Square Yards acquire LUXE Real Estate for an undisclosed amount. The deal is said to be an all cash deal. With this acquisition Square Yards will have direct access to the prime district areas of Singapore real estate market. This is second acquisition from Square Yards within weeks.
LUXE Real Estate has strong domestic and international track record in luxury real estate’s sales. They have exclusive tie ups with Singapore based developers like CDL (City Development Limited), who can be able to leverage on expertise of Square Yards and their project portfolio that exist in the countries of Bulgaria, Australia, Malaysia, Mongolia, UK and the US.
After the acquisition, entire team of LUXE will join Square Yards along with its Chief Executive Officer Calvin Chao. He will be director – international product marketing in Singapore.
Kanika Gupta, Chief Operating Officer of Square Yards said “This deal completely complements our strategy to have a dominant position in International markets. The International Project Marketing (IPM) division in Dubai has tremendous demand from countries like UK and Malaysia and improved product sourcing capabilities from global markets will only help us do more business in Gulf countries.”
Tanuj Shori, Chief Executive Officer, Square Yards said “The deal is part of our strategy to expand and strengthen our presence in the international markets. Our focus right now is to scale up our business and target as many NRI markets as possible.”
Calvin Chao, Key Executive Officer, LUXE said “The global distribution strength that Square Yards is building along with the sourcing capabilities of LUXE would complement each other in building the International Project Marketing business more effectively.”
Few days back Square Yards announced acquisition of property search portal Realizing in a cash and equity swap deal. The company has planned to expand its presence in 20 cities across five countries. They have facilitated transactions worth $350 million till now. Square Yards were funded by angel investors from Hong Kong and Singapore.
Online real estate in India has witnessed many notable investments and acquisitions. Housing.com acquired risk assessment analytics firm Realty Business Intelligence, prior to this acquisition they took over Indian Real Estate Forum for $12 million. PropTiger.com acquisition of Makaan.com followed by takeover of OoBI.