Property Connect looks to Gulf states for property market expansion
Property Connect Holdings has teamed up with Home Matters to facilitate property investment in Gulf Cooperation Council countries.
Property investment enabler Property Connect Holdings (ASX: PCH) is expanding its horizons with a Gulf deal that could potentially reinvigorate the stock.
The company’s stock has traded at around A$0.002 and A$0.004 per share for the past year, although a spate of deals in recent weeks could potentially spell a turnaround in the months ahead.
Property Connect said it had entered into a 12-month introducers agreement with Home Matters, a leading independent consultancy service in the Gulf Cooperation Council countries (GCC), which helps facilitate frictionless property investing through mortgage and conveyancing arrangements.
Under today’s reported deal, Property Connect will integrate its Live Offer platform with Home Matters own systems, although it has warned that both parties would still need to obtain necessary licences.
Property Connect says that the partnership will enable its customers on the Live Offer platform to purchase property in the GCC and automatically arrange financing and conveyancing as part of the purchase, either prior to bidding or during the process of arranging the purchase.
The company added that its Live Offer technology was designed to create an easy, fair and transparent system under which potential purchasers and tenants can negotiate the best offer on a property for purchase and rental.
The digitally solution enables all parties in the property transaction process to secure optimal terms for each property, for home buyers and renters.
Property Connect and Home Matters also hope to provide mortgage calculators for investors so that they can gain pre-approval and qualification for their borrowing requirements, and thus access market-leading mortgage offers independent of any major GCC bank.
The company pointed to a recent deal with Damac Properties as evidence of its expansive ambitions.
Gulf oasis
Earlier this month, Property Connect entered into a global referral and finders agreement with Damac, which is one of the largest private developers in the United Arab Emirates (UAE).
Under the agreement, Property Connect will promote and sell Damac’s entire portfolio in the GCC and UK via its Live Offer auction platform.
There are also high hopes for local property demand in various Gulf regions, including Dubai.
Dubai is hosting a World Expo in 2020, and the level of investment in infrastructure and real estate development in the region remains “unprecedented” according to Darren Patterson, chief executive officer of Property Connect.
Mr Patterson also said that the company’s recent activities represented “just the beginning of our financial services and property transaction solutions.”
“We plan to offer all our Live Offer customers and investors a diverse and seamless suite of services to meet their investment and property purchasing needs.”
“Property Connect aims to be at the forefront of direct and indirect property investing, providing a range of ancillary services to all our customers, whether they be local or overseas, enabling an international investment platform for property located anywhere,” Mr Patterson added.
Property Connect’s share price ended Friday at A$0.002, unchanged on the previous day’s close.