Real estate marketplace bproperty.com has received $10 million in investment from its parent company, Emerging Markets Property Group (EMPG), in order to expand its foothold in Bangladesh.
This is one of the highest investments to be made in a single online platform in the history of Bangladesh, industry people said.
“We are very excited to have secured this investment,” said Mark Nosworthy, CEO of bproperty.com, which allows people to sell, buy or rent properties online and offline.
“We have the intention to build a world-class real estate solution for Bangladesh, ensuring that all Bangladeshis have access to the information and advice they require in order to make the right property decision.”
The new investment will help bproperty.com upgrade the quality of services, expand its reach throughout the country and provide clients with innovative services, Nosworthy said.
The investment will also help the entire sector face future challenges with ease, said the top official of the portal, which currently lists 25,000 properties to choose from.
The company has recently bought Lamudi.com.bd, a similar portal.
Officials of the company said bproperty is leading the development of the industry with a strong focus on ensuring transparency and building trust in real estate dealings.
This is a new kind of business that provides all legal and banking supports to buyers and marketing support to real estate and land developers from a single platform, they said.
Its parent EMPG owns top UAE property portal bayut.com and Pakistan's largest property portal zameen.com.
Officials said every property that is transacted through bproperty goes through the company's legal verification process to ensure that sellers and buyers have absolute peace of mind when executing a deal.
Launched in Bangladesh in 2016, bproperty has thoroughly surveyed and validated more than 120,000 buildings in Dhaka and has already expanded its business to Chattogram, Sylhet and Cumilla.
It currently has offices in Gulshan, Banani, Mirpur and Uttara.