| Asian online property company IPGA Ltd. (ASX: IPP), which listed today on the Australian Securities Exchange, said it continues to identify further expansion opportunities throughout the region.
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.
An independent study by research group Frost & Sullivan confirms IPGA has the market-leading operations in both Malaysia and Singapore.
“The successful listing is a vote of confidence in IPGA’s growth strategy and validates the company’s decision to pursue an IPO in Australia despite recent global volatility in equity and financial markets,” said IPGA executive chairman Patrick Grove.
“Our strategy is to develop the online property business model in key Asian markets and focus on leading in each new market we target,” Mr. Grove said.
Controlled by Catcha Media Group, a Singapore-based media company founded by Mr. Grove and others, IPGA offered new investors a 29% stake at 25 cents a share. The initial public share offer raised A$7.5 million from institutional and retail investors.
IPGA also owns and operates iProperty.com.my which was established in 2003 and is the leader in Malaysia’s online real estate market.
Part of the proceeds from the listing will be used to complete the acquisition of Info-Tools Pte Ltd. Info-Tools currently offers co-broking tools via Singapore’s leading MLS (Multiple Listing Service) and 15 years of historical data and property listing information to local real estate agencies and agents. IPGA intends to launch a consumer property website using this wealth of content at www.iproperty.com.sg in the immediate future.
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 / 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.
“The success achieved by our Malaysian operation, iProperty.com.my, indicates that the Asian online property market could be in line for the same stellar growth achieved in Australia in the last six years,” Mr. Grove said.
IPGA’s management team is led by Ken Tsurumaru, who was a co-founder of
Catcha Media Group. The board of directors includes Australian businessmen
Sam Weiss, Paul Choiselat and Hugh Morrow, and Dato' Larry Gan, who was previously the Managing Partner of Accenture in Asia. | 
