Local real estate portal gets capital injection

May Kunmakara / Khmer Times No Comments Share:
Phnom Penh’s rapidly growing skyline. KT/Chor Sokunthea

Mekong based private equity firm Belt Road Capital Management (BRCM) recently invested $1.8 million into Digital Classifieds Group (DCG), the Australian based classifieds group behind Realestate.com.kh.

The capital injection will be used to expand DCG’s operations in Cambodia and abroad.

Alex Odom, BRCM’s Chief Investment Officer, said in a press release that the investment will play a role in building up the local real estate sector and helping it attain international standards.

“Having seen the swift growth of Realestate.com.kh, and a high level of professionalism across DCG’s local and international operations, I was more than confident to introduce the opportunity to the equity partners of BRCM,” Mr Odom said.

“I believe this company has a strong future in both the Cambodian market and internationally, and I’m excited that BRCM will now be a part of this journey.”

Tom O’Sullivan, CEO of Realestate.com.kh, said the new funding will fuel growth in DCG’s existing markets, including its expansion into additional business verticals within Cambodia.

He also said that the funding is highly strategic given BRCM’s focus on countries that are key within China’s One Belt One Road scheme.

“DCG is prioritising Cambodia and greater Southeast Asia for investment and expansion.

“Given BRCM’s deep experience in Cambodia and related ‘Belt Road’ markets such as Myanmar and Laos, we are excited about the benefits that their knowledge and connections will bring,” Mr O’Sullivan said.

Mathew Care, DCG’s CEO, said the company has made major investments in technology and human resources, which have increased investors’ interest in recent funding rounds.

“When we first started the business, we undervalued the importance of our platform and bootstrapped every part of the business. With the benefit of hindsight, we have spent over 18 months developing a world class platform, based on proven Australian real estate portal technology, which is now delivering outstanding results,” said Mr Care.

“We are presently reviewing a range of expansion opportunities, particularly in Cambodia, where we have seen a tremendous surge in internet penetration and rapid urbanisation.

“We believe that our experience, platforms and committed expatriate and local teams are capable of tackling almost any new opportunity.”

Mr Care also said that the additional capital gives DCG and Realestate.com.kh the ability to take on a much larger share of the Cambodian and Southeast Asian online marketplaces.

Since its inception in 2014, DCG has experienced tremendous growth and created real estate portals in Cambodia, Papua New Guinea, and Fiji.

The group also owns leading general classifieds websites in Laos, Papua New Guinea, and Fiji.

Cambodia boasts one of the fastest growing construction and real estate markets in Southeast Asia.

The combined value of approved construction projects in the kingdom reached $6.42 billion in 2017, an increase of 22.31 percent year-on-year.

Last year alone, 3,052 new construction projects, equaling 10.74 million square metres, broke ground.

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