The Singapore-based PropertyGuru Group has forged a joint venture with PT. Kreatif Media Karya (KMK), the digital business unit of the Indonesian integrated media firm, PT. Ehlang Mahkota Teknologi TbK Group (Emtek).
A press statement by PropertyGuru Group said KMK will acquire minority equity interest in Rumah.com, the Singapore-based online property group's portal operation in Indonesia.
It said the two will partner on several strategic and business development initiatives to enhance Rumah.com's growth.
KMK will also provide access to Emtek's media platforms, both television and digital media.
Joint Sales Initiatives
At the same time, PropertyGuru and KMK will collaborate on joint sales initiatives supporting both companies' mobile and online initiatives.
The press statement pointed out Indonesia has a 250 million population and has a US $ 28 to 30 billion real estate market.
This market has been growing 10 to 15 % year-on-year even as Indonesia has around 50,000 real estate agents projected to spend US $200 million yearly on real estate advertising.
At the same time, Indonesia's overall online real estate advertising is expected to grow 15 to 20 % yearly in the next five years.
Making this possible is a growing middle class in that country as well as fast growing Internet mobile penetration there.
Rumah.com has 290,000 property listings used by more than two million property seekers with over 15 million page views yearly.
The PropertyGuru Group has operations also in Singapore, Malaysia and Thailand.
On the other hand, the Jakarta-based Emtek is into free-to-air television channels, a production business, a PayTv business and several IT solutions businesses.
Emtek recently expanded into digital media through its subsidiary, KMK.
Sign up for Computerworld eNewsletters.