Cover Page
Cover Page - shares | 12 Months Ended | |
Dec. 31, 2023 | Jan. 31, 2024 | |
Document Information [Line Items] | ||
Document Type | 20-F | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | FY | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | PropertyGuru Group Limited | |
Entity Central Index Key | 0001873331 | |
Entity File Number | 001-41330 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Entity Shell Company | false | |
Document Registration Statement | false | |
Entity Incorporation, State or Country Code | E9 | |
Entity Address, Address Line One | Paya Lebar Quarter | |
Entity Address, Address Line Two | 1 Paya Lebar Link#12-01/04 | |
Entity Address, City or Town | Singapore | |
Entity Address, Country | SG | |
Entity Address, Postal Zip Code | 408533 | |
Title of 12(b) Security | Ordinary Shares, par value $0.0001 per share | |
Trading Symbol | PGRU | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 163,952,635 | |
ICFR Auditor Attestation Flag | false | |
Document Financial Statement Error Correction [Flag] | false | |
Auditor Name | PricewaterhouseCoopers LLP | |
Auditor Firm ID | 1093 | |
Auditor Location | Singapore | |
Document Accounting Standard | International Financial Reporting Standards | |
Business Contact [Member] | ||
Document Information [Line Items] | ||
Contact Personnel Name | Hari V. Krishnan | |
Entity Address, Address Line One | Paya Lebar Quarter | |
Entity Address, Address Line Two | 1 Paya Lebar Link#12-01/04 | |
Entity Address, City or Town | Singapore | |
Entity Address, Country | SG | |
Entity Address, Postal Zip Code | 408533 | |
City Area Code | 65 | |
Local Phone Number | 6238 5971 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - SGD ($) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Profit (loss) [abstract] | |||||
Revenue | $ 150,135,000 | $ 135,925,000 | [1] | $ 100,711,000 | [1] |
Other income | 8,720,000 | 2,787,000 | [1] | 1,723,000 | [1] |
Other gains/(losses) - net | 1,646,000 | 21,870,000 | [1] | (124,961,000) | [1] |
Sales commission | (9,131,000) | (11,163,000) | [1] | (7,880,000) | [1] |
Referral fees | (2,286,000) | (2,201,000) | [1] | (1,376,000) | [1] |
Merchant fees | (3,294,000) | (2,444,000) | [1] | (1,869,000) | [1] |
Awards and events costs | (3,957,000) | (3,255,000) | [1] | (2,703,000) | [1] |
Advertising and platform fees | (2,759,000) | (3,004,000) | [1] | (3,039,000) | [1] |
Salary and staff costs | (72,971,000) | (71,170,000) | [1] | (59,002,000) | [1] |
Marketing expenses | (15,446,000) | (16,760,000) | [1] | (23,073,000) | [1] |
Technology expenses | (13,163,000) | (11,398,000) | [1] | (7,940,000) | [1] |
Legal and professional | (6,194,000) | (7,596,000) | [1] | (9,807,000) | [1] |
Share grant and option expenses | (5,400,000) | (5,524,000) | [1] | (10,470,000) | [1] |
Depreciation and amortisation expense | (23,905,000) | (21,190,000) | [1] | (14,032,000) | [1] |
Reversal of impairment/(Impairment) loss on financial assets | 123,000 | (1,139,000) | [1] | (2,138,000) | [1] |
Impairment of intangible assets | (5,463,000) | 0 | [1] | (8,000) | [1] |
Impairment of plant, equipment and right-of-use assets | (73,000) | 0 | 0 | ||
Finance cost | (578,000) | (2,396,000) | [1] | (13,909,000) | [1] |
Legal and professional incurred for IPO | 0 | (16,570,000) | [1] | (6,070,000) | [1] |
Share listing expense | 0 | (104,950,000) | [1] | 0 | [1] |
Other expenses | (7,306,000) | (7,919,000) | [1] | (1,903,000) | [1] |
Total expenses | (171,803,000) | (288,679,000) | [1] | (165,219,000) | [1] |
Loss before income tax | (11,302,000) | (128,097,000) | [1] | (187,746,000) | [1] |
Tax expense/(credit) | (3,967,000) | (1,096,000) | [1] | 333,000 | [1] |
Net loss | (15,269,000) | (129,193,000) | [1] | (187,413,000) | [1] |
Items that may be reclassified subsequently to profit or loss: | |||||
Currency translation differences arising from consolidation | (20,952,000) | (19,703,000) | [1] | 5,672,000 | |
Items that will not be reclassified subsequently to profit or loss: | |||||
