Media Release:  PropertyGuru Malaysia Bags Two Awards at the 2022 Putra Aria Brand Awards

KUALA LUMPUR, 25 January 2023 – At the recent inaugural 2022 Putra Aria Brand Awards, PropertyGuru.com.my and iProperty.com.my won a bronze and silver award, respectively, in the Property Development category. The accolades, measured by Malaysian consumer preferences, are a testament to the commitment of both platforms to help buyers, renters and investors make confident property decisions.

The award marks the second consecutive year both platforms have received premier brand recognition following their bronze award win at the 2021 Putra Brand Awards. PropertyGuru.com.my and iProperty.com.my are part of PropertyGuru Group (NYSE: PGRU), Southeast Asia’s leading property technology company.

Sheldon Fernandez, Country Manager, PropertyGuru Malaysia (PropertyGuru.com.my and iProperty.com.my) said, “We are extremely honoured to have received recognition from the Putra Aria Brand Awards. It is a fantastic achievement to be chosen as Malaysia’s preferred property portals. We aim to be the property ‘Trust Platform’ in Southeast Asia by going beyond ‘property search’ and providing consumers with reliable property data and insights. We are committed to helping consumers at every stage of their property journey through innovative proptech solutions and by delivering relevant, insightful content.

Today, consumers have adopted a digital approach to property hunting. Hence, we aim to satisfy this need by providing the best digital property experience possible.”

In October 2022, PropertyGuru Group announced its brand repositioning centered around guidance to every consumer in the property journey. The new brand positioning, where every step of the customer journey will be guided by Guru, reflects the company’s vision to be a trusted advisor to property seekers, sellers and owners. PropertyGuru.com.my has a range of property data and insights that consumers can utilise to make informed buying, renting, and investing decisions. These include the quarterly PropertyGuru Malaysia Property Market Reports (MPMR), the biannual Malaysia Consumer Sentiment Study (CSS) as well as its Home Loan Tools and Calculator. PropertyGuru Group also recently launched a new enterprise brand, ‘PropertyGuru For Business,’ which unifies PropertyGuru’s business-to-business (B2B) offerings. It focuses on creating cutting-edge solutions that assist property developers, brokers, banks, evaluators, and policy/city planners in achieving their targets.

Meanwhile, iProperty.com.my launched Transactions Section in 2022, a feature which provides the latest and most accurate subsale transaction data in Malaysia. It is designed to bolster consumers’ research process and help them make informed decisions when buying or selling a property. Powered by brickz.my, consumers can instantly see a particular property’s latest 12-month transaction data – where the data can be filtered down by its built-up size, property type, median price, the median price per sq. ft. (psf), and property tenure. The property site also has LoanCare, a home loan eligibility tool which helps Malaysians increase their chances of securing a home loan and reduce the likelihood of rejection.

Furthermore, iProperty.com.my provides a variety of content featuring expert insights and guides backed by data to optimise the property decisions of savvy buyers and investors in Malaysia.

The Putra Aria Brand Awards is an annual award ceremony highlighting branding efforts across all industries. They were established in 2022 by the Association of Accredited Advertising Agents Malaysia (4As). The awards surveys over 25,000 respondents in Malaysia to determine consumers’ preferred brands across 24 different products and service
categories.

— End of media release —

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An Insiders Look Into the Property Market H1 2016

In Malaysia, there are an overwhelming number of new home owners. According to the survey, among the top 5 reasons on why people invest in properties are to get higher yields on rentals (56%), for good capital appreciation (55%), for retirement planning (46%), for a better environment (46%) and to own a house due to affordable pricing (36%).

Amongst home buyers, location is the most important criteria when considering a home and Klang Valley is becoming the most favoured place to own a home. Almost 55% of the participant already living in the area, with 70% of the participants are looking forward to acquire properties there.

Excessive pricing of properties is the number one deterrent for purchasing
property in Malaysia
 amongst potential buyers. Besides that poor economic performance, the rapid increase of property prices, unpredictable real estate market and touch approval process of bank loan applications are holding back buyers to purchase a property.

There has also been a steady decline in the “overseas property sentiments” and increased interest for commercial properties.

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PropertyGuru: Malaysians are positive towards real estate after GE14

Press Release by PropertyGuru.

PROPERTYGURU: MALAYSIANS STAY POSITIVE TOWARDS REAL ESTATE SECTOR POST GE14

PropertyGuru Consumer Sentiment Survey shows 42 percent expressing satisfaction – setting record high for the first time since 2009

62,000 (and growing) looking to ascertain accurate DSR and Eligible Mortgage Amount from PropertyGuru Mortgage Pre-Qualifier, in likely interest to buy homes within the next six months

September 27, 2018, Kuala Lumpur –
 It appears that even after four and a half months, the spirit of
Malaysia Baru
 continues to resonate among Malaysians, as reflected in the continuing uptick of positive sentiment for the local property sector.

The PropertyGuru Consumer Sentiment Survey, Malaysia’s leading indicator in gauging the pulse of consumers and their appetite for properties has seen consumers express a 42 percent satisfaction rating for the local property sector post General Elections 14 (“GE14”).

The record high is a marked improvement from just 25 percent in 2015 and 38 percent in H2 2017. The rise in overall positivity comes even as Malaysia continues to face uncertainties attributed to various macro-economic and socio-political issues.

PropertyGuru Malaysia Country Manager, Sheldon Fernandez believes that the rise in sentiment to breach the 40 percent mark is indeed a reflection of changing perceptions among Malaysians towards the country and thereby the real estate market.

“We have been tracking consumer sentiment for years and the present level of 42 percent is unprecedented. It doesn’t appear to be a temporary effect or kneejerk reaction. Clearly, more Malaysians are expressing optimism for the property sector and wish to transact.

“
People who previously were thinking of relocating overseas have changed their plans or have deferred them. Others who postponed home purchases are beginning to explore both primary and secondary markets again. Even Malaysians abroad are considering returning home,” shared Fernandez.

The rise in positive consumer sentiment is further confirmed by more than half of those polled expressing desire to purchase a property or properties within the next six months. Of these, 37 percent are looking for homes priced between RM300,000-RM500,000. 27 percent are looking at below RM300,000. As a whole, 71 percent believe the property market continues to face oversupply issues – providing ample choice to find good deals from both developers and private owners.

“As we have mentioned before, there is a huge pent-up demand for affordable homes and we hope that the new government will address this segment effectively via the National Housing Policy and the upcoming Budget 2019. But beyond this, more facilitating polices and measures are needed and greater involvement of all stakeholders, including property developers and consumers towards ensuring that young Malaysians can afford a roof over their heads. Malaysia is caught in a unique scenario of oversupply (of properties) in certain segments, but an overall shortage of homes and a growing demand that cannot be met due to affordability issues,” said Fernandez.

He also cautioned that decisive action is needed within the year to leverage on the present optimism expressed by Malaysians.

Malaysians Concerned on Loan Eligibility & Financing; 62,000 Looking to Ascertain Eligible Mortgage Amount & Debt Servicing Ratios

On a separate note, the PropertyGuru Mortgage Pre-Qualifier continues to gain strong traction as Malaysians look for a reliable source to accurately assess their financial standing
with banks.

Though the loan crunch has improved in Malaysia with lower rejection rates recorded in 2017-2018, many aspiring homeowners still are in the dark on whether they can secure sufficient financing or any financing at all from banks. The PropertyGuru Consumer Sentiment Survey indicates that 92 percent of would-be buyers will need some margin of financing to own a home.

With that, in just two months, the PropertyGuru Mortgage Pre-Qualifier has seen over 62,000 Malaysians looking to ascertain their debt servicing ratios and eligible mortgage amount.

Using real-time and certified credit data, the PropertyGuru Mortgage Pre-Qualifier in just five minutes gives you an accurate mortgage check – providing unique Debt Service Ratio (DSR) and Eligible Mortgage Amount. With this information, property buyers can immediately see if they qualify for a home loan from banks and subsequently take immediate steps to improve their financials.

“We are happy to provide this service free-of-charge for all Malaysians to help bridge the existing information gaps, especially on financing. This is so more people can avoid the frustration of home loan rejection and consequently, the disappointment of not being able to buy their desired home,” shared Fernandez.

Highly predictive and very accurate, the PropertyGuru Mortgage Pre-Qualifier is a Southeast Asia-first innovation, powered by CTOS, Malaysia’s leading credit reporting agency. It is now available for free at
www.propertyguru.com.my/mortgageprequalifier
.

— end of press release —

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Press Release from PropertyGuru

PropertyGuru Launches Mortgage Pre-Qualifier

Commits to Help 100,000 Malaysians

Own their Own Home

PropertyGuru Mortgage Pre-Qualifier is a Southeast Asia-first innovation that enables property seekers to increase their chances of securing mortgages

As part of the Own Your Home
Programme, PropertyGuru is committed to helping 100,000 Malaysians overcome home affordability issues and own their own homes by 2020

Research shows that 92% of Malaysians wish to own homes but most are unable to reach that goal

August 9, 2018, Kuala Lumpur –
 As the spirit of a new Malaysia continues to emanate across the nation, Malaysians have expressed renewed aspirations for improved social harmony and economic prosperity. With this, comes renewed motivations for home ownership – which 92% of Malaysians resound with.[1] However, more than 1 out of every 2 Malaysians find their mortgage applications rejected.[2]

Zooming into age groups, 71% of millennials (22-37 years old) are not able to afford homes, despite them looking at the affordable housing segment (between RM300,000 to RM500,000).[3] Overall, properties remain out of reach for many of the bottom 40% (B40) and middle 40% (M40) segment, while properties remain at 4.4 times the median income in Malaysia.[4]

To help with this problem,
PropertyGuru
 launches the
Mortgage Pre-Qualifier
, a PropTech innovation that provides property seekers with a ‘qualified mortgage check’ at the highest predictive ability of how much mortgage a bank is willing to approve.

