Will PropertyGuru branch out as revenue growth slows?

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“Dream homes” are probably the most frequently used words by real estate agents. Growing up in the early 2000s, I recall posters of listings being stuck across school walls, apartment gates, trees, lamp posts, and even on the back of government-run buses. I mean these folks were literally everywhere.

It was a world where open houses became awkward encounters with fellow house hunters and agents who had enough brochures to possibly build the world’s largest paper plane. But could you really blame them? After all, who wouldn’t aspire to live in the property of their dreams.

Businesses knew that well before, and even better today. Hence, the rise of online portals for real estate, such as PropertyGuru, comes as no surprise. These platforms are essentially the modern-world assimilation of the posters I saw all around my hometown as a child.

But matters aren’t exactly going according to plan for real estate operators in Southeast Asia at the moment. Governments in Vietnam and Singapore are attempting to cool property market activity.

The knock-on effects of these efforts are reflected in PropertyGuru’s financials. The New York-listed firm recently posted its lowest revenue growth since the first quarter of last year, while adjusted EBITDA in Q1 2023 plunged by 60%.

Today’s featured piece highlights why the proptech company’s near-term plight may not be entirely in its hands even if it hold the keys to unlocking Southeast Asia’s housing market potential.

Today we look at:

• Why PropertyGuru is looking beyond slowing revenue growth in Q1
• GoTo-backed Electrum planning to manufacture 250,000 e-bikes annually
• Other newsy highlights such as the expansion plans of alt-protein startup Green Rebel, as well as a Singapore-based travel firm raising funds and buying CardsPal

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On the realtor’s radar

Image credit: Timmy Loen

Like most companies nowadays, PropertyGuru is looking for ways of incorporating artificial intelligence into its products. For now, it’s working on how property agents can experiment with generative AI capabilities in listings to improve content and user experience.

Internally, the firm is looking into how the technology can help its engineering team examine code quality and raise the productivity of software development.

Electrifying Indonesia

Reimagine sustainable innovation and tap into climate tech’s investment potential

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