Actuarial loss from post-employment benefits obligation | 0 | (15,000) | [1] | 36,000 | |
Other comprehensive (loss)/income, net of tax | (20,952,000) | (19,718,000) | [1] | 5,636,000 | |
Total comprehensive loss | $ (36,221,000) | $ (148,911,000) | [1] | $ (181,777,000) | |
Loss per share for loss attributable to equity holders of the Group | |||||
Basic loss per share | $ (0.09) | $ (0.84) | $ (2.03) | ||
Diluted loss per share | $ (0.09) | $ (0.84) | $ (2.03) | ||
[1] Certain amounts in the prior year have been (i) reclassified to conform to the current year presentation (see Note 29) (2022 and 2021) and (ii) re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the acquisition of Sendtech in October 2022 (see Note 2) (2022 only). |
Consolidated Balance Sheets
Consolidated Balance Sheets - SGD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 306,398 | $ 309,233 |
Trade and other receivables | 15,810 | 18,145 |
Current assets | 322,208 | 327,378 |
Non-current assets | ||
Trade and other receivables | 2,677 | 4,559 |
Intangible assets | 378,178 | 393,636 |
Plant and equipment | 1,691 | 2,535 |
Right-of-use assets | 8,414 | 11,475 |
Non-current assets | 390,960 | 412,205 |
Total assets | 713,168 | 739,583 |
Current liabilities | ||
Trade and other payables | 26,637 | 29,737 |
Lease liabilities | 4,222 | 4,104 |
Deferred revenue | 61,066 | 50,753 |
Provisions | 148 | 280 |
Current income tax liabilities | 4,019 | 4,302 |
Current liabilities | 96,092 | 89,176 |
Non-current liabilities | ||
Trade and other payables | 518 | 296 |
Lease liabilities | 5,352 | 8,339 |
Warrant liabilities | 649 | 4,775 |
Deferred income tax liabilities | 4,981 | 2,038 |
Provisions | 764 | 672 |
Non-current liabilities | 12,264 | 16,120 |
Total liabilities | 108,356 | 105,296 |
NET ASSETS | 604,812 | 634,287 |
Capital and reserves attributable to equity holders of the Group | ||
Share capital | 1,094,543 | 1,081,320 |
Share reserve | 11,215 | 17,692 |
Capital reserve | 785 | 785 |
Translation reserve | (37,913) | (16,961) |
Accumulated losses | (463,818) | (448,549) |
Total shareholders' equity | $ 604,812 | $ 634,287 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Shareholders' Equity - SGD ($) $ in Thousands | Total | Share capital [member] | Preference shares [member] | Share reserve [member] | Capital reserve [member] | Warrant reserve [member] | Translation reserve [member] | Accumulated losses [member] | |
Beginning balance at Dec. 31, 2020 | $ (26,515) | $ 36,553 | $ 59,339 | $ 11,630 | $ 785 | $ 5,742 | $ (2,930) | $ (137,634) | |
Loss for the year | (187,413) | [1] | 0 | 0 | 0 | 0 | 0 | 0 | (187,413) |
Other comprehensive income/(loss) for the year | 5,636 | 0 | 0 | 0 | 0 | 0 | 5,672 | (36) | |
Total comprehensive loss | (181,777) | 0 | 0 | 0 | 0 | 0 | 5,672 | (187,449) | |
Employee share grant and option scheme | 8,542 | 0 | 0 | 8,542 | 0 | 0 | 0 | 0 | |
Non-executive directors share grant and option scheme | 2,108 | 0 | 0 | 2,108 | 0 | 0 | 0 | 0 | |
Conversion of preference shares to ordinary shares | 336,117 | 395,456 | (59,339) | 0 | 0 | 0 | 0 | 0 | |
Issuance of shares | 248,716 | 252,338 | 0 | (3,622) | 0 | 0 | 0 | 0 | |
Ending balance at Dec. 31, 2021 | 387,191 | 684,347 | 0 | 18,658 | 785 | 5,742 | 2,742 | (325,083) | |
Total transactions with owners, recognised directly in equity | 595,483 | 647,794 | $ (59,339) | 7,028 | 0 | 0 | 0 | 0 | |
Loss for the year | (129,193) | [1] | 0 | 0 | 0 | 0 | 0 | (129,193) | |
Other comprehensive income/(loss) for the year | (19,718) | 0 | 0 | 0 | 0 | (19,703) | (15) | ||
Total comprehensive loss | (148,911) | [1] | 0 | 0 | 0 | 0 | (19,703) | (129,208) | |
Employee share grant and option scheme | 3,856 | 0 | 3,856 | 0 | 0 | 0 | 0 | ||
Non-executive directors share grant and option scheme | 1,848 | 0 | 1,848 | 0 | 0 | 0 | 0 | ||
Shares issued to PIPE investors, amount | 178,653 | 178,653 | 0 | 0 | 0 | 0 | 0 | ||
Transaction cost in relation to issuance of PIPE shares | 7,664 | 7,664 | 0 | 0 | 0 | 0 | 0 | ||
Reorganisation, amount | 217,581 | 217,581 | 0 | 0 | 0 | 0 | 0 | ||