It is a Southeast Asia-first innovation developed in partnership with real estate fintech platform, MHub, and powered by CTOS, Malaysia’s leading credit reporting agency. The
PropertyGuru

Mortgage Pre-Qualifier
is now available at
PropertyGuru.com.my/MortgagePreQualifier/
.

“What differentiates the
PropertyGuru Mortgage Pre-Qualifier
 is that it’s highly predictive, very accurate, takes only 5 minutes and is completely free. It uses real-time and certified credit data to generate a unique Debt Service Ratio (DSR) and Eligible Mortgage Amount”, said Sheldon Fernandez, Country Manager of PropertyGuru Malaysia.

“That means property seekers can immediately identify if they are qualified, or not, for a mortgage by the bank, and can immediately take the necessary steps to improve their chances of owning a home.”

The
PropertyGuru Mortgage Pre-Qualifier
 is part of a long-term commitment that PropertyGuru is making to home ownership through the
Own Your Home Programme
.

Designed with the intention of helping people own a home and not just find it, PropertyGuru aims to enable 100,000 Malaysian prospective homebuyers to overcome home affordability issues by 2020.

“As Malaysia’s leading property portal, we understand the struggles and we’re here to come alongside Malaysians to bridge the gap between aspirations and reality.

To enable that, the
PropertyGuru

Mortgage Pre-Qualifier
does not only provide smart insights on how much a bank will lend. We also provide practical insights and tips on what Malaysians can do to improve their mortgage eligibility”, said Bjorn Sprengers, Chief Marketing Officer (CMO) of PropertyGuru.

The
Own Your Home Programme
 is a long-term commitment of a sustained home enablement and financial literacy programme with the objectives of:

Helping more Malaysians better understand their unique and real home ownership challenges

Empowering Malaysians to avoid mortgage rejection and make more confident property decisions by leveraging on innovative solutions from PropertyGuru

For more information on
PropertyGuru’s Own Your Home Programme
, visit
PropertyGuru.com.my/OwnYourHome/
.

— end of press release —

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PropertyGuru: Property Market Recovery and Buyer Confidence Awaiting on Economic Stability

While the Sale Demand Index decreased 6.4% QoQ compared to the previous year, the Sale Price Index witnessed a hike of 3.3% from the previous year. This indicates that even with slower demand, prices continued to increase in line with the current economic conditions
Malaysians continue to hold back on property purchases in view of revisions to Budget 2023
Housing affordability among millennials, environmental concerns, and digitalisation of the economy are among the factors that will impact the property sector in 2023

Kuala Lumpur, 15 December 2022
 – The Malaysian property market will continue to face challenges as it moves towards recovery in 2023, according to PropertyGuru Malaysia’s
Property Market Outlook Report 2023
. This comes on the back of continuous economic and political instability in the country, resulting in an overall downcast in consumer sentiment.

While the property market saw a steady improvement in 2022 with reopened international borders and higher productivity levels, findings from the Property Market Outlook 2023 report foresees a challenging year ahead due to vast uncertainties in public policy, federal incentives, and economic prospects.

“Due to these uncertainties, it is challenging to project an accurate outlook on how the market will fare in the new year. While we’ve seen gradual movement in recovery with overall transaction prices in H1 2022 recording a higher trend compared to the previous year, we are also seeing cautious behaviour as Malaysians await possible revisions of the Budget 2023,” said
Sheldon Fernandez, Country Manager, Malaysia (
PropertyGuru.com.my
 and
iProperty.com.my
).

Adapting from the pandemic to the endemic amid a bleak economic outlook

While the property market expected a steady recovery when standard operating procedures were loosed on 1 April 2022, the Russian-Ukranian Market also created pressure on the rate of inflation and resulted in the hike of interest rates. The impact of this event cascaded into the manufacturing sector in Malaysia as critical raw materials were short in supply.

The PropertyGuru Malaysia Property Price Index, which tracks the movement of prices via property listings on PropertyGuru, saw a 3.3% increase from 2021. Against rising median prices, the demand trend however tracked weaker numbers due to the expiry of the Home Ownership Campaign (HOC) in the first quarter. A slow but steady pace continued, as reflected by a 7.9% QoQ increase in the Sale Demand Index in the second quarter.

“The decline in the Demand Index is likely due to potential homebuyers continuing a cautious approach against inflation and higher borrowing costs. It is uncertain at this point in time when we will likely see an improvement, as Malaysia is not only on its journey to economic recovery but were also in the midst of huge changes in the political landscape with the 15
th
 General Election as well. Respondents in our Consumer Sentiment Study also highlighted that they expect interest and inflation rates to continue increasing in 2023. Ultimately, this shows that Malaysians are awaiting more stability as changes in government will affect policymaking as well as expectations for revised or new homeownership aids”, said Sheldon.

Affordability issues loomed potential homebuyers continuously throughout 2022

Amid economic and political instability, the budgets of prospective purchasers continued to be scrimped, on the back of demand declining correspondingly as well. According to the
Consumer Sentiment Study (CSS) H2 2022
, PropertyGuru Malaysia’s affordability rating dropped 7 points from 62 in H1 2022 to 56 in H2 2022. More than half of the individuals surveyed in the same study highlighted that they understood that they are not qualified for government affordable housing schemes, and are not able to purchase property without financial assistance.

PropertyGuru Malaysia opined that with housing affordability as a key concern among millennials, home seekers would likely look to government assistance to transition into home ownership. However, it noted that while the government’s latest measures and potential budget may help relieve some of the cost pressures young home buyers face, there are still segments of society that are missing out on assistance.

“It is important to note that Malaysians continued to worry about affordability despite having several government schemes such as i-MILIKI and the Malaysia Family Home Ownership Programme to support home ownership in 2022. This really highlights the instability that homebuyers are currently facing and the significant downtrend in purchasing confidence as a long-term result of the pandemic. We are also looking forward to what the new government will offer should the earlier announced Budget 2023 be revised”, Sheldon continued.

For those who have the means to purchase a home, PropertyGuru Malaysia also recommends that buyers should give themselves building buffer when committing to a home purchase, following the potential interest rate hikes and uncertain economic climate ahead.  On top of this, buyers would need to manage their credit scores to secure loans or re-establishing a good credit history, as banks will be cautious for purchases not to result in non-performing loans. For those looking to sell, PropertyGuru Malaysia highlighted that finding a replacement home may be another challenge, too, as asking prices are likely to be higher at this point in time.

Property market trends in Malaysia for 2023

Moving forward, PropertyGuru foresees several trends that will impact the Malaysian property sector in 2023. Among them include:

Environmental concerns will affect homebuyers’ preferences:
More Malaysians are now concerned following the flood disaster as the late 2021 and early 2022 floods resulted in losses and damage of up to RM6.1 billion. In the CSS H2 2022, 92% of the respondents highlighted home flooding as their main concern, while 83% were concerned about landslides. With buyers’ looking at locations on higher ground, properties in flood-prone districts may see drastic drops in prices. Future homeowners will also likely look at paying higher premiums for insurance against the effects of climate change and natural disasters.

The property market will be spurred by activity from foreign investors:
The government has introduced the “residence by investment” visa, officially named Premium Visa Programme (PViP), which is aimed to draw more foreign investments to strengthen the economy and spur job creation in the country. According to the government, 20,000 applications were received within the first week even though the application process began on 1 October 2022.

Worsened economic outlook may impact sales volume:
Despite improved productivity in the Malaysian economy and expected growth of 4% to 5% in 2023, according to Budget 2023, the prolonged Russian-Ukranian conflict and China’s economic slowdown sets buyers in a less than ideal situation. Despite the expected slower growths, asking prices are likely to be sticky, and the price gap between buyers and sellers is expected to widen.

Digitalisation of economy can aid housing growth:
Malaysia’s digital economy is a main economic pillar, contributing to 22.6% of the country’s gross domestic product and is predicted to increase to 25.5% by 2025. With the government’s initiatives to support digitalisation, adopting technology and innovation, Malaysian organisations and individuals will be able to benefit from higher levels of productivity as well as job and wealth creation, subsequently supporting the long-term growth of demand and housing market prices.

— end of media release —

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PropertyGuru: Property prices bottoming out already…. probably.

I personally believe property prices, whether it’s on the way up or on the way down should never be the main reason we buy one. The reason is because actually, no one knows for sure whether it’s on uptrend or downtrend. Buy because of clearer reasons; you need a place to stay,
YOU ARE GETTING MARRIED
 or you want to hedge against inflation or even a form of savings for our children’s education. However, trends are always important because it will still be a supporting reason why or when we should buy. The below is a press release by PropertyGuru. In brief, they are saying that there’s a chance for property prices to start going up in the near future. This is because the PropertyGuru Market Index has shown that property prices are bottoming out..

— start of Press Release —

PropertyGuru Launches Property Market Index for Malaysia; Report Indicates Possible Bottoming Out for Property Prices

PropertyGuru launches the PropertyGuru Market Index as a key reference for Malaysians seeking to understand the real estate market.

Marginal quarterly points to possible bottoming out in Malaysia

Year-on-year price trends reflect 1.8 percent decline

KUALA LUMPUR, JUNE 1 2017
 – Continuing to help Malaysians make more informed property decisions, PropertyGuru, the leading online property portal, launched its proprietary ‘PropertyGuru Market Index’ (PMI) exclusively for Malaysia today.

