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Daily Markup #180: Indonesians and Singaporeans shopping for property safely amid the pandemic, thanks to technological innovations

500 Southeast Asia Team



A heavyweight in real estate

  • 99 Group, the Singapore-based digital property media group that runs 500-backed 99.co, closed a positive year in 2020 despite the pandemic and economic uncertainty.
  • The group credited this achievement to its teams’ efforts in Singapore and Indonesia in adapting to the changing times.
Credit: KrAsia
  • Some of the new features rolled out this year to help consumers property-hunt safely were virtual tours and online property shows, which became the largest ever online property bazaars in Singapore and Indonesia.
  • Group sales — which includes subscriptions, packages like must-see listings, and partnerships with media and developers — jumped 66% year-on-year, while net cash flow surged 77%.
  • Reflecting high consumer interest in property, the group marked 250 million site visits and 19.8 million monthly active users from Indonesia — a number doubled from the previous year.
  • More than nine in 10 users are sourced through organic traffic in Singapore, a nearly 40% increase.
  • In 2020, the group expanded its brand by adding rumah123.com in Indonesia, as well as iproperty.com.sg and SRX in Singapore to its portfolio.
  • 99 Group Chief Executive Darius Cheung said, “We are proud of a stellar year, especially in retaining our status as the fastest growing property platform in Southeast Asia, growing at least twice as fast as our nearest competitor in Singapore and dominating the market by a mile in Indonesia compared to anyone else.”
  • In 2021, 99 Group expects to continue on this growth trajectory, powered by continual tech innovation.

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500 Startups is a venture capital firm on a mission to discover and back the world’s most talented entrepreneurs, help them create successful companies at scale, and build thriving global ecosystems. In Southeast Asia, 500 Startups invests through the pioneering 500 Southeast Asia family of funds. The 500 Southeast Asia funds have backed over 240 companies across multiple sectors from internet to consumer to deep technology. It continues to connect founders with capital, expertise and powerful regional and global networks to help them succeed.

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500 Southeast Asia Team