by Joseph Yadao
SINGAPORE : Local property agents have yet to realise the potential of the Internet, with only about 5 per cent of agents using the Internet as a marketing tool, according to Mr Patrick Grove, the group CEO of Singapore-based Catcha Media Group.
However, in highly-developed markets like Australia and the United Kingdom, about 90 per cent of property agents are already taking advantage of the Internet.
"The number one property website in Australia is worth S$800 million, while the one in the UK is worth S$2 billion," said Mr Grove, who is also executive chairman of IPGA, an online property subsidiary of Catcha that listed on the Australian Securities Exchange last Tuesday.
IPGA offered its new investors a 29 per cent stake in the company at AUD$0.25 (S$0.32) a share. The IPO raised S$9.45 million from both institutional and retail investors.
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