PMI is a comprehensive, insightful quarterly overview of home pricing trends at a nationwide level, as well as the key property markets of Kuala Lumpur, Selangor, Johor and Penang.

The index serves as a great knowledge asset and trend indicator to all consumers helping them make informed property decisions. PMI is available to the public at:
http://www.propertyguru.com.my/marketindex
.

From Q4 2016 to Q1 2017, following a decline in prices, the PMI showed a marginal increase of 0.2 percent for property prices in Malaysia. This indicates that the local property sector could be bottoming out.

PMI is derived from PropertyGuru’s extensive proprietary data, which includes (but is not limited to) the asking prices of over 250,000 residential property listings on
PropertyGuru.com.my
.

The data is cleaned, aggregated and indexed to provide insights into price movements on a quarterly basis. The index also considers supply volume of properties from both the primary and resale markets.

“The PropertyGuru Market Index is a realistic view of market sentiment; the asking prices that sellers be it property developers or private home owners are confident of fetching from the market.

We believe that the insights delivered in the Index can help consumers to better understand the real estate market, helping them to time their property purchases better and give them a greater sense of property market movements,” explained Sheldon Fernandez, PropertyGuru Malaysia Country Manager.

Kuala Lumpur, Selangor, Johor Move Upwards; Penang Declines

Quarterly, Kuala Lumpur, Selangor, Johor registered upward price movements with increases of 0.3 percent, 0.3 percent and 3.4 percent respectively. Penang’s index showed a decline in property prices by 0.7 percent– largely attributed to a reduction in prices and a tapered supply.

Yearly, the Index saw Penang and Selangor record year-on-year declines of 4.1 percent and 2.6 percent, respectively. Kuala Lumpur recorded one percent year-on-year growth. A significant year-on-year increase of 5.3 percent was seen for the Johor market contributed by the various mega projects being developed there.

“Going forward, we foresee prices being affected by inflationary pressures due to rising living costs, availability and accessibility to financing and overall conditions of the macro-economic environment. The next quarter will provide a clearer indication on how the property market has performed in the first half of 2017 and possibly give us a trend line for the rest of the year,” shared Fernandez.

— end of Press Release —

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PropertyGuru: Thumbs up for property provisions in recovery package

Press Release – PropertyGuru: Thumbs Up for Property Provisions in Recovery Package
? Margin of financing and RPGT revisions key to unlocking pent-up demand
? Deficit spending as a strategy to address unemployment and recession trends
? Extension of HOC to subsale market would benefit first-time home buyers

Kuala Lumpur, 15 June – PropertyGuru lauds the government’s inclusion of timely and
relevant measures addressing property gaps in its recent Short-Term Economic Recovery
Package (ERP), as much-needed catalysts for the market amid larger unemployment and
recession woes.

The reintroduction of the Home Ownership Campaign (HOC), and revised Real Property Gains
Tax (RPGT) and margins of financing for third housing loans onwards serve to shore up
sentiment while unlocking pent-up demand, both crucial measures as the nation moves towards a new norm under the Recovery Movement Control Order (RMCO).

Silver lining for property amid economic storm

“As Malaysia recovers from the COVID-19 crisis, we’re seeing increasingly gloomy macro
indicators. Gross Domestic Product (GDP) projections have gone from 4.6% to -4.7% for 2020,
with unemployment forecasts rising to 5.5%,” says Sheldon Fernandez, Country Manager,
PropertyGuru Malaysia.

“This will naturally impact property, as many Malaysians defer home purchases while focusing
on surviving day-to-day. However, the deficit spending approach taken in the ERP is an
established strategy in addressing potential recession trends, laying the foundation for a return to pre-COVID-19 levels for the market.”

Pre-crisis asking prices were on the uptrend, with the PropertyGuru Malaysia Property Market
Index rising by 0.63% to 89.46 in Q1 2020, along with strong interest in the central region. In
May, web traffic for properties priced RM501,000 to RM700,000 and RM701,00 to RM1 mil saw
the highest increase on PropertyGuru.com.my, at 10.4% and 12.7% respectively.

Similar increases were seen in condominiums (23.5%), service residences (19.2%), 3.5-storey
terraced homes (28.0%) and SOHO units (20.0%), indicating healthy demand for these property types as property bounces back post-crisis. However, search patterns moved away from the central region, with Johor (22.5%) and Penang (19.3%) as prime beneficiaries.

Spotlight on ERP property provisions

Property provisions in the ERP serve to unlock this demand. The upward revision of 70%
margin of financing limits for third housing loans onwards for RM600,000 properties and above is particularly timely, given potential interest among investors with financial leverage for strategic high-rise and terrace projects.

In addition, the RPGT exemption for disposal of up to three residential homes per individual till
31 December 2021 is a boon for sellers and upgraders, as well as those seeking emergency
funds.

“Regarding the HOC, its mandate up to 31 May 2021 could help address ongoing residential
overhang concerns, having sold 31,415 units worth RM23.2 bil in 2019. The overhang declined
to 30,664 units worth RM18.82 bil in the same year, though this downward trend will likely be
impacted by the COVID-19 crisis,” says Fernandez.

“However, some clarity is required when executing these provisions. Do stamp duty exemptions apply to new launches as well as overhang units? If so, it may be difficult to reduce the overhang even with HOC 2020.”

Citing a study of HOC 2019’s impact on the segment, property data analytics and solutions
provider PropertyAdvisor notes that the extension of the HOC’s stamp duty waiver to the sub-
sale market may benefit first-time home buyers.

First-time home buyers and the secondary market

“Analysing the data, we found an increase of about 4% in first-time buyer activity within the sub- sale property market as a result of the campaign. This was likely due to increased marketing and media coverage of the property market in 2019, as headlined by HOC 2019 itself,” says Joe Hock Thor, CEO of MyProperty Data, operator of the PropertyAdvisor platform.

More than 60% of the sub-sale market in 2019 consisted of first-time buyers. Despite
promotions largely centred on new project sales, Thor states that the HOC likely catalysed
interest within the segment, leading them to seek potential bargains in the sub-sale market amid a favourable financing environment.

The financing environment has only improved in 2020, with interest rates at a historic low
following a series of Overnight Policy Rate (OPR) cuts by Bank Negara Malaysia. However,
larger economic issues have created instability in the job market, which may see increased
demand for rental properties as home seekers play safe, placing upward pressure on rental
prices in the long term.

“Clearly the signs are that we’re in a buyer’s market – but with so much uncertainty, we may not see demand returning to pre-COVID-19 levels among first-time buyers in the sub-sale market until at least Q4 2020. This would be accelerated if stamp duty waivers are extended to the sub-sale market,” says Thor.

He also believes that buyers looking to purchase a home at this current juncture might be
greeted with better options, but that it is vital to undertake due research.

— end of press release —

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Press Release:  PropertyGuru reports a strong Q1 2022, growing 42 pct over previous year

PropertyGuru Reports Robust First Quarter 2022 Performance

Delivers S$28.2 million in Revenue, Growing 42% Over Previous Year

On track to achieve 2022 guidance of 44% year-on-year revenue growth and return to full year positive Adjusted EBITDA

Singapore –
 May 26, 2022 – PropertyGuru Group Limited (NYSE: PGRU) (“PropertyGuru” or the “Company”), Southeast Asia’s leading
[1]
, property technology (“PropTech”) company, today announced the Company’s financial results for the first quarter ended March 31, 2022. The Company recorded strong operational and financial performance in the quarter driven by the growing momentum in our markets.

Management Commentary

Hari V. Krishnan, Chief Executive Officer and Managing Director, PropertyGuru,
 said “We are happy to report strong results in our first quarter as a public company. This performance demonstrates that our investments in talent and technology over the last two years are delivering positive results as our markets emerge out of the slowdown induced by COVID-19.  We are pleased to see increased participation from our agent partners in our core marketplaces as property markets start to recover. We also continue to actively pursue strategic growth opportunities to expand our world-class solutions for customers.”

Joe Dische, Chief Financial Officer, PropertyGuru
, added “We are proud of the 42%
[2]
 year-on-year increase in revenue in the first quarter. Growth was strong across all business segments driving topline performance.  Meanwhile, costs were well managed leading to a positive Adjusted EBITDA result for the quarter.  We are pleased to be profitable at Adjusted EBITDA even while driving this pace of growth.”

Financial Highlights for the First Quarter Ended March 31, 2022

Total revenue increased by 42% to S$28.2 million in the typically slower first quarter, reflecting the Company’s strong execution coupled with increasing confidence in Southeast Asia’s economies.
Marketplaces revenues increased by 41.7% year-on-year, due to our investments during the last two years and as the real estate markets emerge from the pandemic-induced slowdown:
Singapore Marketplaces revenue increased 23.8% to S$15.0 million. Quarterly Average Revenue Per Agent (“ARPA”) of S$947 rose 25.2% year-on-year through increased premium product adoption, and the flow-through effects of a subscription price increase in Q4 2021. There were a total of 14,719 Agents and a healthy renewal rate of 79%.
Malaysia Marketplaces revenue increased significantly to S$5.4 million from S$1.9 million a year ago, primarily due to the successful integration of the iProperty business, which the Company acquired in August 2021.
Vietnam Marketplaces revenue increased by 18.6% to S$5.1 million. This was driven by both the 14.6% increase in the number of listings to 1.65 million and the 2.4% growth in average revenue per listing (“ARPL”) to S$2.98.

Net loss increased to S$120.3 million, primarily due to accounting adjustments in relation to the business combination with Bridgetown 2 Holdings Limited.
Adjusted EBITDA was S$0.9 million
which is S$3.7 million improved year-on-year as costs were well-managed
.

