Square Yards acquires Singapore-based property consultant LUXE Real Estate
The deal is part of Square Yards’ strategy to target as many NRI markets as possible
- Jet Airways to make part payment of September salary to senior staffers on October 25
- Q2 results: HDFC Bank net profit rises 20.6% to Rs 5006 crore
- Govt, board eye asset sales to turn IL&FS around in six months
- Jet Airways sets jet sale, leaseback plan in motion to raise $800 mn
- Lenders accept ArcelorMittal resolution plan for Essar Steel
Mumbai: Real estate advisory firm Square Yards said on Wednesday that it had acquired Singapore-based property consultant LUXE Real Estate in an all-cash deal for an undisclosed amount.
“The deal is part of our strategy to expand and strengthen our presence in the international markets. Our focus right now is to scale up our business and target as many NRI markets as possible,” said Tanuj Shori, chief executive officer and founder, Square Yards.
LUXE real estate specializes in selling luxury real estate properties and works in partnership with Singapore-based developers such as CDL (City Development Limited).
Post acquisition, the entire team of LUXE will be absorbed in Square Yards as agents, while its executive officer Calvin Chao will join as director (international product marketing) in Singapore.
“The global distribution strength that Square Yards is building along with the sourcing capabilities of LUXE would complement each other in building the International Project Marketing business more effectively,” said Chao.
Last week, Square Yards announced acquisition of property search portal Realizing in a cash and equity swap deal.
Present in 20 cities across five countries, the Gurgaon-based company said it had facilitated transactions worth $350 million so far. In May, it raised $5 million in early stage funding from Singapore- and Hong Kong-based investors.
Editor's Picks »
- Policy rethink and higher volumes to aid container shippers
- DCB Bank delivers a strong Q2 but pressure on margins foreseen
- Havells India: Rising costs give a jolt to profitability in September quarter
- All’s well at Mindtree, except for high client concentration risk
- India’s rising steel demand is making companies starry-eyed