PropertyGuru buys Vietnam's largest property site

BY admin

October 3, 2016 – Singapore-based PropertyGuru has invested an undisclosed amount in Vietnam’s largest real estate portal which was founded in 2006. PropertyGuru will take a board seat in as a major shareholder, while the Vietnamese company’s founder & CEO, Le Xuan Truong, will continue to run the business, according to a company announcement.

DealStreetAsia says that PropertyGuru decided to add Vietnam to its map of expansion due to the country’s digital growth, which by 2020 will see Internet users swell up significantly from nearly 50 million people to approximately 82 million people, which is 88% of the country’s population, according to the company statement.

“Vietnam is also one of the biggest markets in the Southeast Asian region in terms of smartphone penetration with an estimated 24.6 million people having smart portable devices by the end of 2016”, the company said.

Read more at: