Technology Drives Consolidation In Malaysian Real Estate Industry As iRealty Mergers With IQI
Muhazrol Muhamad will become Head of Bumiputera Segment at IQI
IReal Property Sdn Bhd (“iRealty”), one of Malaysia’s best-known real estate firms, and its 350 experienced real estate agents are joining IQI. IQI is the agent network owned and operated by Juwai IQI, the Asian real estate technology group that empowers residents of Asia to become residents of the world. Under the terms of their agreement, iRealty’s network of agents in Johor, Perak, Selangor, Kuala Lumpur, and Kuantan will adopt IQI’s brand and technology, including Juwai IQI’s super-app.
Muhazrol Muhamad, iRealty’s Co-Founder and CEO, will become Head of Bumiputera Segment at IQI. He said “We have built a thriving real estate agency at iRealty. I am proud of our team for the incredible things we have accomplished in the past 5 years, and I look forward to the even greater success that is ahead of us. Joining Juwai IQI will give us access to the technology and greater resources that we need to keep thriving. I’m confident this merger will provide our team with new opportunities to better serve their clients and their communities.”
IQI Global Group CEO Kashif Ansari said “We are excited to have iRealty join Juwai IQI. The merger will enable us to expand our footprint, grow our team, and better serve both developers and consumers. Juwai IQI is using its technology platform to build the future of real estate. By automating, digitizing, and innovating, they are increasing agent productivity and profitability. That delivers better results for both buyers and sellers in the real estate market.
Not so many months ago, we announced RINA Group’s merger as well as the partnership with OrangeTee & Tie in Singapore. Our strategic goal is to embrace technology and build the future of the real estate transaction. Real estate agents are becoming more innovative, more technological, and more productive. Those who do not adopt technology will fall behind. The trend towards greater technology is driving consolidation in the industry. You are likely to see more mergers and consolidation in the industry in the next few years.”
Juwai IQI Executive Chairman Georg Chmiel said “Juwai IQI’s super-app, its backend platform, its Chinese and Asia-wide real estate marketing portals, and its agent network are integrated to offer the best possible results for property marketers and buyers. Our mission is to help residents of Asia become residents of the world by offering them property from as nearby as their own neighbourhood and from as far away as the other side of the globe.
I’m excited about this merger between IQI and iRealty because it expands our reach in Malaysia and will make us even more successful there. COVID has accelerated the trend in the real estate industry towards greater use of technology. The agents and the companies that succeed over the next ten years will be the ones that are best able to deploy technology.”