SINGAPORE: Property technology firm PropertyGuru has cut 174 jobs and shut down Sendhelper, data and software solutions, and PropertyGuru Finance, as part of a strategic shift to focus on its online marketplace business. The layoffs, announced on Feb 13, affected around 12 per cent of the company’s workforce across different markets and functions, as reported by The New Paper.
Sendhelper, which the company acquired in October 2022, provided property maintenance services like cleaning, while PropertyGuru Finance advised customers on mortgages.
Executive chairman Trevor Mather said the company will also phase out its corporate development and investor relations departments, as these functions are no longer needed after its transition to a privately owned company.
On Dec 13 last year, PropertyGuru was delisted from the New York Stock Exchange after being fully acquired by private equity firm EQT Private Capital Asia for US$1.1 billion (S$1.47 billion).
Despite the job cuts, a company spokeswoman told The Straits Times that 34 employees with data and fintech expertise had been redeployed to other roles within the firm. She said, “Unfortunately, for the remaining affected roles, despite exploring all possible alternatives, these changes were necessary.”
She added that the company is providing a comprehensive transition package that goes beyond local legal requirements to support retrenched workers in their next career steps.
She noted that each affected employee spoke with their leader and a representative from the people and culture team to go over severance details and support options. The decision followed a thorough review of PropertyGuru’s business, prioritising areas that drive long-term growth and sustainability.
In an internal memo, Mr Mather said PropertyGuru’s goal to maintain its position as the leading real estate marketplace in Singapore, Malaysia, Thailand, and Vietnam is feasible. He noted how becoming a marketplace leader is a “hard-fought battle” but once achieved, it helps simplify property transactions, provide strong value to customers, and drive sustainable growth that attracts global investors.
He said EQT invested in PropertyGuru because of its confidence in the marketplace platform. He added that the top priority would be to “remain the undisputed marketplace leader in each of our core markets”. That means initiatives outside of this core will be phased out, according to Mr Mather.
Teams in technology, marketing, finance, and people and culture will also be reorganised to accelerate marketplace growth, while the tech centre of excellence in India will remain unchanged, he said.
The restructuring comes ahead of former PropertyGuru chief business officer Lewis Ng’s return as the company’s chief executive in March.
According to Mr Mather, the severance package includes one month’s salary per year of service, capped at 12 months, or statutory severance, whichever is higher.
Affected employees will also receive a goodwill payment of one month’s salary performance bonuses for 2024, three months of extended medical insurance, access to the employee assistance programme, and outplacement services.
Employees can keep their work laptops and may receive up to three months of unpaid leave, repatriation assistance, and support for early lease termination as part of visa and relocation aid.
In late February last year, the company had already laid off 79 employees.
Meanwhile, the Singapore Manual & Mercantile Workers’ Union (SMMWU) said that some affected staff are union members, even though PropertyGuru is not a unionised company. Andy Lim, SMMWU’s secretary-general, stated that the union would extend support where possible.
Mr Lim said the union is ready to offer guidance and support, encouraging affected workers and union members to seek assistance by calling 6294-2481 during working hours from Monday to Friday or emailing feedback@smmwu.org.sg. /TISG