26 Jul '17, 3am

Roomorama to cease operations amid stiff competition, tighter regulations

Short-term stays of less than three months, which are facilitated via home-sharing platforms, are currently prohibited. Once boasting an inventory of hundreds of thousands of properties across the world, Roomorama.com has stopped operations – making it the second high-profile casualty within the industry here, reported TODAYonline . “Increasing competition and regulatory headwinds have made it ever more challenging to operate in this industry,” the Singapore-headquartered home-sharing platform said on its website last week, while noting that all existing bookings will still be honoured. Set up by Singaporean Teo Jia En and her Italian husband Federico Folcia in 2009, Roomorama’s woes follows a spectacular rise – the company merged with Europe-based Lofty.com in 2012, boosting its properties to over 300,000. With PandaBed having shut down in 2015 and Roomorama’s recent anno...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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