Ted Poh, CEO & Co-founder of Pegaxis is on a mission. Shake-up the outdated procurement system in the management of condominiums.
He has plans to improve the way property managers and contractors procure services in the industry, by making it more efficient, accountable and affordable.
TISG asked him a few questions on the business and what he intends to achieve in his mission.
Speaking of the idea behind the project, Ted said his parents have been running a property management company that focuses on managing condominiums for more than 15 years.
“They frequently complained how backward their property management industry was. especially when they see so many other industries becoming more and more automated. This sparked an idea to develop a technology to aid them in their business,” he said.
“As the job of ‘property management’ covers many areas, I chose to start with just the procurement vertical after seeing how inefficient it was and how it lacked transparency,” he told TISG.
Procurement of property maintenance services and products is also the number one issue in many properties because it usually involves spending a lot of money!
Seeing the huge potential of this business, Savills Singapore took a 15% stake in Pegaxsis, their first early-stage investment.
With this in mind, we asked Ted about his plans for the future.
He said the company’s primary objective is to ensure the product is able to deliver a high level of value to our users in Singapore. before activating plans to roll out in Hong Kong and Vietnam by working with our investors.
The success in Singapore will help them activate plans to roll out in Hong Kong and Vietnam by working with our investors.
“Yes, I do think Pegaxis is disruptive in the sense that it empowers property owners and managers to manage their properties better and make smarter decisions.
“But Pegaxis isn’t going to completely replace the property manager. Pegaxis is more of a complementary tool to enhance their productivity and value-add to their properties.
“We have aggregated a large amount of demand and supply on a single marketplace which brings the benefits of increased transparency and better prices for the end-consumers,” he said.
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