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Pidemco Land's pFission to create property vortal with MCL Land, CB Richard Ellis and Jones Lang LaSalle

Singapore, 26 April, 2000

Singapore, April 26 - pFission Pte Ltd, the new e-business subsidiary of Pidemco Land, has formed a consortium with MCL Land, CB Richard Ellis and Jones Lang LaSalle to develop a property vortal called Propbuzz.com.

Propbuzz.com will be one of the first vortals in Singapore to offer access to the networks and databases of its member companies. To be launched by the third quarter of this year, Propbuzz.com is designed to facilitate mainly property sales and leasing through the local property consultancies.

The consortium will initially invest $4.5 million with pFission holding a 30 per cent stake and MCL Land holding a 20 per cent stake. CB Richard Ellis and Jones Lang LaSalle will each have a 25 per cent stake. The partnership is believed to be one of the first in Singapore between two major local property developers and two leading international property consultancies.

pFission Managing Director Mr Martin Tan said, "We are pleased to have such well-established players in the property industry as our partners. Together, we can pool our networks, databases and expertise to launch a vortal which is multi-dimensional and which can offer services internationally."

The vortal will tap on the global resources, networks and databases of the shareholder companies to provide a comprehensive one-stop information and service centre for both consumers and property agents. The consortium with a combined presence in all the major cities in the Asia-Pacific region, is in talks to bring in another major local property developer and another property consultant.

Propbuzz.com will offer an extensive range of information and services including:

* Information

  • Listing of properties
  • Listing of real estate agents
  • Digital map
  • Regular property information updates
  • Wireless transmission of information
  • Mortgage and financing details
  • Research reports

* Services

  • Advanced search engines
  • Call centre manned by professionals to address queries online
  • Live forums with real estate personalities/experts
  • E-valuation services
  • Home-moving services
  • E-auctions
  • Online bank loans and insurance services

Propbuzz.com will offer audio and video conferencing capabilities in its next phase of development.

The consortium plans to replicate the vortal overseas on a partnership basis with local companies which have complementary expertise and networks. Targeted cities for expansion include Hong Kong, Sydney, Jakarta, Kuala Lumpur and Bangkok.