Lamudi’s new parent firm unifies SEA presence with fresh brand

With additional reporting from Ghinaa Rahmatika.

The MBO signing of Lifull Connect, a joint venture with FazWaz and Lifull. / Photo credit: Michael Kenner

Global real estate group Lifull Connect has launched a new brand called SEA Connect Ventures.

The move comes as the company acquired Digital Classifieds Group (DCG), which runs real-estate marketplace Lamudi, in June.

Lifull Connect also operates regional proptech firms including FazWaz and RealEstate.com.kh.

With SEA Connect Ventures, the group seeks to consolidate its operations in Southeast Asia, where it’s present in Thailand, Indonesia, Cambodia, and the Philippines.

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Established in 1997, Japanese real estate firm Lifull has had several evolutions. It acquired Spain-based Trovit in 2014 and then bought classifieds aggregator Mitula Group in 2018. A year later, Lifull Connect was launched.

Michael Kenner, managing director at Lifull Connect, tells Tech in Asia that within the region, “specific markets that we want to focus more on besides Thailand would be the Philippines and Indonesia.”

In the latter, Lifull Connect plans to prioritize sustainability over aggressive growth. The company wants to target high-value niches such as the “mid-to-high-end segments” like Jakarta and Bali, while “building a profitable, sustainable model,” says Kenner, who was also the co-founder of FazWaz.

Meanwhile, in the Philippines, Lifull Connect aims to replicate its business model in Thailand, where it also provides direct real estate services such as scheduled tours and online offers.

The group already has a good base in these markets. Lamudi has around 160,000 listings in the Philippines and has “closer to 10,000+” active agents in Indonesia.

Kenner believes Lifull Connect can “dominate” the market with SEA Connect Ventures, but with strong contenders in the region, including PropertyGuru and 99.co, the race for market leadership remains highly competitive.

“We’re basically going after PropertyGuru in a head-on clash in Southeast Asia,” Kenner says. “If you think about the property market here, they’re in Singapore, Thailand, Vietnam, and Malaysia.”