Information regarding our operating segments is presented below.

For the Three Months Ended March 31
2022
2021
YoY Growth
(S$ in thousands except percentages)
Revenue
28,232
19,887
42.0%
Marketplaces
27,213
19,211
41.7%
Singapore
15,004
12,115
23.8%
Vietnam
5,056
4,263
18.6%
Malaysia
5,434
1,859
192.3%
Other Asia
1,719
974
76.5%
Fintech and data services
1,019
676
50.7%
Adjusted EBITDA
884
-2,822
Marketplaces
13,652
4,081
Singapore
11,398
8,333
Vietnam
1,137
909
Malaysia
2,369
-4,492
Other Asia
-1,252
-669
Fintech and data services
-1,646
-744
Corporate*
-11,122
-6,159
Adjusted EBITDA Margin (%)
3.1%
-14.2%
Marketplaces
50.2%
21.2%
Singapore
76.0%
68.8%
Vietnam
22.5%
21.3%
Malaysia
43.6%
-241.6%
Other Asia
-72.8%
-68.7%
Fintech and data services
-161.6%
-110.1%

*
Corporate consists of headquarters costs, which are not allocated to the segments. Headquarters costs are costs of PropertyGuru’s personnel that are based predominantly in its Singapore headquarters and certain key personnel in Malaysia and Thailand, and that service PropertyGuru’s group as a whole, consisting of its executive officers and its group marketing, technology, product, human resources, finance and operations teams, as well as platform IT costs (hosting, licensing, domain fees), workplace facilities costs, corporate public relations retainer costs and professional fees such as audit, legal and consultant fees.

Strong Category Leadership Drives Long-Term Growth Opportunities

As of March 31,2022, PropertyGuru continued its Engagement Market Share
[3]
 leadership in Singapore, Vietnam, Malaysia and Thailand.

Singapore
: 77% – 3.9x the closest peer
Vietnam
: 71% – 2.5x the closest peer
Malaysia
: 96% – 24.7x the closest peer
Thailand
: 60% – 3.0x the closest peer
Indonesia
: 25% – 0.4x the closest peer

Full Year 2022 Outlook

The Company confirmed that it is on track to achieve its full year guidance for 2022. It expects to deliver year-on-year revenue growth of approximately 44%, driven by the strong start to 2022 and continued growth across all core markets as the region emerges from the impact of COVID-19. The Company also confirmed that it expects to return to full year positive Adjusted EBITDA, as it realizes the full benefits of its increased investments in people, technology and marketing through the pandemic.

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Press Release: PropertyGuru- 58% YoY Increase in Rental Demand as Potential Home Buyers Await Economic Stability

Substantial increase in rental demand and sluggish home seeking activities observed in Q4 2021, as home buyers face difficulties in obtaining loans in the current climate
Property market remains cautiously optimistic with uptick of 13.54% QoQ in property supply and slight dip of 0.19% QoQ in property prices
Expiry of HOC impacts buyer confidence and puts further pressure on financial indicators in the near term; thus, property market is expected to improve more gradually

Kuala Lumpur, 23 February 2022 –
PropertyGuru Malaysia
 announced that its
Malaysia Property Market Report (MPMR) Q1 2022
, powered by PropertyGuru DataSense, registered a substantial increase in the Rental Demand Index in Q4 2021, with a hike of 30.53% quarter-on-quarter (QoQ) and 57.91% year-on-year (YoY).

The Rental Demand Index, which represents the proportion of interested property renters based on inquiries for rental units listed on PropertyGuru.com.my, is expected to grow further in the current quarter as consumers are shifting their focus from buying to renting.

Shylendra Nathan, Country Manager, Malaysia (PropertyGuru.com.my and iProperty.com.my)
 shared, “The increasing demand for rental properties could be indicative of shifting priorities among home seekers who face difficulties in securing home loans in the current climate, as banks continue to be conservative about loan approvals. As such,
potential homebuyers are temporarily putting their purchasing plans on hold to ride out this period of economic volatility.
Instead, they are opting to rent homes to satisfy their upgrading needs or pursue their desired lifestyle improvements, while rebuilding confidence towards making large property purchases.”

The shift in consumers’ priorities is also reflected in MPMR’s Sale Demand Index, which registered a sharp drop of 36.56% QoQ and 7.7% YoY during the final quarter of last year. Factors that might have contributed to the sluggish home seeking activity in Q4 2021 – aside from difficulties in obtaining adequate financing and increasing focus on the rental market – include consumers’ preoccupation with the year-end festivities and the recent flooding events which might have triggered home seekers to reassess their buying plans.

Property Market Remains Cautiously Optimistic

Overall, the
property market continued on a gradual trend of improvements
, as captured by the MPMR Q1 2022. The Sale Price Index, which measures the confidence of sellers via asking prices listed on PropertyGuru.com.my, continued to inch upwards by 0.14% YoY, despite a slight dip of 0.19% QoQ in Q4 2021.

Shylendra
 shared, “Following the liberalisation of movement controls and economic activity in Q4 2021, we saw an uptick in the overall property market activity in Malaysia. We believe that the market will remain cautiously optimistic about continued improvements in the general market environment as the year progresses, on the back of better economic conditions and higher vaccination rates.”

The Sale Supply Index, which provides a view of supply trends through the volume of newly launched and resale property listings on PropertyGuru.com.my, reflects some of this confidence. In Q4 2021, supply moved up by 13.54% QoQ, following negative growth in the previous quarter. Supply also grew by 22% YoY, compared with 5.3% YoY growth in the preceding quarter.

New Challenges Ahead for the Property Market

The recovery of the property market will continue to be closely linked with the overall health of the national economy, and it will also face new complexities in terms of consumer confidence with the altered social and commercial landscape driven by COVID-19. Among the challenges faced by the property market is the lack of incentives for buyers since the government-initiated Home Ownership Campaign (HOC) ended on 31 December 2021.

Shylendra
said, “
With little direct incentives for the property market in Budget 2022 and the expiry of the HOC just as the market begins to find its footing, there is no doubt that buyer confidence may be impacted, and further pressure will be placed on financial indicators in the near term
. As such, expectations of a quick property market rebound this year have now been moderated. Instead, we can expect improvements to occur at a gradual, steady, and measured pace. In the meantime, the rental market will grow as demand increases among those who opt to put off purchasing plans during this period of economic uncertainty.”

He added, “At PropertyGuru, we hope to see Malaysians resume their goals of homeownership in line with the recovery of the nation. Those who have the financial means, especially, should take advantage of this period of low interest rates and suppressed pricing opportunities, so as to benefit from capital appreciation for their investment in the future.”

To empower Malaysians in making confident property decisions with data-driven insights, PropertyGuru DataSense has evolved the MPMR – formerly known as the Malaysia Property Market Index (MPMI) – with the inclusion of additional data to best capture the mood and trends of the market with a new, clear, and concise methodology. The refreshed report is based on three main indices; the Price Index, Supply Index as well as a newly introduced Demand Index that covers both the sale and rental markets.

— End —

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Press Release: PropertyGuru Reports Second Quarter 2022 Results

Revenues Grow 44% Year Over Year in Second Quarter and 43% in First Half

Total revenue of S$33.0 million in the second quarter 2022 and S$61.3 million in the first half of 2022
Adjusted EBITDA was S$3.0 million in the second quarter 2022 and S$3.9 million in the first half of 2022

Singapore –
 August 25, 2022 – PropertyGuru Group Limited (NYSE: PGRU) (“PropertyGuru” or the “Company”), Southeast Asia’s leading
[4]
, property technology (“PropTech”) company, today announced financial results for the quarter ended June 30, 2022
[5]
. Net income and Adjusted EBITDA
[6]
 were S$3.8 million and S$3.0 million, respectively, which compares to a net loss of S$139.8 million
[7]
 and Adjusted EBITDA loss of S$2.0 million in the prior year period.  Revenue of S$33.0 million in the second quarter 2022 increased 44% year over year.

Management Commentary

Hari V. Krishnan, Chief Executive Officer and Managing Director, PropertyGuru
,said “Second quarter results built on the strong start to the year. The strategy of increasing our customer value proposition is proving effective, as we see the return on investments made over the past few years.  The second quarter saw us deliver more tools and features that further enhance the customer experience as the pace of our internal innovation accelerates. Going forward, we expect to capitalize on both organic and inorganic opportunities to further expand our world-class solutions to customers.  Even with our growing business strength, we remain vigilant around potential market challenges from rising inflation and interest rates and other global macro headwinds.”

Joe Dische, Chief Financial Officer, PropertyGuru
, added “Second quarter revenues were up 44% year over year, building on the first quarter’s solid performance and setting us up for a strong back half of 2022. Growth was balanced across all business segments and the further leveraging of our cost structure helped drive positive Adjusted EBITDA.”

Financial Highlights – Second Quarter 2022

Total revenue of S$33.0 million increased 44% year over year and was balanced with growth across all markets and business segments.
Marketplaces revenues increased by 43% year over year to S$32.0 million.  Investments made over the last two years are gaining traction now as real estate markets emerge from the pandemic-induced slowdown.

Singapore Marketplaces revenue increased 31% to S$17.3 million. Quarterly Average Revenue Per Agent (“ARPA”) of S$1,008 rose 29% year over year through improved yield derived from previous price rises and increased activity on our platform. We had a total of 15,023 agents with a renewal rate of 82%, reflecting a strong local property market.
Malaysia Marketplaces revenue increased 170% to S$5.9 million from S$2.2 million in the prior year period as a result of the acquisition of the iProperty business in August 2021.
Vietnam Marketplaces revenue increased by 19% to S$6.9 million from S$5.8 million in the prior year period. This was driven by both a 17% increase in the number of listings to 2.38 million and a 7% increase in average revenue per listing (“ARPL”) to S$2.83.
At quarter-end, cash and cash equivalents was $368.8 million.

