Digital Classifieds Group (DCG), the Australian-based parent company of Cambodia’s leading property platform Realestate.com.kh, has acquired two dominant online property marketplaces in Bangladesh, Indonesia and the Philippines this year. These strategic moves position DCG as Asia’s second-largest property portal operator.
The company announced their purchase of Lamudi Assets from Dubizzle Group – formerly Emerging Markets Property Group (EPMG) – on October 17.
Following their January acquisition of Bproperty, Bangladesh’s leading real estate platform, the move further solidifies their standing in the Asian property market.
Anthony Galliano, a DCG board member and director of Tanncam Investment, expressed his enthusiasm for the expansion, noting that it would be a pivitol moment in the real estate market.
“This is a game-changer for our business. DCG’s geographic reach in the real estate market has grown significantly, positioning the group to lead Southeast Asia’s property platform sector,” he said.
“While our organic growth has been exceptional, the board acknowledges that strategic procurements are essential to expedite our expansion plans and enhance value for our stakeholders. Tanncam Investment stands firmly behind its investment in DCG, applauding the board’s efforts in this strategic [move] that solidifies our position as a market leader,” he added.
Tom O’Sullivan, CEO of realestate.com.kh, highlighted the potential benefits of the purchase, saying it would enable the exchange of knowledge and ideas with other classified businesses in the DCG portfolio. He sees the move as empowering his company to remain a driving force in Cambodia and the broader region.
“I am excited about the prospects this acquisition offers. Lamudi brings a suite of technologies and systems that will enrich our services for agents and property seekers. Furthermore, Lamudi’s extensive presence in Indonesia and the Philippines will significantly broaden our clients’ exposure,” he said.
He added that DCG’s growth ambitions align with the robust potential of Southeast Asia, which the group anticipates will become a leading global region in the next decade. In line with these plans, DCG is also considering a potential listing on the Australian Securities Exchange (ASX) within the next 18 months.
Lamudi was founded in 2013 with a focus on dominant property classifieds in frontier markets. With this acquisition, the group now operates the leading property portals in six high-growth Asian markets: Cambodia, the Philippines, Bangladesh, Indonesia, Laos and Papua New Guinea.
According to data from Ministry of Economy and Finance, from January to August, the Ministry of Land Management, Urban Planning and Construction, approved 2,367 construction projects spanning 11.6 million square metres, with a capital investment of $4.757 billion.
Although the number of projects decreased compared to the same period in 2022, construction space and costs increased by 184% and 186%, respectively.
In August, 331 projects received construction permits, covering a total area of 3.6 million square metres and involving a capital investment of $1.557 billion. Compared to July, this represents a 43% increase in projects, a 201% increase in construction area and a 254% increase in capital investment.
Compared to August 2022, the number of construction projects decreased by 17%, while construction area and capital investment surged by 438% and 538%, respectively.
Among the 331 projects approved in August, 247 are housing projects (including 225 gated communities, known locally as borey), 32 industrial buildings, 33 commercial buildings, eight tourism projects, three investment projects and eight public construction projects.
