Darius Mahtani Cheung is the founder and CEO of 99 Group, a leading real estate technology company in Southeast Asia.
With a mission to create a trusted property marketplace, 99 Group uses data, design, and technology to help property buyers make informed decisions. As the region’s fastest-growing property platform, it operates brands like 99.co, SRX.com.sg, and Rumah123.com. The company has over 400 employees and has raised more than US$80 million from investors, including Gaw Capital, Sequoia, East Ventures, AllianzX, and Eduardo Saverin.
Previously, Darius was Director of Consumer Mobile Technology at McAfee, joining through its acquisition of tenCube, a mobile security startup he co-founded and led as CEO. At tenCube, he grew the team to 26 across two locations, raised funding, created the award-winning WaveSecure product, and achieved profitability.
Darius has received awards such as the Singapore Youth Award, Entrepreneur of the Year by the Singapore Computer Society, and the Outstanding Young Alumni Award from NUS. He is also an angel investor in over 20 startups and an alumnus of the NUS Overseas College program.
PropTech in Southeast Asia – Is There Light at the End of the Tunnel?
Southeast Asia’s PropTech landscape is evolving, with growth in classifieds, transactions, mortgage/fintech, iBuying, fractional ownership, and property management. While construction tech is gaining traction, reno and home services remain quiet—though Dekoruma’s exit in Indonesia signals potential. Meanwhile, mixed models like Lifull Connect, Pashouse, and Pinhome are emerging as key players.
Rather than skyrocketing valuations, success is now measured by profitability and cash flow, leading to consolidation and repositioning. Battles like PropertyGuru vs. 99 Group and Rukita vs. Cove vs. Mamikost highlight this shift. Investors remain cautious, favoring asset-light models, while AI is driving efficiency. Growth has slowed in favor of financial health, setting a foundation for long-term success.
With IPOs unlikely for most, M&A and vertical integration are the clearest exit paths. But will this strategy unlock the industry’s next phase, or is PropTech still searching for light at the end of the tunnel? Join us for key insights into the region’s future.
Interview / Fireside Chat
