PETALING JAYA: Star Media Group Bhd (SMG) has disposed of iBilik, the group’s rental classified online portal, to the largest accommodation provider in Malaysia, GFG Group, as part of its strategy to optimise its business portfolio.
The move follows a strategic decision by SMG’s management team to focus on its core online portals that would optimise the value of its assets amid the ongoing digital transformation of the media group.
SMG has recently signed a sales and purchase agreement with GFG Group for the sale of its assets under iBilik Sdn Bhd, which is fully owned by SMG.
The disposal of the assets included the information technology infrastructure involving iBilik, its trademark, website domain and the iBilik app.
Meanwhile, GFG Group chief executive officer Ken Lee said the rationale behind acquiring iBilik was to create and expand a better marketplace in the sublet industry.
“We want to leverage on the localised brand name of iBilik in Malaysia to expand our business ecosystem, ” he added.
GFG Group is a property investment and management company, pioneering in the room rental business over the past 10 years.
GFG has served more than 10,000 tenants staying in Klang Valley, including students and young working adults over the past 10 years.
In a bid to better monetise the online rental platform, Ken Lee said the group would invest RM20mil over the next five years to expand the marketplace platform with greater listings coverage.
“We want to groom iBilik from a marketplace platform to a one-stop service solution, offering extensive services, including room and property management, tenant management system, room insurance coverage, strategic partners enrichment programme, rent-to-own programme and many more” he said.
Going forward, GFG Group also aimed to educate and assist property landlords, investors and also operators in Malaysia to multiply their rental income through its business concept. For further information on GFG, please contact firstname.lastname@example.org.