PropertyGuru retrenchment affects 174 employees, or less than 12% of its workforce
Property technology company PropertyGuru has announced a retrenchment exercise that affects 174 employees, or less than 12% of its workforce.
The news was revealed in a statement posted by PropertyGuru Group Chairman Trevor Mather on 13 Feb.
Source: Google Maps
PropertyGuru retrenchment ‘a difficult decision’
Mr Mather said the departure of 174 “gurus” was “a difficult decision”.
Source: PropertyGuru Group
But it was made after “deep consideration of what’s necessary for our long-term growth and success”, he noted, adding:
We are immensely grateful to every Guru affected by this change. Your contributions have shaped PropertyGuru’s journey, and we deeply appreciate all you have done.
Affected employees to get support packages
Mr Mather also announced support packages so affected employees would “feel valued and supported during this transition”.
They would get severance pay 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 an additional one month’s salary as a “goodwill payment”.
Performance-based compensation, i.e. performance bonuses for non-sales roles or commissions for sales roles, will be paid as per the last day of employment
Other forms of welfare support will be included — three months of extended medical insurance or equivalent payment, as well as career and job search support.
Those who have issues with their visas, relocation or financials will get up to three months of extended unpaid leave, repatriation assistance and support for early termination of rental leases.
PropertyGuru closes 3 business units
The retrenchment comes as PropertyGuru closes three business units, namely Sendhelper, Data & Software Solutions, and PropertyGuru Finance.
Describing them as “businesses that don’t align with our future growth strategy”, Mr Mathers said “select capabilities” from these businesses would be retained.
The company’s Corporate Development and Investor Relations will also be phased out as it transitions to a private company,
Teams in its technology, marketing, finance and people and culture departments will also be reorganised to “accelerate the success of our core Marketplaces” and “improve focus and efficiency”.
Mr Mather said for PropertyGuru to remain the undisputed marketplaces leader in each of its core markets — Singapore, Malaysia, Vietnam, and Thailand — it will direct all its energy, resources, and talent towards these marketplaces.
Initiatives outside of this core will be phased out or discontinued, he added.
PropertyGuru was acquired last December
In December 2024, PropertyGuru was acquired by Asian investment firm EQT Private Capital Asia.
The transaction valued the company at an equity value of approximately US$1.1 billion (S$1.48 billion).
Subsequently, its then Chief Executive Officer Hari V. Krishnan stepped down and became a Senior Advisor, while Mr Lewis Ng became CEO.
Mr Mather assumed the role of Chairman in January, having previously served as CEO of Auto Trader.
Also read: Carousell reportedly retrenches 76 staff, those affected to get at least 3 months’ salary
Carousell reportedly retrenches 76 staff, those affected to get at least 3 months’ salary
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Featured image adapted from Google Maps.
