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===Inception===
===Inception===
When Spacious Founder Asif Ghafoor first attempted to look for an [http://www.spacious.hk apartment for rent in Hong Hong], he was frustrated by agent listings on aggregator sites that are of poor quality, duplicates or unavailable properties left as bait to generate leads. The Asian real estate market is highly agent dominated and the current ecosystem benefits inventory owners and agents, not searchers. Ghafoor leveraged his understanding of technology to create a platform that would simplify the process of finding a new home.<ref>{{cite web|url= http://www.hkstp.org/en-US/News-Media-Events/Incubatee-News/2014/Online-Independent-Property-Platform-Spacious-hk%E2%80%9D.aspx#.VARMEmSSxeA |title= Online Independent Property Platform "Spacious.hk" Helps User to Find the Best Property Deal without Bias |publisher=Hong Kong Science & Technology Parks|date= |accessdate=2014-09-01}}</ref> As of 2015, the website includes rental listings and apartments for sale in Hong Kong and a haunted house database. They have added an affordability feature, where users can search for apartments based on their monthly income.
When Spacious Founder Asif Ghafoor first attempted to look for an [http://www.spacious.hk apartment for rent in Hong Hong], he was frustrated by agent listings on aggregator sites that are of poor quality, duplicates or unavailable properties left as bait to generate leads. The Asian real estate market is highly agent dominated and the current ecosystem benefits inventory owners and agents, not searchers. Ghafoor leveraged his understanding of technology to create a platform that would simplify the process of finding a new home.<ref>{{cite web|url= http://www.hkstp.org/en-US/News-Media-Events/Incubatee-News/2014/Online-Independent-Property-Platform-Spacious-hk%E2%80%9D.aspx#.VARMEmSSxeA |title= Online Independent Property Platform "Spacious.hk" Helps User to Find the Best Property Deal without Bias |publisher=Hong Kong Science & Technology Parks|date= |accessdate=2014-09-01}}</ref> As of 2015, the website includes rental listings, service apartments and apartments for sale in Hong Kong, a haunted house database and an affordability feature, where users can search for apartments based on their monthly income.<ref>{{cite news | url=http://technode.com/2015/04/03/spacious-offers-quality-properties-listings-asia-geographic-overlays/ | title=Spacious Offers Quality Properties Listings in Asia via Geographic Overlays | work=Technode.com | date=3 April 2015 | accessdate=27 July 2015 | author=Eva Yoo}}</ref>


===Growth and Funding===
===Growth and Funding===

Revision as of 14:36, 27 July 2015

Spacious
File:Spacious Company Logo.jpg
HeadquartersHong Kong
Area servedAsia
Founder(s)Asif Ghafoor
CEOAsif Ghafoor
IndustryReal Estate
Employees8
URLSpacious.hk
LaunchedAugust 2013

Spacious is an online residential real estate marketplace, connecting buyers and tenants with properties throughout Asia.[1] The company differentiates itself by combining its user experience with analytic tools and relevant content to make the process of buying, renting or selling a property as simple and efficient as possible.[2] Spacious was founded in 2013 by Asif Ghafoor,[3] former Goldman Sachs and Standard Chartered Bank development manager, senior IT director and application architect, and was part of Hong Kong Science and Technology Parks Corporation incubator program.[4] Spacious is headquartered in Hong Kong.

Company history

Inception

When Spacious Founder Asif Ghafoor first attempted to look for an apartment for rent in Hong Hong, he was frustrated by agent listings on aggregator sites that are of poor quality, duplicates or unavailable properties left as bait to generate leads. The Asian real estate market is highly agent dominated and the current ecosystem benefits inventory owners and agents, not searchers. Ghafoor leveraged his understanding of technology to create a platform that would simplify the process of finding a new home.[5] As of 2015, the website includes rental listings, service apartments and apartments for sale in Hong Kong, a haunted house database and an affordability feature, where users can search for apartments based on their monthly income.[6]

Growth and Funding

Since the launch of the Spacious website in August, 2013 and the implementation of a Chinese-language version in March 2014, the site has been growing at a rate of about 20 percent a week.[7] The company raised a $500K seed round in early 2014 and received $3 million in June, 2015.[8][9][10]

Products and Features

Property listings on Spacious are displayed on a map subdivided by different neighborhoods or as a list through the web and tablet/mobile apps.[11] Spacious has developed an automated valuation model (AVM) or algorithm that estimates an instant valuation for any rental or sales of Hong Kong property.[12] The AVM is computed based on historical transactions, user-added information, and public information from the Land Registry.

References

  1. ^ Adam White, Sarah Fung, Yannie Chan (3 October 2013). "10 Hong Kong Startups". HK Magazine. Retrieved 15 December 2014.{{cite news}}: CS1 maint: multiple names: authors list (link)
  2. ^ "Hong Kong start-up Spacious – Milestones since US $500K Seed Round". French Chamber of Commerce HK. Retrieved 2014-09-02.
  3. ^ Iris Leung (March 7, 2014). "Hong Kong Property Platform Spacious.hk Raises US$500k in Seed Funding". StartupsHK. Retrieved 15 December 2014.
  4. ^ "Spacious". Angel List HK. Retrieved 2014-09-02.
  5. ^ "Online Independent Property Platform "Spacious.hk" Helps User to Find the Best Property Deal without Bias". Hong Kong Science & Technology Parks. Retrieved 2014-09-01.
  6. ^ Eva Yoo (3 April 2015). "Spacious Offers Quality Properties Listings in Asia via Geographic Overlays". Technode.com. Retrieved 27 July 2015.
  7. ^ "Spacious Makes It Easy To Find A Home In Hong Kong". Forbes. Retrieved 2014-09-01.
  8. ^ "Hong Kong-based property marketplace Spacious receives US$500K". Yahoo News. Retrieved 2014-09-01.
  9. ^ Jon Russell (17 June 2015). "Hong Kong's Spacious Lands $3M To Expand Its Property Portal Across Asia". Techcrunch. Retrieved 17 July 2015.
  10. ^ Alice Woodhouse (22 June 2015). "Hong Kong property listings start-up Spacious attracts US$3 million to grow in Asia". South China Morning Post. Retrieved 17 July 2015.
  11. ^ "Spacious.hk Launches Hong Kong Property Search App during TechCrunch Disrupt London". 9 Oct 2014. Retrieved 15 December 2014.
  12. ^ "A new website makes it easier to find a place to live in Hong Kong". South China Morning Post HK. Retrieved 2014-09-02.
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