Ex-PropertyGuru execs bet big on rent-to-own in Indonesia

Can a minnow succeed where a whale failed?

In August 2023, PropertyGuru exited Indonesia after shutting down its Rumah marketplace. The company said it had “tried a number of different business models” in the country but none worked out well.

Now, two former PropertyGuru executives – Winston Lee and Marine Novita – want to have another crack at Indonesia.

Together with Lau Xin Yuan, they founded a new proptech company called MilikiRumah, which means “Owning Home” in Bahasa Indonesia.

MilikiRumah co-founders (from left) Lau Xin Yuan (finance director), Marine Novita (president director), and Winston Lee (CEO) / Photo credit: MilikiRumah

Launched in September 2024, MilikiRumah has closed its seed round at S$2 million (US$1.4 million). Apart from Singapore-based family office Ruifeng Wealth, angel investors including PropertyGuru co-founder Jani Rautiainen, PropertyGuru Singapore country head Tan Tee Khoon, and serial entrepreneur Yvone Lim also joined the fundraise.

Lee, who serves as MilikiRumah’s CEO, is convinced that the company’s business model is superior to the marketplace platform. This “last lap” of his and Novita’s career will also allow them to “do something that is meaningful,” he adds.

A different model

Unlike Rumah, MilikiRumah employs a rent-to-own model and aims to address the issue of home ownership in Indonesia.

In Jakarta, for instance, only 56% of households own their own homes – much lower than home ownership rates in other Southeast Asian cities like Singapore, Kuala Lumpur, and Bangkok, according to Lee.

In an interview with Tech in Asia, Lee – who was director of special projects and worked at PropertyGuru for nine years – and Novita – who spent seven years at the company and served as country head of Rumah – also expressed confidence that their experience in the proptech industry would be a significant advantage in running MilikiRumah.

Novita, for example, has an established network of developers, banks, associations, and brokers in Indonesia from her time at Rumah.

Rautiainen is also more than just an investor – he shaped PropertyGuru’s product and tech in its early days as its co-founder. He will support MilikiRumah in terms of product and tech strategy.

“People who invest in us are people who have worked with us,” Lee says. “It shows that they are confident in our ability to deliver.”

Eye on profit

Potential issues