The Edge Property – a real estate startup based in Malaysia has raised US$4 million from investors UOB chairman Hsieh Fu Hua and CIMB chairman Dato Sri Nazir Razak.
The round also saw participation from Fushia Investments, the Vice President of ASEAN Systems Sales at Oracle Peter Goh and Malaysian businessman Tan Sri Wan Azmi Wan Hamzah.
With the fresh capital, the startup will expand the company’s reach and optimize the platform’s first mover advantage.
Bernard Tong, the Managing Director of The Edge Property Singapore said, “There will be a tremendous opportunity for The Edge Property as a tech-enabled media company to play a bigger role in this space.”
Launched in 2015 by Malaysian serial entrepreneur Tong Kooi Ong, The Edge Property is a portal providing buyers with the relevant property news data and analytic to facilitate better purchasing decision on different types of real estate.
One of the biggest challenges, according to Bernard, is that the company faces difficulties in matching buyers, especially millennials with the right property among the numerous choices.
“But we’ve spent a lot of time trying to understand these obstacles. And we are very excited to be rolling out new products that will address these issues in the coming months,” Bernard added.
Alvin Ong, the Director of Product and Business Development for The Edge Property also added, “We have established ourselves as a leading source of property information. We want to build on that and provide consumers and businesses a platform to turn that into an advantage, leveraging technologies such as machine learning.”
“It’s about creating a tailored experience for specific users groups – from first-time home buyers to seasoned investors and even property developers,” Ong said.
The Edge Property claims to have 600,000 users per month across the combined two markets in Singapore and Malaysia, with its property transactions as much as US$88 billion last year.