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The Edge Property secures US$4 million funding

feily.sofian@bizedge.com
Updated

Singapore, 21 June 2017 – The Edge Property, a property portal launched two years ago by Malaysian serial entrepreneur Tong Kooi Ong, has been growing significantly from 50,000 users per month in the initial month of launch to 600,000 today across Singapore and Malaysia. In terms of market share, The Edge Property is no. 2 in Singapore and no. 3 in Malaysia, based on stats from SimilarWeb.com, a website which provides market intelligence solutions.

The round of funding included many prominent investors such as UOB chairman Hsieh Fu Hua; CIMB chairman Dato Sri Nazir Razak; Fushia Investments Pte Ltd (part of the GKGoh family group); Vice President of Asean Systems Sales at Oracle Peter Goh; as well as Malaysian businessman Tan Sri Wan Azmi Wan Hamzah.

“The fresh capital will allow us expand our reach and optimise our first-to-market features,” says Bernard Tong, managing director of The Edge Property Singapore.

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One of the biggest challenges is matching buyers with the right property given the sea of choices, observes Tong. He also notes that there are many difficulties faced by millennials in owning a first home. “We’ve spent a lot of time trying to understand these obstacles,” he says. “And we are very excited to be rolling out new products that will address these issues in the coming months.”

Tong adds, “There will be tremendous opportunity for The Edge Property as a tech-enabled media company to play a bigger role in this space. Property transactions topped $88 billion last year in Singapore and Malaysia combined, and technology-enabled transactions have barely scratched the surface.”

Alvin Ong, the Director of Product and Business Development for The Edge Property added, “We have established ourselves as a leading source of property information. We want to build on that and provide consumers and businesses a platform to turn that into an advantage, leveraging technologies such as machine learning. It's about creating a tailored experience for specific users groups - from first-time home buyers to seasoned investors and even property developers.”

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