Information regarding our operating segments is presented below.

For the Three Months Ended June 30

2022
2021
YoY Growth

(S$ in thousands except percentages)

Revenue
             33,031
             23,003
43.6%
Marketplaces
             32,001
             22,328
43.3%

Singapore
             17,293
             13,246
30.6%

Vietnam
               6,943
               5,835
19.0%

Malaysia
               5,899
               2,187
169.7%

Other Asia
               1,866
               1,060
76.0%
Fintech and data services
               1,030
                  675
52.6%
Adjusted EBITDA
               3,011
             (1,950)

Marketplaces
             12,964
               6,805

Singapore
             11,233
               8,601

Vietnam
               1,669
               1,869

Malaysia
               1,241
             (2,439)

Other Asia
                (1,179)
             (1,226)

Fintech and data services
             (1,885)
             (1,351)

Corporate*
             (8,068)
             (7,404)

Adjusted EBITDA Margin (%)
9.1%
-8.5%

Marketplaces
40.5%
30.5%

Singapore
65.0%
64.9%

Vietnam
24.0%
32.0%

Malaysia
21.0%
-111.5%

Other Asia
-63.2%
-115.7%

Fintech and data services
-183.0%
-200.1%

For the Six Months Ended June 30

2022
2021
YoY Growth

(S$ in thousands except percentages)

Revenue
             61,263
             42,890
42.8%
Marketplaces
             59,214
             41,537
42.6%

Singapore
             32,297
             25,359
27.4%

Vietnam
             11,999
             10,098
18.8%

Malaysia
             11,333
               4,046
180.1%

Other Asia
               3,585
               2,034
76.3%
Fintech and data services
               2,049
               1,353
51.4%
Adjusted EBITDA
               3,895
             (4,772)

Marketplaces
             26,616
             10,884

Singapore
             22,631
             16,932

Vietnam
               2,806
               2,778

Malaysia
               3,610
             (6,931)

Other Asia
             (2,431)
             (1,895)

Fintech and data services
             (3,531)
             (2,093)

Corporate*
           (19,190)
           (13,563)

Adjusted EBITDA Margin (%)
6.4%
-11.1%

Marketplaces
44.9%
26.2%

Singapore
70.1%
66.8%

Vietnam
23.4%
27.5%

Malaysia
31.9%
-171.3%

Other Asia
-67.8%
-93.2%

Fintech and data services
-172.3%
-154.7%

*
Corporate consists of headquarters costs, which are not allocated to the segments. Headquarters costs are costs of PropertyGuru’s personnel that are based predominantly in its Singapore headquarters and certain key personnel in Malaysia and Thailand, and that service PropertyGuru’s group as a whole, consisting of its executive officers and its group marketing, technology, product, human resources, finance and operations teams, as well as platform IT costs (hosting, licensing, domain fees), workplace facilities costs, corporate public relations retainer costs and professional fees such as audit, legal and consultant fees. Certain elements of marketing expenses previously allocated to Corporate in the first quarter 2022 have since been moved to business segments in line with changes to internal reporting lines.

Strong Category Leadership Drives Long-Term Growth Opportunities

As of June 30,

2022, PropertyGuru continued its Engagement Market Share
[8]
 leadership in Singapore, Vietnam, Malaysia and Thailand.

Singapore
: 76% – 3.7x the closest peer
Vietnam
: 75% – 3.0x the closest peer
Malaysia
: 96% – 25.2x the closest peer
Thailand
: 59% – 2.8x the closest peer
Indonesia
: 21% – 0.3x the closest peer

Full Year 2022 Outlook

The Company reiterates its full year 2022 outlook of approximately 44% revenue growth, driven by the strong start to 2022 and growth across all core markets. The Company expects to return to full year positive Adjusted EBITDA, as it realizes the full benefits of its pandemic-period investments in people, technology, and marketing.  The Company cautions that this outlook could be impacted by uncertainty around rising inflation and interest rates, government policy and fiscal intervention, political instability, and other macro factors.

– End-

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Press Release – PropertyGuru: Malaysian Residential Property Market Continues To Face Challenges As Supply And Demand Declines

Buyers continue to resist higher prices, while sellers experience difficulties to sell, given the bleak economic outlook.

With a fragile market sentiment, rental demand has also seen a decrease in the last quarter

Johor has emerged as the most popular area of interest for property investments.

KUALA LUMPUR, 9 May 2023
 – PropertyGuru Malaysia released its
PropertyGuru Malaysia Property Market Report (MPMR) Q2 2023
, which revealed that property demand and supply eased at the beginning of the year with an overcast economic outlook.

Based on the insights from DataSense, PropertyGuru’s market data and analytics platform, the report captured downward trends in the Sale Demand Index, with property enquiries decreasing by 5.6% QoQ. While inflation is projected to
moderate
in the coming months, global economic uncertainties have affected the appetite of Malaysian buyers for big-ticket purchases. Similarly, the Sale Supply Index saw a slight decrease of 0.6% as property owners continued the wait-and-see approach towards their investments.

Sheldon Fernandez, Country Manager, Malaysia (PropertyGuru.com.my and iProperty.com.my)
, shared, “With Bank Negara Malaysia’s decision to raise the
Overnight Policy Rate by 25 basis points to 3%
, it will be difficult to see an uptick in property demand. Potential homebuyers are likely to delay their purchasing plans because of the higher borrowing costs and rising cost of living. Currently, it is still too early to gauge how much impact this will have on the market.”

Asking Price Continues to Rise

The MPMR Q2 2023’s Sale Price Index tracked the asking prices of properties listed on
propertyguru.com.my
, which increased by 1.6% QoQ in Q1 2023. Sellers are likely not keen to lower prices against the backdrop of an uncertain economic climate. The global increase in construction costs paired with recent labour shortages have also pressured developers to hike their prices to cover the increased costs.

While Malaysia is projected to see a
moderately lower economic growth
 this year, we may see a more attractive property market as economic activities accelerate towards the second half of the year. Following the boost in investments from companies like Tesla and AWS, as well as China’s RM 170 Billion Investment Commitment, this is likely to spur job creation and push infrastructure development in Malaysia in the near future.

However, buyers are also aware of the external pressures caused by global inflation and remain cautious with their purchasing decisions, especially with the current higher borrowing costs. If property prices continue to peak with demand lagging, a global recession or economic shock could lead to a price correction. If it happens, property prices adjust accordingly to reflect the slower demand.

Trends in the Rental Market

From the report, the indexes in the rental market mirrored the trends in the property sale market, tracking a decrease in the Rental Demand Index by 6.3%. This is likely due to the substantial increase in rental prices, with the Rental Price Index rising by 4.7% QoQ. The rise in rental prices did not go unnoticed, and the Selangor state government has announced plans to look into the feasibility of expanding its
Smart Rental Scheme
 to low-cost housing.

“The decrease in rental demand, as highlighted in our report, could reflect that Malaysians are becoming even more cautious, perhaps opting to stay with family members and commute to the city to work instead of renting their own place. Again, the wait-and-see approach continues but it may be further exacerbated by the uncertainties ahead,” states Sheldon.

As rental prices continue to rise, we are seeing increased pressure on the demand for affordable housing near job centres. More individuals are migrating towards these urban areas for convenience, but the rising prices may force them to forgo ideal living conditions. This presents a unique opportunity for developers and landlords to consider repurposing their unsold properties into co-living spaces, which offers more affordable living space by sharing costs and common areas with other residents without completely forgoing privacy.

“We are seeing cumulative issues of housing affordability, higher cost of investment, mismatch of demand and supply, and “sick” housing projects. These issues have been persistent in the local market, and unfortunately remain unsolved today. While we do see the government taking the first steps to address these issues, developers must also play their part in assessing what homebuyers need – because that’s changed overtime”, he adds.

Johor in the spotlight

To kick-start 2023, Johor takes the crown for the most-viewed residential properties in Q1 2023. The state boasts the top four most viewed condominium projects in Malaysia and had four other projects front-running in the landed properties category, with Leisure Farm maintaining its top position as the most viewed residential landed project. In the rental market, R&F Princess Cove became a popular project for those looking to rent, given its strategic location near the Johor Causeway.

Johor’s development surge is anticipated to persist, fueled by last year’s RM51.1 billion investment in data centres. As a burgeoning digital hub, Johor is attracting attention to its real estate market. The prospect of new job opportunities may entice more Malaysians to relocate to the peninsula’s southern region.

“Overall in Malaysia, the rising prices driven by global uncertainties will continue to contribute to the current housing affordability issue. As property ownership costs are expected to increase with the OPR hikes, we foresee property buyers and sellers alike will continue to navigate a challenging and unpredictable property market. However,      we are cautiously optimistic that the economy will show improvement in the second half of 2023, and we will continue to look out for more positive signs of growth in the residential property market,” he concluded.

– END-

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Press Release: PropertyGuru Study: Affordability Issues Continue to Loom Over Potential Homebuyers as 51% of Respondents Feel That They Cannot Buy a Home Without Government Assistance

Malaysians continue to await government initiatives, as 69% of respondents in the study plan to buy a house if the Home Ownership Campaign (HOC) is revived
Following flooding issues in Malaysia, respondents are now heavily prioritising location when purchasing property
Emerging technologies will continue to change how consumers are viewing and purchasing property in the future

KUALA LUMPUR, 8 September 2022
–
PropertyGuru Malaysia
 released its biannual
Consumer Sentiment Study for H2 2022
, which found that potential homebuyers are facing affordability issues in their homeownership journey, with 51% of respondents understanding that they are not qualified for government affordable housing schemes, and are not able to purchase property without financial assistance.

