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PropertyGuru lays off 174 employees & shutters Sendhelper platform
"This was a difficult decision, made after deep consideration of what’s necessary for our long-term growth and success," said the board's executive chairman.
February 17, 2025, 02:00 PM
Local property portal PropertyGuru laid off 174 employees — around 12 per cent of its workforce — on Feb. 13.
It also shut down three of its business units, including home services portal Sendhelper, which it acquired in October 2022.
This comes after PropertyGuru itself was acquired by private equity firm EQT Private Capital Asia last December.
In a note published on PropertyGuru's website, Trevor Mather, who was onboarded as the firm's board executive chairman after the acquisition, said that the company plans to focus on its core product — real estate — moving forward.
"To sharpen this focus, we will direct all our energy, resources, and talent towards our marketplaces in Singapore, Malaysia, Vietnam, and Thailand," he said.
"As a result, initiatives outside of this core will be phased out or discontinued."
Layoffs
Due to the changes, 174 employees will be laid off, representing "less than 12 per cent of our team", Mather said.
"This was a difficult decision, made after deep consideration of what’s necessary for our long-term growth and success," he added.
He also noted that the changes reflect the firm's commitment to build "a more focused, agile, and effective organisation".
Retrenched employees will receive a support package including a month's salary per year of service, capped at 12 months, a goodwill payment of an additional month's salary, and performance bonuses.
Foreign employees will also receive up to three months of extended unpaid leave and repatriation assistance.
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