PropertyGuru Welcomes New Leadership: A Fresh Perspective Under CEO Lewis Ng
In a significant shift for the online real estate platform PropertyGuru, the company has announced the appointment of Lewis Ng as its new CEO, effective March. This leadership change comes just a month after Sweden’s EQT Group completed its acquisition of the property listings portal for $1.1 billion. With a wealth of experience in the online marketplace sector, Ng is poised to bring a fresh perspective to PropertyGuru as it embarks on a new chapter.
A New Era Begins
Lewis Ng’s appointment marks a pivotal moment for PropertyGuru, which has been a key player in Southeast Asia’s real estate market. Ng, who previously served as the company’s chief business officer, has a robust background in scaling businesses and enhancing customer experiences. His previous roles at globally recognized brands such as Seek, TripAdvisor, and Apple further bolster his credentials. Current CEO Hari Krishnan, who has led the company for nine years, expressed confidence in Ng’s ability to align with PropertyGuru’s vision while introducing innovative strategies.
Krishnan will remain with the company as a senior advisor, ensuring a smooth transition and continuity in leadership. His decision to step down reflects a desire to explore new interests, leaving behind a legacy of growth and transformation at PropertyGuru.
Strategic Leadership Changes
Alongside Ng, Trevor Mather has been appointed as the chairman of the board. Mather brings extensive experience in scaling marketplaces, having previously served as the CEO of Auto Trader. His insights will be invaluable as PropertyGuru seeks to enhance its operational efficiency and market reach under EQT’s ownership.
EQT Group’s acquisition aims to accelerate PropertyGuru’s technology development and expand its footprint in the competitive Southeast Asian real estate market. With Ng and Mather at the helm, the company is set to leverage their expertise to drive growth and innovation.
Ng’s Journey to the Top
Lewis Ng’s career trajectory is a testament to his capabilities in the online marketplace sector. He spent nearly six years at PropertyGuru from 2014 to 2019, where he initially served as managing director before being promoted to chief business officer. After his tenure at PropertyGuru, Ng took on the role of chief operating officer at Carousell, another prominent online marketplace, before returning to PropertyGuru.
His diverse experience equips him with a unique perspective on the challenges and opportunities within the real estate sector, making him an ideal leader for the company as it navigates its next phase of growth.
The Impact of EQT’s Acquisition
EQT Group’s acquisition of PropertyGuru signifies a strategic investment in the future of real estate technology. The company, which boasts over 2.1 million real estate listings, has undergone significant changes in recent months, including its delisting from the New York Stock Exchange in December 2024. This move allows PropertyGuru to focus on long-term growth strategies without the pressures of public market scrutiny.
In its latest financial report, PropertyGuru reported a second-quarter net loss of S$16 million, an increase from the previous quarter’s loss of S$6 million. This financial context underscores the urgency for new leadership to implement effective strategies that will stabilize and grow the business.
Looking Ahead
As PropertyGuru transitions into this new era, Ng expressed his excitement about leading the company. “The company’s journey over the past decade under Hari’s leadership has been remarkable, and I am excited to build on this strong foundation as we look to the future,” he stated. His commitment to driving growth and delivering value to customers across Southeast Asia will be crucial as the company adapts to the evolving real estate landscape.
In addition to Ng and Mather, EQT has also appointed Janice Leow and Ed Williams to the board, further strengthening the leadership team with diverse expertise. Williams, a former CEO of UK property marketplace Rightmove, shares a history with Mather, having worked together at Auto Trader.
Conclusion
With Lewis Ng stepping into the role of CEO and Trevor Mather as chairman, PropertyGuru is set to embark on a transformative journey. The combination of their leadership experience and EQT Group’s strategic vision positions the company to enhance its technology, expand its market presence, and ultimately redefine the online real estate experience in Southeast Asia. As the real estate landscape continues to evolve, all eyes will be on PropertyGuru to see how it adapts and thrives under its new leadership.