With the overnight policy rate (OPR) increase by 25 basis points in July, on top of the consumer price index (CPI) rising to an ultimate high of 4.4% year-on-year, potential homebuyers may continue to face affordability issues amid concerns over the ongoing global recession and inflation rates. This was evident in the Consumer Sentiment Study for H2 2022 (CSS H2 2022), as about half of the respondents surveyed stated that they do not qualify for government housing schemes and may not be able to afford to purchase a property without assistance.

In the study, 73% of the respondents have a clear understanding of eligibility terms for affordable housing, indicating that potential homebuyers will continue to be on the lookout for other government housing initiatives to aid their homeownership journeys.

Sheldon Fernandez, Country Manager, Malaysia (
PropertyGuru.com.my
 and
iProperty.com.my
), said,
“As seen in the Consumer Sentiment Study H2 2022, our consumers have a sound awareness of government initiatives and eligibility for affordable housing. With the ongoing recession, inflation, price hikes, and OPR increase, we expect potential homebuyers to continue the wait-and-see approach until the overall cost of living has stabilised.

With the Budget 2023 announcement coming up soon, we are hopeful that there will be allocations that can help spur the property market and aid those that are planning to embark on their homeownership journey. The CSS H2 2022 has also indicated that more than 69% of those surveyed plan to buy a house if the Home Ownership Campaign is revived.”

Emerging Technology Will Continue to Change Large Purchasing Behaviours in Consumers

The previous Consumer Sentiment Study in H1 2022 recorded that 2 in 3 Malaysians would be comfortable with shortlisting and viewing properties online, while 1 in 4 would be comfortable signing agreements online. This signals that consumers have become more tech-savvy following the reliance on digital transactions during the pandemic.

This trend continues in the latest CSS H2 2022, as over half of the respondents in the study see that emerging technologies such as AI, property aggregation platforms, and digital housing societies would be helpful in their homeownership journey. This indicates that technology will continue to play a major role in the property market, and a demand for digital accessibility to property-related decisions will likely continue in the coming years.

“As a leading proptech company, these findings have proven that providing a platform that can help to guide consumers in making informed property decisions is a crucial part of a homebuyers’ journey. The way that consumers digest information and make transactions is evolving, which is why we strive to be an innovative platform that can help potential homebuyers achieve their goals as conveniently and with as much guidance as possible. In addition, through the survey, we found that potential homebuyers have also started to consider purchasing property in the metaverse. This trend is likely to continue as consumers in Malaysia have adapted well to digital solutions and platforms more than ever over the past two years. We are interested to see how emerging technologies will change and evolve in the industry in the coming years,” said Sheldon.

Environmental Impact Has Changed the Way Potential Homebuyers View Locations

As several areas across Malaysia have been struck with flash floods and landslides in the past year, the study also indicated that homebuyers are concerned with how this will impact properties in the long run. 92% of the respondents in the study had highlighted flooding as their main concern, while 83% were concerned about landslides.

With environmental consciousness recording an upward trend, consumers are now looking at sustainable homes and features as key considerations when purchasing a home. Additionally, according to the CSS H2 2022, respondents noted that solar panels, rainwater harvesting, and food waste composting are important features to have in the future. On top of this, 1 in 3 of respondents in the higher income group is keen to pay more for a property with Electric Vehicle (EV)-charging ports.

“While location has always been one of the key considerations for home seekers in Malaysia, we will now see more people increasingly prioritise this due to the flooding events in the past year. The higher awareness of eco-friendly facilities and features is likely linked to ongoing climate change issues as well. Consumers are now more conscious of current issues and are now making eco-friendly decisions in hopes of making a change.

With many losing and damaging their homes in the past year, it is evident that these natural disasters have made a lasting impact, as in the CSS H2 2022, 66% of the respondents said they are willing to pay a higher insurance premium on their property for climate change effects as nobody foresees their home being struck by a flood or any natural disaster”, concluded Sheldon.

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Press Release: PropertyGuru to acquire iProperty Malaysia and welcome REA Group as strategic shareholder

The two brands will operate separately and home seekers in Malaysia to benefit from combined investment in technology and innovation
Agents and developers will enjoy larger reach and easier access to home buyers
PropertyGuru also acquires thinkofliving.com and Prakard.com in Thailand, strengthening its position as Southeast Asia’s Proptech leader
REA Group to become shareholder and take a seat on PropertyGuru Board

KUALA LUMPUR, 31 May, 2021
 –
 PropertyGuru Group (‘PropertyGuru’ or ‘the Group’), Southeast Asia’s leading property technology (‘Proptech’) company and
REA Group
 (ASX:REA), an ASX listed digital business specialising in property marketplaces and data assets, today announced they have entered into an agreement whereby PropertyGuru will acquire all of the shares in REA Group’s operating entities in Malaysia and Thailand, which operate
iProperty.com.my
 and
Brickz.my
 in Malaysia and
thinkofliving.com
 and
Prakard.com
in Thailand. As part of the agreement, REA Group will receive an 18% equity interest in the enlarged PropertyGuru Group and appoint a Director to the Board.  The transaction is expected to close in July 2021.

The move underscores the rising importance of Malaysia in Southeast Asia’s Proptech industry in general and for PropertyGuru in specific.  A key objective of the transaction is to accelerate the development of the Proptech industry in Malaysia. The addition of iProperty.com.my and Brickz.my will bolster PropertyGuru Malaysia’s ability to provide consumers with the most diverse digital marketplaces, together with the most comprehensive set of data, actionable insights and services to support homeownership aspirations of Malaysians.

PropertyGuru.com.my
 and
iProperty.com.my
 are two rapidly growing and best-in-class property marketplaces in Malaysia. The two brands have unique and complementary audiences and the transaction will see both brands retained. The acquisition will have the following benefits:

It will enable both companies to combine resources, accelerate innovation and provide enhanced digital solutions to home seekers, property agents and developers.
It will allow the Group to share the best data solutions and insights and bring transparency and access to the Malaysian property market as it continues to simplify the buying journey for home seekers.
Leveraging the Group’s larger base of customers, it will enable greater innovation and wider inclusion of Malaysian property agents and developers in the Southeast Asian property ecosystem.

The acquisitions will also accelerate PropertyGuru’s ambition of becoming the “Trust Platform” for the property ecosystem: A platform that connects Southeast Asia’s property industry into an efficient ecosystem that builds trusted relationships between agents, consumers, developers, valuers and banks by driving greater transparency and efficiency.

PropertyGuru is excited to also welcome REA Group as a strategic investor. REA Group is a global company that deeply understands the digital property industry and they join a distinguished group of investors, including KKR and TPG.

PropertyGuru has been operating in Malaysia for the past decade and has witnessed a clear shift in consumer preferences for online solutions that simplify the home searching and buying process.  PropertyGuru’s success in Malaysia, with over 12 million monthly visits, is a result of substantial investments over the years. This has allowed the marketplace to deliver innovative solutions to consumers, including a market-first mortgage pre-approval solution in 2019, last year’s landmark Asia’s first virtual property expo that saw an overwhelming response from Malaysia, and the Group’s acquisition of MyProperty Data, Malaysia’s largest online property data company.

Whilst the Malaysian real estate market has had a challenging time, exacerbated by COVID-19, recent PropertyGuru insights show local residential investment remains resilient and there is an upsurge in interest for post-pandemic investment. The acquisition of iProperty.com.my will ensure PropertyGuru is well positioned to serve and support the strong demand for home ownership.

Hari V. Krishnan, Chief Executive Officer and Managing Director, PropertyGuru Group
, said, “This acquisition is a key milestone in PropertyGuru’s history and is an exciting opportunity to integrate a trusted local brand in Malaysia and demonstrates our commitment to the market. We have been operating here for a decade now. Malaysia has always been of strategic importance to the Group – from launching our first fintech value proposition to it being our hub for central functions such as Finance. With this acquisition, we are more than doubling our footprint in Malaysia and we will continue to invest behind the country’s critical role in PropertyGuru.

We welcome the teams who have built iProperty.com.my as they join our team of Gurus. In the weeks and months ahead, we will work closely as a team and put in place a strategy that will enable us to provide the best solutions for Malaysians and take Proptech to new heights here.

iProperty.com.my shares our customer-first philosophy and by working together we will be able to deliver even more innovation to our customers, equipping them with the insights they need to make confident decisions. This acquisition will also enable us to invest even further into building the best solutions for efficiency and audience reach for our customers, Malaysian agents and property developers,” concluded Hari.

Owen Wilson (above image), Chief Executive Officer, REA Group
, said, “We are excited about the opportunity to bring these great businesses together. REA and the PropertyGuru team share a similar vision of the incredible opportunities in the region. Joining with the PropertyGuru Group creates new opportunities for collaboration and access to a deeper pool of expertise, technology and investment. It positions these already strong brands well to accelerate the next wave of Proptech innovation in Southeast Asia.”

Sheldon Fernandez, Country Manager, PropertyGuru Malaysia,
said
,
“We welcome the opportunity to integrate the iProperty.com.my team into our Group. Malaysians have shown a strong preference for the tools and services PropertyGuru and iProperty provide to make property searches, pricing, and financing options more transparent and accessible. We have made great progress over this past decade, but there is still a lot more work to do. Combining PropertyGuru’s strengths in technology and proprietary data with iProperty.com.my’s national footprint and deep relationships with developers and agents will accelerate our mission to ensure everyone has access to the data and insights they need to make confident home buying decisions.”

