Q4 2021 Market Update from PropertyGuru CEO & MD

Singapore, 15 February 2022

A Message from Group CEO and Managing Director, Hari V. Krishnan

I want to wish everyone a Happy Lunar New Year, and hope you have all got some time to celebrate with family and friends.

As we enter the new year, I wanted to give you an update on how our business has progressed with Covid restrictions beginning to relax across the Southeast Asia region and as we move closer towards becoming a public company in the U.S.

Last December, we took another important step towards completing our business combination with Bridgetown 2 when we filed the initial paperwork with the U.S. Securities and Exchange Commission (“SEC”) required to trade our shares on the public market in the U.S. The filing – known as the Form F-4 Registration Statement – has been approved by the SEC and declared effective on February 14, 2022. We currently expect to obtain the remaining approvals and complete our listing on the New York Stock Exchange by the end of the first quarter.

Thanks to the hard work and dedication of our Gurus, PropertyGuru is well-positioned to continue its growth journey as Southeast Asian economies exit strict Covid measures. Our financial results for the first half of 2021, showing a 17.9% revenue growth at June YTD vs the same period in 2020, demonstrated that our strategy to invest in our digital marketplaces and to expand our products and services into Fintech and data solutions is working.

That business momentum continued in the second half of 2021. Despite tightened Covid measures, PropertyGuru continued to grow, our market positions strengthened further, and we were able to successfully launch innovative solutions that bring us closer to becoming Southeast Asia’s property trust platform.

Key Market Performance Updates in Q4 2021  

  • Singapore: Our year-end 2021 Engagement Market Share was 84%1. Further, PropertyGuru increased agent subscription prices on average by 15% in November 2021, which we believe was enabled by rising property prices, solid agent and consumer confidence and PropertyGuru’s strong market position. Our Fintech business unit, PropertyGuru Finance, launched ‘SmartRefi,’ an innovation that lets users auto-track their mortgage against daily market rates to help them optimize timing of refinancing. SmartRefi featured in a nation-wide brand campaign in Q4 2021 that reached over 3 million Singaporean homeowners.
  • Vietnam: New property listings on our platform, Batdongsan.com.vn, increased 4.5 times in December 2021 compared to August 2021, driven by a sharp recovery in real estate market activity as the Vietnamese government eased Covid-related lock-down measures in Q4 2021.
  • Malaysia: We successfully integrated iProperty.com.my into our existing operations, and we have been able to capitalize on the initial benefits from joining forces. This includes combining our resources to increase cross-selling opportunities, bringing together best practices from both teams and improving our reach while reducing our marketing spend. We anticipate that as we continue to work together, we will find additional opportunities to strengthen our combined businesses and better serve Malaysia’s dynamic property market. The local property market saw renewed activity in Q4 as the lockdown restrictions in Malaysia eased. We continue to enjoy >90% Engagement Market Share2 in Malaysia and we believe that our business is uniquely positioned to benefit as the recovery gains momentum.

We believe the region’s property market will have a strong recovery driven by positive fundamentals of urbanization, digitalization and a rising middle class. We are only beginning to scratch the surface of our S$10.9 billion3 addressable market. Becoming a publicly listed company positions us even better to benefit from post-pandemic growth.

We have built the best team in our industry, and I am excited to work side-by-side with you all as we write the next chapter in PropertyGuru’s history. I look forward to sharing additional updates on our progress and successes.

Thank you.

Hari V Krishnan
PropertyGuru Group

1 Based on SimilarWeb data (average July to December 2021).
2 Based on Google Analytics data between January 2021 and June 2021.
3 According to Frost & Sullivan.

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