The country's largest complete real estate solutions provider 'Bproperty' has announced that it will merge with Australian-based Digital Classifieds Group (DCG).
The deal means Bproperty now has access to even more resources to enhance its services while DCG substantially grows its footprint in frontier markets and merges with a business of significant scale.
The DCG has built dominant property classifieds in frontier markets since 2009, operating in Cambodia, Papua New Guinea, Laos and Fiji, with a joint venture and investment in the Thailand-based prop-tech the FazWaz Group, said a press release on Sunday.
In recent years, DCG has transitioned its business model from advertising to transactional services to accelerate its growth.
This transaction will see its global workforce grow to more than 550 and increase revenue by over 100 percent, a transaction completed despite global macroeconomic challenges in the tech and property sectors.
Bproperty is a property pioneer and is Bangladesh's largest transacting real estate company, creating a secure property marketplace where sellers, buyers, landlords, and tenants can safely engage in a streamlined and transparent process to achieve their goals, the release added.
Bproperty utilizes technology to drive solutions and has an unmatched online and offline presence with an incomparable database of information. Their website houses hundreds of thousands of property listings-- 990 at launch in 2016, and 550,000 in 2023-- with immense detailing, videos, and floor plans
that provide viewers with a clear picture of what they are potentially getting before ever leaving their seats.
To provide the smoothest transactions, Bproperty has in-house teams for supporting services. These include legal, financial and interior services, everything in one place, ensuring matters are taken care of in a timely fashion.
Bproperty has quickly become the go-to name for real estate ventures with over four million website and mobile application visitors annually.
CEO of the Bproperty Mark Nosworthy said: "I'm thrilled that through this transaction, we will continue to see Bproperty grow in Bangladesh as well as work collaboratively with DCG's other markets to cement its position as Australia's leading operator of property classifieds in Asian frontier markets."
DCG Group CEO Mathew Care viewed this as a significant milestone in the growth of the Group.
"I wholeheartedly welcome the Bproperty team, who have pioneered a dominant transactional property marketplace, to the DCG family. I also welcome their CEO Mark Nosworthy to the DCG Board. We can undoubtedly learn from his immense experience to help our upward growth."
Under the terms of the deal Mark Nosworthy will also join the Board of DCG.
With the addition of the dynamic Bangladeshi market, DCG enters its single biggest frontier market to date, increasing its market reach threefold. The group will serve approximately 200 million people across five countries. DCG will now look to consolidate its position in all markets as the leading operator of property classifieds in Asian frontier markets.