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IFCA Ventures Into E-commerce
Malaysia Daily Bulletin | 26 November 2015
By:
  • Software provider IFCA MSC is set to enter the e-commerce space with the launch of a new portal called property365.my (P365) early December.
  • The portal, which would seek to aggregate all the new launches of major property players here, would allow its users to search for these properties and complete an entire property buying process online, is said to be the first of its kind in Malaysia.
  • According to the firm, barriers to entry in doing something like this are very high but much easier for the group, as it is already well-versed on the main IT systems of these developers; IFCA is the software provider for almost 80 percent of Malaysia’s property sector player.
  • IFCA will derive earnings of between 1 percent and 5 percent from the value of each property sold, as well as obtain a subscription fee from the developers who use the portal to list their properties.

Significance: Earnings contribution from the portal is expected come in by 1Q16. To-date, the group has secured some RM500 million in gross development value inventory (new launches) from two developers, and had a target to grow this to RM2 billion before the portal is officially launched. CIMB Research noted that successful launch of P365 could be a re-rating catalyst for the stock.


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