{"id":61844,"date":"2017-07-26T09:34:13","date_gmt":"2017-07-26T02:34:13","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/roomorama-to-cease-operations-amid-stiff-competition-tighter-regulations\/"},"modified":"2017-07-26T09:39:56","modified_gmt":"2017-07-26T02:39:56","slug":"roomorama-to-cease-operations-amid-stiff-competition-tighter-regulations","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/roomorama-to-cease-operations-amid-stiff-competition-tighter-regulations\/","title":{"rendered":"Roomorama to cease operations amid stiff competition, tighter regulations"},"content":{"rendered":"


\n Short-term stays of less than three months, which are facilitated via home-sharing platforms, are currently prohibited.\u00a0
\nOnce boasting an inventory of hundreds of thousands of properties across the world, Roomorama.com has stopped operations \u2013 making it the second high-profile casualty within the industry here, reported TODAYonline.
\n\u201cIncreasing competition and regulatory headwinds have made it ever more challenging to operate in this industry,\u201d the Singapore-headquartered home-sharing platform said on its website last week, while noting that all existing bookings will still be honoured.
\nSet up by Singaporean Teo Jia En and her Italian husband Federico Folcia in 2009, Roomorama\u2019s woes follows a spectacular rise \u2013 the company merged with Europe-based Lofty.com in 2012, boosting its properties to over 300,000.
\nWith PandaBed having shut down in 2015 and Roomorama\u2019s recent announcement, only three major players are left in Singapore \u2013 MetroResidences, HomeAway and Airbnb.
\nAccording to Walter Theseira, an economist from the Singapore University of Social Sciences, companies in the sharing economy will have to contend with pressures from regulators and competitors.
\nIn June, the Urban Redevelopment Authority (URA) reduced the minimum stay requirement in private housing from six months to three months, with immediate effect. But while stay durations of less than three months \u2013 including short-term stays like those facilitated via home-sharing platforms \u2013 are still prohibited, the URA said that it is exploring possible guidelines for short-term rentals.
\nMeanwhile, competition \u201ctakes the form of trying to acquire as many users as possible, to be the last man standing. They have to spend as much as possible on two fronts \u2014 not just to grow, but also to build supply,\u201d said Wong Poh Kam, a professor at the National University of Singapore Business School.
\nWong noted that Roomorama had no first-mover advantage as it entered the market later, and may have lost out in terms of increasing market share.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Roomorama to cease operations amid stiff competition, tighter regulations<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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