Peter Lim buys 20% stake in new property portal

SINGAPORE — Billionaire investor Peter Lim has taken a 20 per cent stake for an undisclosed sum in real estate portal TheEdgeProperty.com, which will be launched in Singapore next month.

The announcement yesterday marked the first foray into the technology sector for Mr Lim, whose other investments include Valencia football club, McLaren Automotive and fashion group FJ Benjamin.

“The business model is not disruptive and is aligned to the interests of the property agents, developers, banks and public users. Growth prospects are good because it’s very scalable and revenue generation is immediate,” he said.

TheEdgeProperty.com, owned by The Edge Media Group, made its debut in Malaysia last month. Its entry into Singapore on July 25 will add to the increasingly crowded property portal scene here, joining the likes of PropertyGuru, iProperty, SRX Property and 99.co.

To differentiate itself, TheEdgeProperty.com said its platform would feature mortgage offerings besides allowing users to browse listings and search for their desired properties. Users can also look up the fair value of properties on the site as well as access price trends and real estate news.

“Offering mortgages within the platform will be a central feature, where the full experience of buying a property … is seamlessly and conveniently integrated,” it said.

TheEdgeProperty.com, which is already “live”, has partnered with 10 developers in Malaysia to market their projects on the portal. It is looking for similar tie-ups in Singapore and discussions are in progress.