Photo - Shaun Di Gregorio, CEO of the iProperty Group.
Malaysia-based online property group iProperty Group has agreed to acquire Hong Kong-based Smart Expo, the region's second largest operator of Property Expos, to strengthen its regional position.
"The agreement to acquire Smart Expo goes to our strategy of engaging with property developers across our region who generate 77 percent of the total property advertising in the markets in which we operate," said iProperty Group chief executive officer, Shaun Di Gregorio. "Based in Hong Kong, Smart Expo is the second largest operator of property expos in the region and in 2012, hosted property developers to five property expos, conducting two in Hong Kong, two in Singapore and one in Phuket, Thailand with about140 participating property developer customers."
"The acquisition of Smart Expo will complement our existing iProperty Group Expo business, currently the largest in our region, and provide us additional property developers as customers," said Di Gregorio. "The value of running property expos in the region has proven a very successful strategic approach. We develop long term relationships with property developers and then progressively move their advertising spending onto our market leading network of property portals across Asia."
"The five property expos conducted by Smart Expo will add to the nine property expos held by the iProperty Group in 2012," he said. "This will provide us with outstanding reach across the region and an unparalleled list of property developer customers. The Smart Expo events in Singapore will complement our existing property expos in that market with the events in Hong Kong complementing our market leading property portal GoHome.com.hk and the event in Thailand provides us with entry into a new market".
Di Gregorio said iProperty Group will acquire Smart Expo for a total cash consideration of A$2.85 million (US$3 million).
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