SINGAPORE: PropertyGuru has laid off 174 employees, or about 12 per cent of its workforce, and closed three business units.
In a statement on the company’s website on Thursday (Feb 13), executive chairman Trevor Mather said that the property technology company has shut its home service platform Sendhelper, its mortgage broker service PropertyGuru Finance and its data and software solutions department.
Headquartered in Singapore, PropertyGuru also has operations in Malaysia, Vietnam and Thailand.
When asked how many employees were laid off in its Singapore office and which roles were affected, a spokesperson for PropertyGuru told CNA that it “will not provide a detailed breakdown” and that the changes will affect employees across all markets and functions.
Mr Mather said the decision to lay off 174 workers was a “difficult” one, made after “deep consideration of what’s necessary for our long-term growth and success”.
An additional 34 staff members from the company’s data and fintech businesses were redeployed into other roles.
Staff who were laid off will get a severance package of one month’s salary per year of service, capped at 12 months, or the prevailing statutory severance, whichever is higher.
They will also get a “goodwill payment” of one month’s salary.
Eligible 2024 performance bonuses for non-sales roles or commissions for sales roles will be paid as per the last day of employment, he said.
Affected staff will also receive other forms of support, including three months of extended medical insurance or its equivalent payment, as well as career and job search support.
For those with visa, relocation or financial issues, they will be granted up to three months of extended unpaid leave, subject to local laws, as well as repatriation assistance and support for early termination of rental leases.
Mr Mather also said it will phase out its corporate development and investor relations departments as the company transitions to a private company.
In December 2024, PropertyGuru was acquired by Asian investment firm EQT Private Capital Asia in an all-cash transaction that valued the company at an equity value of about US$1.1 billion.
As part of the changes, teams across its technology, marketing, finance and people and culture departments will be reorganised to “improve focus and efficiency”.
“These decisions were not made lightly. They reflect our commitment to building a more focused, agile, and effective organisation,” Mr Mather said.
Although PropertyGuru is a non-unionised company, there are employees who are members of the Singapore Manual & Mercantile Workers’ Union (SMMWU), said its secretary-general Andy Lim. The SMMWU is a union affiliated with the National Trades Union Congress (NTUC).
In retrenchment exercises where there are individual union members in non-unionised companies, NTUC’s affiliated unions or associations will extend assistance to those individual members who are affected, said Mr Lim.
SMMWU will offer career support and resources where possible to affected employees. Through NTUC’s Employment and Employability Institute, workers can access job matching services, as well as career and skills upgrading.
