Peter Lim, a Singaporean billionaire, has taken a 20 percent interest in the new property portal of Tong Kooi Ong, TheEdgeProperty, for an undisclosed consideration.
Tong is the owner of The Edge Media Group, publisher of The Edge Singapore, The Edge Malaysia, The Edge Review, The Edge Financial Daily and theedgemarkets website.
This represents Peter Lim’s first foray into the technology sector, The Edge said in a media statement. His major investments besides the football club Valencia include Thompson Hospital, FJ Benjamin, and McLaren.
“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 good because it’s very scalable and revenue generation is immediate. The fundamental strength in Tong’s TheEdgeProperty.com is it wins by enabling existing stakeholders to win.” says Peter Lim.
TheEdgeProperty will be officially launched in Singapore on 25 July 2015, after having made a debut in Malaysia on 7 May 2015.
Besides listings, the property website has a full range of analytical tools including indicative valuations, past transactions, rental rates, trends, hotspots and new project launches.
Offering mortgages within the platform will be a central feature, The Edge said, where the full experience of buying a property: from searching for listings, to contacting the right agents, to finding the right locations and price, to evaluating comparable properties that are available and transacted, to what price to make an offer and securing a mortgage – is seamlessly and conveniently integrated.
For the first time, property buyers, sellers and renters will have all the information that is required in making a better decision, for free, it said.