SINGAPORE, Feb 18 — PropertyGuru has laid off 174 employees, or approximately 12 per cent of its workforce, and shut down three business units.

Headquartered in Singapore, the property technology company — which also has operations in Malaysia, Vietnam and Thailand — made the announcement on February 13, detailing the closure of its home service platform Sendhelper, mortgage broker service PropertyGuru Finance, and its data and software solutions department, according to a report published in Channel News Asia today.

In a statement, executive chairman Trevor Mather explained that these decisions were made after careful consideration of the company’s long-term growth and success.

He emphasised the difficulty of the decision, noting that the company has been reorganising to improve focus and efficiency.

A PropertyGuru spokesperson confirmed the layoffs affect employees across all markets and functions, but declined to provide a detailed breakdown, including the number of affected employees in the Singapore office or the specific roles impacted.

The laid-off employees will receive 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 receive a “goodwill payment” of one month’s salary and eligible performance bonuses or commissions for 2024, depending on their role.

Other support measures for affected employees include three months of extended medical insurance or equivalent payment, career and job search assistance, and up to three months of extended unpaid leave, subject to local laws.

Repatriation assistance and support for early termination of rental leases will also be provided for those with visa, relocation, or financial issues.

Additionally, 34 employees from the company’s data and fintech businesses were redeployed to other roles within the organisation.

In line with the company’s transition to a private entity following its acquisition by EQT Private Capital Asia in December 2024, PropertyGuru will also phase out its corporate development and investor relations departments.

While PropertyGuru is a non-unionised company, some employees are members of the Singapore Manual & Mercantile Workers’ Union (SMMWU), which has pledged to offer career support and job matching services to those affected.

Mather concluded by affirming that these decisions were necessary for the company’s future.

“These decisions were not made lightly. They reflect our commitment to building a more focused, agile, and effective organisation,” he said.