PropertyGuru, one of Asia’s largest online property groups, announced a joint venture today with Kreatif Media Karya (KMK), the digital business unit of Indonesian media company Emtek. The new partnership is meant to strengthen PropertyGuru’s presence in Indonesia, where it operates under the Rumah.com brand name.
KMK will acquire a minority equity interest in Rumah, and also provide PropertyGuru with access to Emtek’s media platforms for market insight and promotional purposes, both on television and online. In addition, PropertyGuru will work together on joint sales programs to support online and mobile initiatives for both companies.
PropertyGuru co-founder and CEO Steve Melhuish claims Indonesia is a market that can’t be ignored, saying, “I’m confident our partnership with KMK will further accelerate our market leadership position here.”
Adi Sariaatmadja, CEO of KMK says PropertyGuru has clearly demonstrated its real estate expertise across Southeast Asia. He says he is also encouraged by Rumah having the number one position in the the local market.
Rumah says Indonesia’s US$28 billion to US$30 billion residential real estate market has been growing by 10 to 15 percent annually for the past five years. In Indonesia An estimated 50,000 real estate agents will soon spend US$ 200 million a year in advertising. Rumah says it now serves more than two million property buyers in Indonesia and receives more than 15 million page views per month.
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