPO remains in the pipeline and we expect to break news within an 18-month time frame," he added.

Separately, a study conducted by PropertyGuru Malaysia shows a drop in purchase intent for all types of properties in the country due to spiralling costs; given the higher real property gains tax (RPGT) and the RM1 million minimum price threshold for foreigners.

On top of that, the looming Goods and Services Tax (GST) will push up housing prices further once it is implemented in April 2015. Nevertheless, PropertyGuru Malaysia's Country Manager Gerard Kho has a different perspective on the GST.

"In spite of the expected home price hike, the GST and the subsidy cuts could be a boon for Malaysia in the long term, provided these measures are implemented well. Moreover, eliminating the subsidies would result in a free economy, which in turn will lead to higher income for Malaysians."

Meanwhile, the company plans to hold its quarterly Malaysia Property Show in Singapore on 7-8 June, 13-14 September and 6-7 December. The last event held at Marina Bay Sands on 15 to 16 March this year attracted thousands of visitors.

"The event was a perfect opportunity for Malaysian developers, especially those in the luxury segment, to reach out to cash-rich Singaporeans who are weary of the property cooling measures in their home country," noted James Sundram, Managing Director for PropertyGuru International Market.

From left to right: Gerard Kho, Country Manager, PropertyGuru Malaysia and James Sundram, Managing Director for PropertyGuru International Market.

Farah Wahida, Editor of PropertyGuru Malaysia, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

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