Issuance of shares | 1,733 | 8,403 | (6,670) | 0 | 0 | 0 | 0 | ||
Expiration of warrants | 0 | 0 | 0 | 0 | (5,742) | 0 | 5,742 | ||
Ending balance at Dec. 31, 2022 | 634,287 | 1,081,320 | 17,692 | 785 | 0 | (16,961) | (448,549) | ||
Total transactions with owners, recognised directly in equity | 396,007 | 396,973 | (966) | 0 | (5,742) | 0 | 5,742 | ||
Loss for the year | (15,269) | 0 | 0 | 0 | 0 | 0 | (15,269) | ||
Other comprehensive income/(loss) for the year | (20,952) | 0 | 0 | 0 | 0 | (20,952) | 0 | ||
Total comprehensive loss | (36,221) | 0 | 0 | 0 | 0 | (20,952) | (15,269) | ||
Employee share grant and option scheme | 5,678 | 0 | 5,678 | 0 | 0 | 0 | 0 | ||
Non-executive directors share grant and option scheme | 541 | 0 | 541 | 0 | 0 | 0 | 0 | ||
Issuance of shares | 527 | 13,223 | (12,696) | 0 | 0 | 0 | 0 | ||
Ending balance at Dec. 31, 2023 | 604,812 | 1,094,543 | 11,215 | 785 | 0 | (37,913) | (463,818) | ||
Total transactions with owners, recognised directly in equity | $ 6,746 | $ 13,223 | $ (6,477) | $ 0 | $ 0 | $ 0 | $ 0 | ||
[1] Certain amounts in the prior year have been (i) reclassified to conform to the current year presentation (see Note 29) (2022 and 2021) and (ii) re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the acquisition of Sendtech in October 2022 (see Note 2) (2022 only). |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - SGD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Cash flows from operating activities | |||||
Loss for the year | $ (15,269) | $ (129,193) | [1] | $ (187,413) | [1] |
Adjustments for: | |||||
- Tax expense/(credit) | 3,967 | 1,096 | (333) | ||
- Employee share grant and option expense | 4,859 | 3,856 | 8,542 | ||
Non-executive director share grant and option expense | 541 | 1,848 | 2,108 | ||
- Amortisation and depreciation | 23,905 | 21,190 | 14,032 | ||
- Impairment of intangible assets | 5,463 | 0 | 8 | ||
- Impairment of plant, equipment and right-of-use assets | 73 | 0 | 0 | ||
- Loss on disposal of plant and equipment and intangible assets | 33 | 101 | 3 | ||
- Gain on lease modification | (26) | (194) | 0 | ||
- Interest income | (7,898) | (1,716) | (456) | ||
- Finance cost | 578 | 2,396 | 13,909 | ||
- (Reversal of impairment)/Impairment loss on financial assets | (123) | 1,139 | 2,138 | ||
- Unrealised currency translation losses | 1,801 | 2,384 | 245 | ||
- Fair value loss/(gain) of Series B, D1, E and F conversion option | 0 | 0 | 124,146 | ||
- Fair value gain on warrant liabilities | (4,122) | (23,341) | 0 | ||
- Share listing expense | 0 | 104,950 | 0 | ||
Adjustments to reconcile profit (loss) other than changes in working capital | 13,782 | (15,484) | (23,071) | ||
Change in working capital, net of effects from acquisition and disposal of subsidiaries | |||||
- Trade and other receivables | 4,892 | (3,239) | (1,676) | ||
- Trade and other payables | (2,946) | (7,415) | 14,891 | ||
- Deferred revenue | 10,313 | 3,371 | 9,070 | ||
Cash (used in)/provided by operations | 26,041 | (22,767) | (786) | ||
Interest received | 7,347 | 1,704 | 440 | ||
Income tax paid | (1,056) | (1,586) | (2,104) | ||
Net cash (used in)/provided by operating activities | 32,332 | (22,649) | (2,450) | ||
Cash flows from investing activities | |||||
Additions to plant and equipment | (783) | (1,431) | (1,673) | ||
Additions of intangible assets | (25,314) | (22,179) | (12,816) | ||
Acquisition of subsidiaries, net of cash acquired | 0 | (2,234) | 3,722 | ||
Proceeds from disposal of plant and equipment | 0 | 31 | 13 | ||
Net cash used in investing activities | (26,097) | (25,813) | (10,754) | ||
Cash flows from financing activities | |||||
Interest paid | (546) | (2,214) | (1,207) | ||
Proceeds from term loan | 0 | 0 | 11,000 | ||
Repayments of borrowings | 0 | (17,057) | 0 | ||
Borrowings transaction cost | 0 | 0 | (449) | ||
Principal payment of lease liabilities | (4,306) | (4,324) | (4,062) | ||
Proceeds from Reorganisation | 0 | 142,145 | 0 | ||
