Singapore billionaire businessman Peter Lim has bought a 20% stake for an undisclosed sum in the new property portal, theedgeproperty.com.
Mr Lim, recently ranked No.8 in Forbes Magazine’s annual list of the city states’s billionaires, with an estimated net worth of $2.5 billion, is entering into an already crowded property portal market which has seen the likes of heavyweight SPH (Singapore Press Holdings) through STProperty, incumbent iProperty, newcomers 99.co, and the current local portal leader PropertyGuru slug it out and jostle for market share.
Mr Lim, who last year made international news with the purchase of Valencia Football Club with a $475 million investment, is a newcomer in the Internet technology sector. Clearly impressed by what he sees as a viable investment, Mr Lim proclaimed, “This unique internet technology enables and helps existing shareholders strengthen their business. The business model is not disruptive and it is aligned to the interests of the property agents, developers, banks and public users. Growth prospects are strong for theedgeproperty.com because it is scalable and revenue generation is immediate.”
In a direct competition to SRX (Singapore Real Estate Exchange), The website features The Edge Fair Value, an algorithm generated indicative value based on the most recent real transacted prices with advance analytics by area and property type on price per square foot and other information. SRX, 60% owned by SPH in a share sale announced in 2014 has been championing its analytics tool, The X-Value, to consumers and is also now amalgamated with ST Property.
Theedgeproperty.com was launched a month ago in Malaysia and its Singapore edition, which is already live will be officially launched on 25th July 2015.
The Edge Media Group also owns the magazines, The Edge Singapore, The Edge Malaysia, The Edge Review, The Edge Financial Daily and theedgemarkets.com. Its Executive Chairman is Datuk Tong Kooi Ong.