Asian property portal lists on ASX

ONLINE Asia property portal IPGA debuted on the Australian Securities Exchange yesterday.

IPGA owns a portfolio of leading Asian based property websites and data services that currently work with more than 1,200 real estate agents, 80 property developers and 80 real estate agencies to list over 23,000 properties online.

Controlled by Catcha Media Group, a Singapore-based media company owns and operates iProperty.com.my which was established in 2003 and is the leader in Malaysia’s online real estate market.

IPGA has also acquired a leading online property website in the Philippines, InvestPH.com, and has signed a heads of agreement to acquire www.real.co.th, a Thai real estate portal. It is planned that both these websites will be rebranded under the PropertyForce.com banner, which is IPGA’s intended operating name for countries outside Malaysia and Singapore.

The Asian online real estate advertising sector is forecast to grow significantly, with the Frost & Sullivan report estimating the markets of Singapore and Malaysia alone will grow at more than 70% a year between 2006 and 2010.

IPGA offered new investors a 29% stake at 25 cents a share. The initial public share offer raised $7.5 million from institutional and retail investors.

Shares at IPGA closed at 27 cents on the trade of 278,500 shares valued at $72,097.

Australian Property Journal