David Mawer, Chief Operating Officer of REA Group Asia
, said, “The coming together of our two great companies is an exciting next step. We look forward to combining our expertise to bring to life a shared mission of advancing the digital property ecosystem in Malaysia.”

— end of press release —

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Not just the 9-5 jobs. Why not a start-up? (and work Very hard?)

Are you passionate about something and is willing to work very hard for it? With some success, we may get new investors into the business, providing us the financial support and expertise. I joined a very small start-up which became a dominant player around 15 years ago. The stock options given were also very attractive too. Well, that was long time ago. Would I want to join another potential start-up or SME? Haha. Let’s see in the near future. As of now, let me enjoy my 9 to 5 job first. Anyway, expect to work hard, very hard actually if you want to join a potential start-up. No other ways because if a start-up hires too many people, they will lose money. The burn-rate is just too fast. If you are like me, comfortably working at a 9-5 job today and thinking about the potential for start-ups, there’s another piece of motivational news for you.  Another start-up is about to reach a valuation of US$1 billion.

According to an article in
dealstreetasia, full article here.
, the co-founder of PropertyGuru explained that while valuation will make investors happy, that’s not the right focus for the company. Propertyguru was established in 2010. Steve shared that PropertyGuru’s valuation is nearing the US$1 billion mark. The company is also on the road towards profitability. While it is leading, its competitors are also gaining attention from the fundings they are receiving. 99.co raised $7.9 million (S$11 million) in its latest round of financing, led by existing investors Sequoia Capital and Eduardo Saverin. The Edge Property, a property portal launched two years ago by Malaysian serial entrepreneur Tong Kooi Ong, has also recently secured a $4 million investment from a number of individual investors. My favourite sentence by Steve? Here: “How do we make it as seamless and easy as possible? Look at how long Amazon and Alibaba have been around – 20+ years? Some people think they’ve only been around the last 2-3 years. It is a long game, it is a marathon, not a sprint. “Please do read the article in
dealstreetasia in full here.

Ready to start a ‘marathon’? Well, look around for some of these small start-ups that we can join to make a huge difference. Ask for stock options, not high salaries. High salaries meant they could not afford you or you will bankrupt them very fast. The money is when they get noticed by a huge investor or when they get listed. As usual, an investment is always on a longer term. Here, the investment is your time, effort and creativity. Else, start something by ourselves? In fact how about
owning an ‘online address?’
Think about some needs which are unserved or underserved currently. GRAB started just a few years ago and is now a household name in South East Asia. With mobile and internet penetrations, opportunities continue to open up. South East Asia alone is home to a potential 600 million customers. Malaysia can definitely be a good starting point. Happy thinking about the potential but more importantly, take actions.

written on 30 June 2017

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Press Release: PropertyGuru is Now the No. 1 Property Website as it Continues to Help Malaysians Find the Right Home

Highest website traffic as verified by Comscore, Google Analytics and Alexa; Highest market share as verified by SimilarWeb
Innovative proptech solutions, actionable property insights, and strategic acquisition has propelled this rise and market leadership
To commemorate this achievement, PropertyGuru will be giving back to Malaysians

Kuala Lumpur, 18 January –
 With over 450,000 home choices, over 8 million monthly visits, and 47% market share, Malaysian property website
PropertyGuru
 has officially taken the lead as Malaysia’s No. 1 property website based on third-party sources.

Securing the top spot in the country for a property website with the Most Website Traffic, it is collectively verified by leading web analytics platforms
Comscore
,
Google Analytics
 and
Alexa
. Based on 3-month average data (October to December 2020) from Comscore, PropertyGuru is leading with 65% traffic share. Google Analytics has also clocked in a monthly average of over 8 million visits in the past quarter. Alexa’s ranking measures website popularity, and PropertyGuru is now the top ranked site for property in Malaysia.

PropertyGuru Malaysia is also the Most Preferred website with 47% market share* as verified by SimilarWeb. Malaysian home buyers spend more time on
PropertyGuru.com.my
 than any other property website.

Talking about this achievement,
Sheldon Fernandez, Country Manager, PropertyGuru Malaysia
said, “A home is central to every individual and family, and purchasing a home is a huge commitment that requires consideration of so many aspects. Understanding that it is not an easy task, we have always aimed to make this tedious process as smooth as possible for our users.

Being ranked the No. 1 Property Website in Malaysia underscores that PropertyGuru has been serving Malaysians with the right properties, insights and solutions to make confident home buying decisions. Fully aware that we have a lot more work ahead of us, we thank Malaysian home buyers for making us their preferred website for finding their home.”

Consistent and relevant information delivery through use of proptech & data-driven insights

PropertyGuru is driven by its belief that everyone deserves a place to call home. The company’s priority has always been to bring innovation to Malaysian home seekers such as the
PropertyGuru Loan Pre-Approval
. PropertyGuru Loan Pre-Approval is Malaysia’s first and only mortgage solution that provides a 99% accuracy check on home loan eligibility information to improve chances for more home buyers to secure home loans.

In November 2020, PropertyGuru hosted the first-of-its-kind
Asia Virtual Property Expo
, where home buyers and investors virtually connected with property developers in real-time from the comfort of their homes. Over 300 projects from across 10 countries were featured under one virtual roof during the month-long expo. More than 80 Malaysian projects were presented by world-class developers like Sunway, Tropicana Corporation, Malaysian Resources Corporation Berhad (MRCB) and Matrix Concepts Holdings.

Sheldon added
, “Besides providing the most home choices to find their right home, we have consistently been providing Malaysians with relevant information and actionable insights that help them in their home buying decisions. We provide this with timely insights on the market with the half yearly
Consumer Sentiment Study
, quarterly
Property Market Index reports
 and annual
Property Market Outlook report
.

Data will be pivotal in changing the landscape of property, which is where our strategic acquisition of
MyProperty Data
 in November 2020, comes in. This enables Malaysians to have easy access to data for every step of their property journey so that consumers can buy or sell property at the right market price and capitalise on potential gains in the future.”

MyProperty Data, the country’s largest online property data company, provides property data analytics and insights leveraging over six million unique records across sales, rentals, auctions, new development and geospatial information along with proprietary datasets in demographics, location, liveability and more. This
acquisition
 provides the avenue for more investment by PropertyGuru in the Malaysian market with proptech innovation.

What’s next for PropertyGuru?

While 2020 was a challenge due to unprecedented changes in the market caused by the pandemic, PropertyGuru has remained resilient through this time.

Sheldon said
, “Navigating these challenging times, we place high priority on the wellbeing of our employees, as well as in maintaining a strong alignment between the company and our customers. It is important that the consistency, relevance and support we aim to provide the users of PropertyGuru reflect internally.”

This was recognized by
Influential Brands
 when PropertyGuru was voted “Top Brand in Online Property Search” in the awards themed “Celebrating Brand Resilience during COVID-19”, where PropertyGuru was awarded for surpassing industry benchmarks in meaningful employee engagement.

PropertyGuru is optimistic about the future. Keeping on track with plans, the
recent investment
 of US$220million (RM893.3million) by TPG and KKR in PropertyGuru Group will be channelled into developing further solutions such as
PropertyGuru Fastkey
, an end-to-end sales enablement solution for property developers. PropertyGuru will invest substantially to expand MyProperty Data’s offerings. This will also entail the expansion of the PropertyGuru Malaysia team – which started with a move to a larger office space in 2018 – and will continue with an aggressive expansion of new hires of over 50 roles across all functions and expertise in 2021.

With all that, PropertyGuru Malaysia will be giving back to commemorate this significant milestone with Malaysian users, as this would not have been possible without the support and trust of Malaysians. Keep a lookout for an exciting reveal to come.

*Market Share Source: SimilarWeb data – Engagement market share, average of October – December 2020

— End of Press Release —

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Press Release: PROPSOCIAL INTRODUCES THE PEOPLE’S PROPERTY EXPO 2018

Press Release by Propsocial.my

PROPSOCIAL INTRODUCES THE PEOPLE’S PROPERTY EXPO 2018

SELANGOR, 10 AUG 2018 – PropSocial, being one of Malaysia’s rapidly growing property websites, is introducing its very first “The People’s Property Expo” happening at One World Hotel, Bandar Utama from 10th – 12th August 2018.

Inaugurating The People’s Property Expo, Deputy Minister of Housing and Local Government, Yang Berhormat Mulia Senator Dato’ Raja Kamarul Bahrin Shah Ibni Raja Ahmad Baharuddin Shah is present to officiate The Official Launching Ceremony on August 10. Taking this chance, PropSocial is also holding The Realest Property Award Ceremony in conjunction with the expo. The online vote-based award chosen by the people, ran earlier from January to March 2018.

Joined by the nation’s renowned industry developers where the exhibition will be showcasing exciting new launches and developments by these top developers. Whether you are looking for urban, eco or luxury properties, the expo will have it all in a unique and desirable showcase.

To help mark the special event, PropSocial introduces Malaysia’s First Tender and Bid Campaign, featuring residential units with a starting tender price below the usual market rate. The campaign would allow buyers to place their tender price on their ideal property and ownership will go to the tender with the highest value.

The exhibition is an ideal platform for anyone looking to buy their first home or to add to their property portfolio for investment purposes. The innovative exhibition is designed to walk buyers through the property-buying process and allows visitors to meet with financial experts and exhibitors to ask questions and browse for properties.

