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iProperty expands to Thailand
KUALA LUMPUR, Feb 13:Â
The iProperty Group Ltd (iProperty) has acquired Thailand’s number one real estate portal, ThinkOfLiving.com, to further expand its market presence in Asia.
In a statement today, iProperty Group’s managing director and chief executive officer, Georg Chmiel, said the expansion would further solidify the group’s position in Asia.
“The purchase price consists of base payment of approximately A$6 million (RM16.65 million) in cash and A$2 million in newly-issued shares as well as a variable component depending on the financial performance of the business in the years 2015-2017,” he said.
Chmiel said the acquisition would also bring the total number of developer advertisers on iProperty Group websites to about 500.
Meanwhile, ThinkOfLiving.com managing director and CEO, Theinruj Toranavikrai, said all top 20 developers in the country subscribed to its services, with a total of 106 property developers as active clients of the portal.
“As the number one in the Thailand market, we are proud to join iProperty and look forward to dominate the region with them in the years ahead,” Theinruj said.
