International property portal Lamudi has acquired MyProperty.ph, in a move that will strengthen the online real estate market in the Philippines.
Following the acquisition, Lamudi Philippines and MyProperty.ph will merge to become the market leading property portal in the Philippines. The companies will continue to operate individually, as both seek to grow their existing brands in the country’s thriving online property sphere.
While changes at an operational level will be limited, the acquisition will result in knowledge sharing between the two businesses and improvements to the overall customer experience for online property-seekers.
Saad Arshed, Country Director of Lamudi.pk, said: “By acquiring MyProperty, we are combining the two strongest players in the Philippines to create the go-to destination for both house-hunters to find their new dream home, and for brokers and developers to market their properties online.
This acquisition consolidates the market to improve the value provided to all Lamudi and MyProperty users: that is, house-hunters, real estate brokers, and developers. This added value is in terms of an increase in the number of quality listings by merging the controlled content.”
Lamudi Philippines is part of the global Lamudi network, which covers more than 30 countries across Asia, Africa, the Middle East, and Latin America. The local branch currently hosts more than 80,000 residential and commercial property listings.
In February this year, Lamudi Global received EUR 16 million (US$18 million) in investment to expand its operations in Asia and Latin America. In Asia, Lamudi is currently market leader the Philippines, as well as in Myanmar and Bangladesh.
“With a rapidly rising Internet penetration rate and a tech-savvy population, Lamudi is committed to become the leading portal in the Philippines,” Arshed said.