Property tech specialist PropertyGuru has cut 12% of its workforce and shut down three business units as it strives to restructure.

Trevor Mather, the new executive chairman, said 174 employees would be let go as part of an effort to streamline operations. However, 34 employees with expertise in data and fintech were successfully redeployed within the organisation.

The restructuring follows its transition to a privately held company after being acquired by EQT Private Capital Asia for US$1.1 billion in December 2024.

PropertyGuru is closing three non-core units – Sendhelper, data and software solutions, and PropertyGuru Finance – to sharpen its focus on its online marketplace business.

Sendhelper offered property upkeep and cleaning services, while PropertyGuru Finance specialised in mortgage advisory.

Corporate development and investor relations functions are being phased out, aligning with PropertyGuru’s shift to a private company structure.

The restructuring follows a previous round of layoffs in February 2024, when 79 employees were let go as part of a broader strategic review.

PropertyGuru said it aims to prioritise its position in key Southeast Asian markets – Vietnam, Thailand, Malaysia, and Singapore – by enhancing customer experience and ensuring long-term sustainable growth.

Workforce impact and support measures after layoff

Acknowledging the difficulty of these decisions, the company has rolled out a transition package that exceeds statutory requirements. Affected employees will receive one month’s salary per year of service, capped at 12 months, or statutory severance – whichever is higher.

A goodwill payment of one month’s salary and performance bonuses for 2024 will also be provided.

To support employees through the transition, PropertyGuru is offering three months of extended medical insurance, access to an employee assistance programme, and outplacement support, including personal career consulting.

Laid-off workers will also retain their work laptops, and those needing visa and relocation assistance will be given extended unpaid leave, repatriation support, and help with early lease termination.

Though PropertyGuru is not a unionised company, the Singapore Manual & Mercantile Workers’ Union has stepped in to support affected employees who are union members.

Secretary-general Andy Lim said the labour movement’s network will provide job matching services, career counselling, and skills upgrading opportunities to help displaced workers transition to new roles.

“The SMMWU stands ready to offer guidance and support wherever possible,” Lim said.

Meanwhile, a spokesperson for PropertyGuru said all possible alternatives were explored, but that the cuts were necessary to align with the company’s new direction.

A focused path forward

In a memo to employees, Mather emphasised the company’s commitment to simplifying property transactions and delivering measurable value to customers. He underscored that the firm must consolidate its leadership position to attract global investors and drive long-term, compounding growth.

“With EQT’s investment, our top priority is clear: we must remain the undisputed marketplace leader in each of our core markets,” Mather wrote. “Initiatives outside of this core will be phased out or discontinued.”

To accelerate this vision, PropertyGuru said it is reorganising teams in technology, marketing, finance, and people and culture, while maintaining its technology centre of excellence in India.

Leadership transition at PropertyGuru

The restructuring coincides with a leadership transition at PropertyGuru. After a decade at the helm, CEO and managing director Hari Krishnan will step down to pursue new interests. He will transition to the role of senior adviser to the board.

Taking the reins in March 2025 is Lewis Ng, who previously spent nearly six years at PropertyGuru, serving as managing director for Singapore and chief business officer.

Most recently, Ng was COO for Asia at employment marketplace Seek and a board director at Zhaopin, a leading recruitment platform in China.

With over two decades of experience in Asia’s technology sector, including leadership roles at Apple, Tripadvisor, and Carousell, Ng is expected to steer PropertyGuru into its next growth phase.