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Yesterday Singapore Press Holdings (SPH) announced that it has acquired SgCarMart.com, a popular online classified site for cars in Singapore for SGD 60 million (US$48 million).

SPH-Building-Singapore

SPH Building

According to SGE, the valuation is a 12 times multiple of SgCarMart.com’s 2012 revenue and the site has over 90 percent market share in Singapore in terms of online vehicle classifieds. SgCarMart was founded by Henry Seah, Tan Jing Lun, and Vincent Tan in 2004.

SPH has been on a spree shopping for potential online sites to boost its business. Last month, the group also invested in Chope, a fast growing restaurant booking site in Singapore.

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