PropertyGuru expects EBITDA-positive 2022 ahead of US listing

Singapore-based proptech major PropertyGuru expects to swing into the positive adjusted EBITDA arena in 2022. The outlook comes days before the company’s set listing on the New York Stock Exchange.

PropertyGuru’s Singapore office / Source: PropertyGuru

The proptech firm’s revenue climbed by 22.7% to US$73.8 million in 2021. This is also 3.3% above the company’s forecast of US$71.5 million.

PropertyGuru expects revenue of S$145.1 million (US$106.3 million) in 2022, up 44% from the year before. The increase is bolstered by growth across all its markets in Southeast Asia as the region emerges from the impact of Covid-19.

“Southeast Asia’s growth is being propelled by the long-term fundamentals of urbanization, digitalization, and a rising middle class, and we exited 2021 with good momentum in the real estate sector in our key markets as Covid-19 restrictions eased,” said CEO Hari Krishnan.

In 2022, PropertyGuru’s engagement market share grew to 84% in Singapore, according to SimilarWeb data. Rising property prices and consumer confidence mainly drove this growth.

See also: PropertyGuru’s revenue and valuation fall for the first time in years

Meanwhile, new property listings on the company’s Vietnam unit Batdongsan increased 4.5x in December 2021 compared to August 2021, steered by a sharp recovery in real estate market activity as the local government eased Covid-related lockdown measures in the fourth quarter.

In the second half of 2021, PropertyGuru integrated iProperty.com into its existing operations. This helped the former capture over 90% of Malaysia’s engagement market share, according to SimilarWeb data.

PropertyGuru’s listing is backed by a business combination with Bridgetown 2, a SPAC supported by billionaire investors Peter Thiel and Richard Li. The listing will take place if shareholders vote in favor of the business combination at an extraordinary general meeting on March 15.

Currency converted from Singapore dollar to US dollar: US$1 = S$1.36.