Miguel Cordon · · 2 min readKKR, TPG eye possible takeover of PropertyGuru: report
PropertyGuru team celebrating the company’s public listing / Photo credit: PropertyGuru
Global private equity majors KKR and TPG are looking into a possible buyout of Singapore-based PropertyGuru Group, among other strategies, Bloomberg reported, citing sources. The news comes as PropertyGuru’s share price has increased 32% so far in 2024, giving it a market value of US$723 million.
KKR and TPG currently own roughly 26.5% and 29.6%, respectively, of the real estate platform. While acquiring PropertyGuru’s remaining ownership is an option, the two have engaged an adviser to size up interest among other global investors.
However, the sources said that these discussions are still in their early stages.
PropertyGuru recently posted narrowing net losses for the first quarter of this year, which landed at US$4.6 million. Its revenue, meanwhile, grew 11.9% to US$27 million, which it attributed mainly to growth in Singapore.
That said, the company still missed average earnings estimates for the quarter.
Founded in 2007, PropertyGuru offers an online property marketplace for users in Singapore, Malaysia, Vietnam, and Thailand. It became a public company in 2022 after merging with SPAC entity Bridgetown 2 Holdings.
Recently, Singapore’s Housing & Development Board launched a home listing service that’s “free of charge for the time being.” PropertyGuru, however, said that it “welcomed the initiative” and that it looks forward to “partnering with HDB.”
Editing by Putra Muskita and Dhania Putri Sarahtika
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