Singapore’s PropertyGuru earns H1 revenues of $6.2 mln in Vietnam

Singapore-headquartered property-technology (proptech) firm PropertyGuru recorded revenues of SGD8.4 million ($6.2 million) from the Vietnamese market in the first half of this year, down 30% year-on-year.

Vietnam was PropertyGuru's third-biggest market in terms of H1/2023 revenues, after Singapore with SGD40.4 million ($29.9 million) and Malaysia with SGD13.4 million ($9.9 million).

The firm’s earning before interest, taxes, depreciation and amortization (EBITDA) from Vietnam was negative SGD73,000 ($54,000), versus positive SGD2.8 million ($2.1 million) in H1/2022, according to its H1/2023 report.

Globally, PropertyGuru posted revenues of SGD69.5 million ($51.4 million) in H1/2023, up 13.5% year-on-year. Its EBITDA was SGD4.8 million ($3.6 million), up 500% year-on-year.

For 2023, the firm targets revenues of SGD160-170 million ($118.4-125.8 million).

PropertyGuru said its global performance in H1/2023 was strong amidst the Southeast Asian economy wrestling with inflation. In Vietnam, macro challenges remained as the government’s interventions in the property market continued to impact consumer sentiment and transaction volume, said Hari V. Krishnan, CEO and managing director of the proptech firm.

The Vietnamese market has seen some positive signs recently, as interest rates have been lowering in line with the government’s order, increasing credit access for consumers, according to PropertyGuru.

Vietnam remains one of the most vibrant economies in Southeast Asia thanks to its increasing middle-class and rapid urbanization, the demand for good-quality housing in Ho Chi Minh City, Hanoi and other localities will rise in the years to come, said property consultancy JLL.