PropertyGuru Group, a Singapore-based property technology company, said Monday, its total revenue increased by 22.7 percent to S$100.7 million ($74.36 million) from S$82.1 million ($60.63 million), reflecting rising confidence in the property market.

This is also 3.3 percent better than the group’s 2021 forecast of S$97.5 million ($72 million), PropertyGuru said in a statement.

For Singapore, PropertyGuru’s year-end 2021 engagement market share grew to 84 percent with agent subscription prices increasing on average by 15 percent in November 2021.

These results were driven by rising property prices, solid agent and consumer confidence and PropertyGuru’s strong market position. In November, PropertyGuru Finance launched “SmartRefi”, an innovative tool that allows users auto-track their mortgage against daily market rates to help them better determine when to refinance.

As for Vietnam, new property listings on increased 4.5 times in December 2021 compared to August 2021, driven by a sharp recovery in real estate market activity as the Vietnamese government eased COVID-related lock-down measures in the fourth quarter.

Meanwhile, PropertyGuru in Malaysia continues to enjoy more than 90 percent engagement market share. In the second half of 2021, the group successfully integrated into its existing operations.

The addition of iProperty immediately increases the group’s ability to serve Malaysia’s property market, which has seen a steady recovery following the easing of lockdown restrictions in the fourth quarter.

“Despite the uneven recovery from COVID-19 across Southeast Asia, PropertyGuru continued to execute well in 2021 delivering strong financial results. Southeast Asia’s growth is being propelled by the long-term fundamentals of urbanization, digitalization and a rising middle class, and we exited 2021 with good momentum in the real estate sector in our key markets, as COVID restrictions eased,” said Hari V. Krishnan, Chief Executive Officer and Managing Director of PropertyGuru.

The group reaffirmed the positive outlook for 2022 with revenue projections of S$145.1 million ($107.15 million), supported by strong momentum year to date and growth across all markets as the region emerges from the impact of COVID. This would represent a year-on-year growth of 44 percent.

The group also reaffirmed the expectation of a return to positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), as the benefits of increased investment in people and marketing through COVID and integration of the REA Malaysia assets come through.

PropertyGuru previously announced a business combination with Bridgetown 2 Holdings Limited, a special purpose acquisition company formed by Pacific Century Group and Thiel Capital LLC.

PropertyGuru Group is Southeast Asia’s leading property technology company, and the preferred destination for over 52 million property seekers to find their dream home, every month. PropertyGuru and its group companies empower property seekers with more than 3.3 million real estate listings, in-depth insights, and solutions that enable them to make confident property decisions across Singapore, Malaysia, Thailand, Indonesia, and Vietnam. was launched in 2007 and has helped to drive the Singapore property market online and has made property search transparent for the property seeker. Over the decade, the group has grown into a high-growth technology company with a robust portfolio of leading property portals across its core markets company; award-winning mobile apps; a high quality developer sales enablement platform, FastKey; mortgage marketplace PropertyGuru Finance; and a host of other property offerings including awards, events and publications across Asia.

PropertyGuru completes acquisition of iProperty Malaysia, thinkofliving