PropSocial is partnering with Hong Leong Bank and RHB Bank as the official bank partners to ease the process of loan application, purchase, tender submission, and more for prospective buyers throughout the expo.

Presenting highly-priced rewards, visitors will stand a chance to win fabulous prizes worth RM200,000 such as Haier’s 65-inch and 32-inch televisions, 4-door inverter refrigerators, washing machines, along with Shimono’s vacuum cleaner, brand name customized window blinds from Hunter Douglas, Decasa Marble’s full 8-seater marble dining table, Rubine’s kitchen hood, and Getha’s pillows plus more.

Lining up exciting and interactive activities for all, The People’s Property Expo features Malaysia’s rising stand-up comedian, Jason Leong, DJ Yoon from My FM and Feng Shui expert, Jessie Lee, to entertain the general public. Catering to everyone, visitors with children can also look forward to drop the kids by the Kidzania Corner where they can experience real life occupations as a property agent, TV producer, magician, and more.

A number of well-known speakers and reputable figures are joining the expo to deliver informative insights and talks covering topics such as property investment, property law, property technology and Malaysian economy. The invited speaker sharing on Friday is Sharon Kaur, renowned property law speaker. Meanwhile, speakers lined up for Saturday
would be Warrick Singh, property columnist, and Akmal Nizam, MyCribBooking founder, along with a forum featuring Neil Foo, Dr. Oh Ei Sun, and Dato’ Adrian Wang. Then, concluding the talks on Sunday would be technoprenuer, Elizabbeth Siew, as the final speaker. Additionally, there would also be sharing sessions by bank partners, Hong Leong Bank and RHB Bank on mortgage loan applications.

— end of press release —

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Proptech: Surviving or Thriving in the Malaysian property Industry?

Remember the days when all the property developers launch their projects by advertising only in newspaper? Those days have passed. These days, beyond just advertising online, the proptech is an important determinant of the the success of any new project launch. From the ability to view the projects even without dropping by the gallery to selecting the unit using a phone app and even checking out loan pre-approvals, proptech is now affecting the whole buying process. Let’s understand what has happened and what will be happening in the upcoming Property Outlook for 2020 and beyond talk show.

What happens when three good friends and all experts in their own field sit down and share their thoughts? Awesomeness to the max and great learnings for all listeners, including me.

We have Mr Chris Tan, a corporate real estate lawyer and Ms Elizabbeth Siew, the president of Malaysia Proptech Association to talk about the emergence of Property Technology and how it has changed the buying behavior of homebuyers. Mr Chuah Huai Jie, the CEO of ProSales is the moderator of this talk entitled, “PropTech: Surviving or Thriving in the Malaysian Property Industry?”

Details as follows:

Sign up at:
http://bit.ly/MPTPropTech
Date: 5 September 2020 (Saturday)
Time: 11:00am – 11:45am (Malaysia Time)
This talk will be streamed on Malaysiakini, Malaysian Property, CIDB Malaysia and
kopiandproperty.com Facebook page too.

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2017 prospects for property market Malaysia? Well…

Thinking about property? We can read some conclusions and expert views from these forum panelists in the recently concluded PropertyGuru 2017 Property Outlook Report & Forum. They include The forum panelists are quite impressive. They include Dato’ Charon Mokhzani, Managing Director of Khazanah Research Institute (KRI), Datuk Seri FD Iskandar, President of the Real Estate and Housing Developers’ Association Malaysia (REHDA), Prem Kumar, Executive Director of Jones Lang Wootton, Gary Chua, CEO of SMART Financing and Chris Tan, Managing Partner of CHUR Associates. Some of the key findings, as per the press release include:

– Continued market turbulence amidst

pricing unaffordability
,
rising living costs and lack of financing as main issues.

Generation Y likely most impacted
.”

– Transit Oriented Developments (TOD) will be key factor for property development moving forward.” (Yes, I have written about this a few times. One of it here:
31 new MrT stations; look out for more choices
)

– The market continues to have its bright spots with the rental market expected to remain strong – fuelled by a growing pool of young, aspiring first-time homebuyers who in deferring their home purchase decision, will look to the rental market to provide a roof over their heads while continuing to save for their future home.” (My earlier article:
Demographics is a great way to look at property investments.
)

– Certain locations known for their higher-end rental properties may see rentals reduced due to external factors i.e. an exodus of expats due to the current slump in the oil and gas industry which, has led to more vacant units in the city centre. (Do note though that should rentals start reducing across the whole market, the prices would start its downward trend too. My earlier article:
When rental falls, so too would property price
)

– In developing homes that meet the budget of first-time homebuyers and Generation Y, developers are likely to continue building more SOHO / studio units in the city centre and other urban centres to keep prices below or within the RM300,000 – RM500,000 range. Unit sizes will range from 450sqft – 850sqft. (My personal views here:
Property investment? Keep learning, even if opinions differ

– The first MRT line poised to operate by end-2016 and homes within a 1km radius of MRT stations are expected to benefit from price appreciation and improved rental yields. The 51km Sungai Buloh-Kajang MRT line will connect the North and South of Greater KL and is expected to ferry 400,000 passengers daily. (The MRT line will actually start on 16th, as reported earlier. Read here:
MRT Sungai Buloh – Kajang starts on 16th Dec 2016. Fares from RM1.10

Feeling more confident or feeling less confident? Regardless of the media or the industry experts, keep reading and following. It’s however not enough to just keep listening without any appropriate actions yeah. If we believe prices would drop further, it’s about time we start a list of all the homes we may buy and the target prices. If we believe the prices at the current level is always lowest, then it’s time we view more units and start negotiating. Of course, if we think better not touch property investment, don’t just keep the money and do nothing. Any Tom,Dick and Harry would tell you about inflation which will take away most of our wealth if the returns from what we have is lower than our personal inflation rate. Happy following.

written on 2 Dec 2016

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Protect your wealth, always

Nearly forgotten about this very important step that everyone must have no matter how successful you are in the corporate world or how rich you are from property investment. Protect your wealth from sudden annihilation. There are many circumstances out of our control, that is for sure. However, if we are responsible, we must and should take steps to protect what we have, whom we love. Even if you are working and your company provides you with medical insurance, it is wise to buy another separate one. No one knows when you may stop working for the company and thus without adequate protection. Recently I went for a ESWL treatment, yes that’s the one you go for kidney stone. Total bill came to RM30,000 for two treatments. Imagine if there are no medical insurance!

You may have a portfolio of 3 properties worth RM1.5 million and you thought you are on top of the world but what if something happens to you? How would your loved ones be able to carry on servicing the mortgage debts? Buying term insurance can help to protect you should something unforeseen happens. Remember, besides their sadness, the thing they need most is to have a place to stay as well as to be able to support themselves when you are no longer able to support them.

There are also those savings cum insurance plan which forces you to save every month. These will only give you very little interest but they offer some protection and in the longer term, you would suddenly find that you have accumulated quite a huge savings from it. Imagine, just RM500 which you do not see every month, turning into RM80,000 after 10 years? RM500 per month may not seem a lot but RM80,000 is definitely a sizeable sum, sufficient for your baby to even study for a UK based 3+0 degree locally.

Remember, no one can foresee what may happen in the future. Perhaps what you do may not be enough but whatever you must do, you must do. Wealth protection is as important if not more important than wealth accumulation. Now where did you keep the phone of your old friend who’s now into insurance?! Protect what you have.

written on 28th dec 2013.

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Proton Preve RM509,605, SGD appreciation and transportation costs

Yes, this is a real price if you buy a Proton Preve 1.6 CFE today in Singapore. The car price itself is already RM327,600. Then, plus COE and it comes to a total of RM509,605.  This is one of the reasons why Singapore was recently ranked the MOST expensive city in the world. If you think this ranking is only vs South East Asian countries, think again. Singapore beat 131 and all the following cities which you can never imagine: Tokyo, Paris, Oslo and even Zurich of Switzerland. This is a report by Economist Intelligence Unit (EIU).

Some of the reasons stated were, cost of owning a car, transport costs which are 3 times higher than New York, expensive malls and boutiques on Orchard Road. In fact the city is now the costliest place in the world to buy clothes. However, let me be honest, when Singapore Sale is on, it is definitely possible to buy a good long sleeve shirt for even less than RM25! The reason is the same as Hong Kong, storage space is too high and thus everything must be sold in order for new stocks to come in. Unless you want to see the exact same piece of shirt year after year.

A recent BBC report also stated that the income inequality is rising as well and it currently the second biggest amongst Asia’s advanced economies. An example given was that 10 years ago, a bottle of table wine would cost US$13.25 but today, prices are already at US$25.65. When it comes to housing, even with the government subsidies, many Singaporeans are still unable to afford their own homes. Nevertheless, if we really see the actual growth, it has been steady and this the reason for this ranking was due to the continuous currency appreciation as well as solid price inflation over the past decade.

To those who think, hey Singapore is only ranked high because of the price of Proton Preve; prices of cars, think again. It is overall. FYI, even if you are a manager in Tokyo, you cannot even afford any piece of property there. This is true even for Hong Kong despite the fact that their pay is so many times higher and the prices of their cars way lower compared to the salary they are commanding. My ex Japanese GM said everyone in Japan changes their car when it reaches 50,000km and my ex client said he changes cars every few years. He drove me around in his Mercedes coupe the last time I visited him. Thus, for these places, property prices is the killer but for Singapore, on an overall basis, it has just become the most expensive city in the world.

Let’s see if any city overtakes it next year yeah. In the mean time, forget about buying a car there. Take the MRT.
It’s so convenient
. 🙂

written on 10 May 2014

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