The cuts affect employees across all markets and functions. — The Straits Times
SINGAPORE: Property technology firm PropertyGuru has cut 174 jobs and shut down three business units as it trims operations to focus on its online marketplace business.
The three units are Sendhelper, data and software solutions and PropertyGuru Finance.
Sendhelper, acquired in October 2022, provided property upkeep services such as cleaning, while PropertyGuru Finance advised on mortgages.
The corporate development and investor relations departments will also be phased out, as these functions are no longer required with PropertyGuru’s transition to a private company, said new executive chairman Trevor Mather.
The firm delisted in December 2024 from the New York Stock Exchange after a takeover by private equity firm EQT Private Capital Asia for US$1.1bil (S$1.47bil).
However, a spokeswoman for the firm said it managed to redeploy 34 workers with data and financial and technology expertise to other roles within the firm.
“Unfortunately, for the remaining affected roles, despite exploring all possible alternatives, these changes were necessary,” she said.
The cuts affect employees across all markets and functions and amount to around 12% of the firm’s workforce.
The spokeswoman said the firm is fully committed to supporting workers with a holistic transition package that exceeds local requirements, ensuring they have the resources and assistance needed for their next steps.
Each affected employee had a personal conversation with their leader along with a member of its people and culture team to understand the severance details and available support, she added.
She said the decision was made after an extensive and objective evaluation of PropertyGuru’s business, focusing on the areas that will drive sustainable growth and long-term success.
In a memo sent to staff and uploaded to the firm’s website, Mather said it is possible to be the leading marketplace platform for real estate markets in Vietnam, Thailand, Malaysia and Singapore that PropertyGuru currently serves, and remain so.
“Becoming that leader is a hard-fought battle, but once established, it allows us to simplify the buying and renting experience for consumers, deliver profoundly positive and measurable value to our customers, and drive sustainable, compounding growth that attracts global investors.”
He added that EQT invested in PropertyGuru out of belief in the power of the marketplace platform.
“Given this, it should come as no surprise that our top priority is clear: We must remain the undisputed marketplaces leader in each of our core markets.”
As a result, initiatives outside of this core will be phased out or discontinued.
He said that teams in technology, marketing, finance as well as people and culture will also be reorganised to speed up growth in the marketplace business, though its commitment to its tech centre of excellence in India remains unchanged.
The cuts come ahead of the return of Lewis Ng, former PropertyGuru chief business officer, as the firm’s new chief executive, slated for March.
Previously, 79 employees were laid off in February 2024.
Mather also outlined the retrenchment package for affected employees, which includes one month’s salary per year of service, capped at 12 months, or statutory severance, whichever is higher.
An additional goodwill payment of a month’s salary, as well as performance bonuses for 2024, will be paid out too.
Affected employees also stand to receive three months of extended medical insurance, access to the employee assistance programme and outplacement assistance.
They will also be able to keep their work laptops. Up to three months of extended unpaid leave, repatriation assistance and support for terminating rental leases early are also on offer as part of visa and relocation support.
Andy Lim, secretary-general of the Singapore Manual & Mercantile Workers’ Union, said some of the staff at PropertyGuru, which is not a unionised company, are union members. — The Straits Times/ANN
