Segment 01
Brokerage and agency networks
Licensed brokerages and the agent networks they run, from capital-city firms with hundreds of agents to regional operators with a strong local book.
Focus
Real estate, technology and finance
Six markets on the ground in Southeast Asia, and the Western groups on the other side of the table.
Segments
Segment 02
Portals and platforms
Marketplaces where buyers, renters and agents meet. The asset is the audience and the data, not the code.
Segment 03
Software for property
SaaS sold to agents, developers and landlords: CRM, transaction management, valuation, property management and payments.
Segment 04
Lead generation and distribution
Businesses that source and qualify enquiries for developers and brokers, whether through paid media, content or call centres.
Segment 05
Financial services
Lending, insurance, payments and the financial infrastructure a property transaction runs through, including the groups that want to own that layer.
Markets
Six markets
Each country works differently. What we look for in every one is the same: who owns the agents, who owns the audience, who owns the software, and which founders are ready to talk.
Singapore
Singapore
Small, mature and tightly regulated. The regional base for many of the groups we act for, and a market where listing platforms and agent networks are already concentrated.
Kuala Lumpur
Malaysia
A large, dispersed brokerage base across the Klang Valley, Penang and Johor, with listing platforms that compete on agent tools as much as on audience.
Jakarta
Indonesia
The region's largest population and its most fragmented brokerage market, where the reach of a listing platform or a franchise network is the scarce asset.
Bangkok
Thailand
A brokerage market shaped by foreign and resort demand alongside the Bangkok condominium trade, with many small operators and a few established portals.
Ho Chi Minh City
Vietnam
A young, fast-forming brokerage industry with new licensing rules, where the businesses worth owning are still being built.
Manila
The Philippines
Licensed brokers, developer-accredited sales networks and a handful of portals serve a large, mostly founder-run brokerage base. The market we currently have the most detailed data on; see below.
Why this sector, and why now
The Philippines as the worked example
I chose this sector because it is large and fragmented in every market in the region, and because few advisers work on it full time. The Philippines shows the pattern clearly. Property is bought and sold there through a great many small brokerages, most of them founder-run, and the technology that serves them is still being built out. A group that wants a position has to pick its way through that landscape.
Three public figures shape my view of that market. First, the audience is online. DataReportal counted 98.0 million internet users in the Philippines in October 2025, 83.8% of the population (report dated 5 November 2025). Property search is a digital activity, which is why listing platforms and lead generation matter as much as the brokerages themselves.
Second, the licensed broker base keeps growing. The Professional Regulation Commission reported that 1,863 of 2,296 candidates passed the April 2026 Real Estate Brokers Licensure Examination (published 21 April 2026), up from 1,306 of 1,741 a year earlier. Every new broker needs a brokerage, a lead source and software. Those are the businesses a buyer is acquiring.
Third, prices have turned. The Bangko Sentral ng Pilipinas reported that its Residential Property Price Index rose 4.5% year on year in the first quarter of 2026 and 5.6% on the quarter, reversing two quarters of decline (report dated 26 June 2026). A market coming off a soft patch is the moment when founders who held out through the downturn become willing to talk, and when a buyer can still pay a sensible price.
None of this makes a deal easy, there or anywhere else in the region. Foreign ownership rules, licensing, data hygiene and founder dependence all have to be worked through, and each country sets them differently. That is the work.
Alberto García Martínez, Managing Director
Sources used on this page
- DataReportal (Kepios): Digital 2026: The Philippines, 5 November 2025. 98.0 million internet users in the Philippines in October 2025, 83.8% of the population.
- Professional Regulation Commission: April 2026 Real Estate Brokers Licensure Examination results, 21 April 2026. 1,863 of 2,296 candidates passed the April 2026 Real Estate Brokers Licensure Examination.
- Bangko Sentral ng Pilipinas: Residential Property Price Index report, Q1 2026, 26 June 2026. Nationwide residential property prices rose 4.5% year on year in Q1 2026 and 5.6% quarter on quarter; NCR prices rose 3.5% year on year; condominium prices rose 4.6% year on year.
- Professional Regulation Commission: April 2025 Real Estate Brokers Licensure Examination results, 28 April 2025. 1,306 of 1,741 candidates passed the April 2025 Real Estate Brokers Licensure Examination.