iProperty Group Ltd (IPP), owner of Asia’s No. 1 network of property portal sites under the iProperty brand (www.iproperty.com), announced that it had agreed to acquire vproperty.com, the clear leader in the Macau. The acquisition extends the reach of the Group in the region with the Macau based portal being managed by the iProperty Group’s gohome.com.hk business.
Vproperty.com is the clear leader in Macau and currently generates revenue from local real estate agencies and property developers. The portal currently receives 50,000 consumer visits per month, generating 500,000 page impressions and has 60 registered agents as paying subscribers.
With a population of 500,000 Macau attracted 28,000,000 visitors in 2011, 65% of whom are from mainland China. Macau is experiencing extraordinary economic growth with GDP increasing by 21% in 2011 powered by the gaming and entertainment industry and lies at the heart of the Pearl River Delta area.
iProperty Group has agreed to acquire vproperty.com for USD300K in cash upon completion of the acquisition. This acquisition will be paid for using existing cash reserves.
Shaun Di Gregorio, CEO of the iProperty Group, said “following our success in making gohome.com.hk the leading property portal in Hong Kong, we see the Macau based vproperty.com as a natural extension in the region. This provides us with clear market leadership in both Hong Kong and Macau allowing us to offer advertisers a more compelling proposition and providing us improved access to property investors from mainland China. It’s the world’s most dynamic region and the acquisition of vproperty.com provides us with an expanded footprint and presence”