Singapore, Singapore, August 28, 2008 --(PR.com
)-- Following the launch of Asia’s first regional luxury property website – iLuxuryasia.com, the iProperty.com Group, owner of Asia’s leading network of property portals, as well Singapore’s No. 1 real estate website, iProperty.com Singapore, has acquired a controlling stake in Info-Portal Tech International Company Limited, owner of the No. 1 property buying website in Taiwan, VRHouse.com.tw.
VRHouse.com.tw is the No. 1 online property portal in Taiwan as measured by user traffic, developer clients and revenue. Info-Portal Tech International Company Limited is based in Taipei and operates VRHouse.com.tw and all its related sites, which are Chinese language based. In total, over 225,000 unique users view and use VRHouse.com.tw’s property listings and services each month.
Patrick Grove, Executive Chairman of the iProperty.com Group Limited, noted, "We are delighted with the acquisition of VRHouse.com.tw in Taiwan. Our experience in Singapore, Hong Kong, Malaysia and the Philippines allows us to bring a strong value-add proposition to VRHouse.com.tw. We also look forward to working with the dynamic, entrepreneurial local team to further dominate the Taiwan market and the region at large,” he said.
“Most importantly, this acquisition completes our ownership of market-leading property portals across the Chinese diaspora in the region. We now hold the unique position of operating the leading online property portals in all the Chinese-speaking markets in this region ex-China, allowing us an exceptional strategic opportunity. Taiwan’s broadband penetration is exceptional and recent moves to open the market to mainland Chinese investment means nothing but good news is on the horizon for the property market in Taiwan.”
“We are extremely pleased that we have been able to acquire the clear leader in the Taiwan online property market. iProperty.com’s regional sites and listings network is now viewed by over 1 million unique users in Asia Pacific each month, said Mr. Grove.
“We are further excited by the recent political events and strengthening of ties with China which is expected to lead to a significant increase in mainland Chinese investing in Taiwanese property. We plan to position VRHouse.com.tw as a key media property that facilitates this process,” he added.
Said Jackson Cheng, Chairman of Info-Portal Tech International Company Limited, “We are extremely excited by this transaction and believe that under the iProperty.com umbrella, VRHouse.com.tw’s efforts to continue to grow and dominate the online property market in Taiwan will be greatly boosted.”
The acquisition of VRHouse.com.tw sees iProperty.com Group add to its market-leading online property operations in Singapore, Malaysia, Hong Kong and the Philippines, and represents the latest in a string of acquisitions since its listing on 11 September 2007.
The iProperty Group continues to seek further strategic acquisitions of leading property portals and complimentary businesses throughout regional markets.