Property technology company, PropertyGuru, recently revealed a retrenchment exercise affecting 174 employees, which is less than 12% of its workforce. The company’s Chairman, Trevor Mather, addressed the situation, stating, “The departure of 174 ‘gurus’ was a difficult decision. But it was made after deep consideration of what’s necessary for our long-term growth and success.”
To support the affected employees during this transition, PropertyGuru announced that they will receive severance pay of one month’s salary per year of service, capped at 12 months, or the prevailing statutory severance, whichever is higher. Additionally, they will receive an extra month’s salary as a goodwill payment and performance-based compensation as per the last day of employment.
The retrenchment follows the closure of three business units – Sendhelper, Data & Software Solutions, and PropertyGuru Finance – described as “businesses that don’t align with our future growth strategy.” PropertyGuru is also phasing out its Corporate Development, Investor Relations, and other departments, as part of its transition to a private company.
Furthermore, the article discusses the company’s decision to place a stronger focus on its core markets in Singapore, Malaysia, Vietnam, and Thailand, as well as the acquisition of PropertyGuru by Asian investment firm EQT Private Capital Asia in December 2024.
