Real estate solutions provider Bproperty has announced that it will merge with Australia-based Digital Classifieds Group to propel the business in Bangladesh.
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 company said in a statement on Saturday.
DCG has built 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, the statement said.
Bproperty is Bangladesh’s largest transacting real estate company and aims to create a "secure property marketplace where sellers, buyers, landlords, and tenants can safely engage in a streamlined and transparent process to achieve their goals".
Their website houses hundreds of thousands of property listings - 550,000 in 2023 - with videos, and floor plans.
“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,” Bproperty’s CEO Mark Nosworthy said.
DCG Group CEO, Mathew Care, viewed the deal as a significant milestone in the growth of the Australian 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."
Bproperty’s CEO Nosworthy will also join the DCG board under the terms of the deal.
With the addition of the 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.
“With additional resources and knowledge at our disposal, Bproperty will continue to push forward with its vision of providing market-leading services to consumers in Bangladesh, including working with the financial and construction industries tied to new solutions,” he added.