- Thailand’s real estate portal ThinkOfLiving.com has been acquired by the iProperty Group
- The expected purchase price consists of a base payment of approximately US$4.5M in cash and US$1.5M in newly-issued shares, as well as a variable component
- The acquisition brings the total number of developer advertisers on iProperty Group websites to approximately 500 across the region
iProperty Group has acquired Thailand’s real estate portal ThinkOfLiving.com. The expected purchase price consists of a base payment of approximately A$6M (US$4.5M) in cash and A$2M (US$1.5M) in newly-issued shares, as well as a variable component depending on the financial performance of the business in the years 2015-2017.
“Through this acquisition, we will now also offer developers from across Asia a platform to showcase their developments in Thailand, and at the same time offering developers in Thailand the same leverage,” Georg Chmiel, Managing Director and Chief Executive Officer of iProperty Group told e27.
The acquisition brings the total number of developer advertisers on iProperty Group websites to approximately 500 across the region. “The Thai market is estimated to spend A$120M (US$91M) on real estate advertising each year, with the online share of those dollars at a similar level to that of Malaysia five years ago. ThinkOfLiving.com already attracts more of those dollars than any other player,” he added.
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Thailand, with its 68 million inhabitants, has a growing property market with more than 180,000 property sales per year for the Greater Bangkok Region. Property prices have historically grown at approximately five per cent per annum, according to a study by real estate group Engels & Voelkers. As per Global Property Guide 2014, property prices in Thailand are approximately 50 per cent more expensive than those in Malaysia – with the market ready for a large scale recovery in the years immediately ahead.
ThinkOfLiving.com has a strong focus on the property developer segment. The firm claims that all top 20 developers in the country subscribe to its services, with a total of 106 property developers currently active as clients of the portal.
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