Rsquare makes foray into Singapore’s real estate market

South Korean real estate platform Rsquare said Thursday it has collected over 65,000 pieces of commercial real estate data in Singapore, officially launching its business in the major Asia-Pacific hub.

The company has compiled both quantitative and qualitative data on office buildings, hotels, distribution centers, factories and other commercial buildings in Singapore’s principal districts.

“Just like in South Korea and Vietnam, our employees went on foot, visited office buildings and interviewed the owners. We have collected data including information on the people in charge of leases, vacancy statuses and a list of leasing companies in each building,” said an Rsquare official.

Starting with Singapore, Rsquare plans to expand its global business to Indonesia, Malaysia and other Asian countries, with the aim of becoming the Pan-Asian one-stop solution provider for commercial real estate.

The company entered the Vietnamese market last year and currently provides over 50,000 pieces of data on commercial buildings and facilities. After partnering up with Shinhan Bank Vietnam in April, it also provides consulting services to South Korean companies who wish to make inroads into Vietnam.

Rsquare has recently closed an exclusive deal with KCN Vietnam, a local real estate developer, to offer leases on their industrial complex, factory and warehouses. It is also participating in the Star Lake City project in Hanoi, led by Daewoo Engineering & Construction.

Founded in 2009, Rsquare offers commercial real estate services ranging from office leasing and sales to interior design and property data analysis.

Rsquare's revenue in the first quarter of this year reached 65 billion won ($51.8 million). Its 2021 revenue was 120 billion won.

By Byun Hye-jin (hyejin2@heraldcorp.com)