Proceeds from the shares issued to PIPE investors | 0 | 178,653 | 0 | ||
Transaction cost in relation to issuance of PIPE shares | 0 | (7,664) | 0 | ||
Proceeds from issuance of ordinary shares | 527 | 1,733 | 80 | ||
Payment for legal and professional fees incurred for IPO | 0 | 0 | (4,020) | ||
Repayment of convertible notes | 0 | 0 | (11,261) | ||
Net cash provided by/(used in) financing activities | (4,325) | 291,272 | (9,919) | ||
Net increase/(decrease) in cash and cash equivalents | 1,910 | 242,810 | (23,123) | ||
Cash and cash equivalents | |||||
Beginning of financial year | 309,233 | 70,236 | 93,359 | ||
Effects of currency translation on cash and cash equivalents | (4,745) | (3,813) | 0 | ||
End of financial year | $ 306,398 | $ 309,233 | $ 70,236 | ||
[1] Certain amounts in the prior year have been (i) reclassified to conform to the current year presentation (see Note 29) (2022 and 2021) and (ii) re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the acquisition of Sendtech in October 2022 (see Note 2) (2022 only). |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - SGD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Preference shares [member] | |||
Statement Of Cash Flows [Line Items] | |||
Beginning | $ 0 | $ 199,481 | |
Proceeds, net of transaction cost | 0 | ||
Principal and interest payments | 0 | ||
Conversion to ordinary shares | (211,030) | ||
Interest expense | 11,549 | ||
Currency translation differences | 0 | ||
Addition during the year | 0 | ||
Renewal and modification of leases | 0 | ||
Acquisition of subsidiaries | 0 | ||
Reclassify to borrowings | 0 | ||
Ending | 0 | ||
Convertible notes [member] | |||
Statement Of Cash Flows [Line Items] | |||
Beginning | 0 | 11,471 | |
Proceeds, net of transaction cost | 0 | ||
Principal and interest payments | (11,525) | ||
Conversion to ordinary shares | 0 | ||
Interest expense | 54 | ||
Currency translation differences | 0 | ||
Addition during the year | 0 | ||
Renewal and modification of leases | 0 | ||
Acquisition of subsidiaries | 0 | ||
Reclassify to borrowings | 0 | ||
Ending | 0 | ||
Lease liabilities [member] | |||
Statement Of Cash Flows [Line Items] | |||
Beginning | $ 12,443 | 16,891 | 17,253 |
Proceeds, net of transaction cost | 0 | 0 | 0 |
Principal and interest payments | (4,852) | (4,972) | (4,805) |
Conversion to ordinary shares | 0 | 0 | 0 |
Interest expense | 546 | 648 | 742 |
Currency translation differences | (109) | (261) | (32) |
Addition during the year | 18 | 137 | 2,683 |
Renewal and modification of leases | 1,528 | 0 | 0 |
Acquisition of subsidiaries | 0 | 0 | 1,050 |
Reclassify to borrowings | 0 | 0 | 0 |
Ending | 9,574 | 12,443 | 16,891 |
Loan advance [member] | |||
Statement Of Cash Flows [Line Items] | |||
Beginning | 0 | 5,000 | |
Proceeds, net of transaction cost | 0 | ||
Principal and interest payments | 0 | ||
Conversion to ordinary shares | 0 | ||
Interest expense | 0 | ||
Currency translation differences | 0 | ||
Addition during the year | 0 | ||
Renewal and modification of leases | 0 | ||
Acquisition of subsidiaries | 0 | ||
Reclassify to borrowings | (5,000) | ||
Ending | 0 | ||
Borrowing [member] | |||
Statement Of Cash Flows [Line Items] | |||
Beginning | $ 0 | 16,902 | 0 |
Proceeds, net of transaction cost | 0 | 10,551 | |
Principal and interest payments | (18,623) | (161) | |
Conversion to ordinary shares | 0 | 0 | |
Interest expense | 1,658 | 1,512 | |
Currency translation differences | 0 | 0 | |
Addition during the year | 0 | 0 | |
Renewal and modification of leases | 0 | 0 | |
Acquisition of subsidiaries | 63 | 0 | |
Reclassify to borrowings | 0 | 5,000 | |
Ending | $ 0 | $ 16,902 |
General Information
General Information | 12 Months Ended |
Dec. 31, 2023 | |
General information [Abstract] | |
General Information | 1. Genera l information PropertyGuru Group Limited (the “Company”) and its subsidiaries (the “Group”) is in the business of advertising, real estate marketing, business management and consultancy services . PropertyGuru Group Limited (the “Company”) is incorporated in Cayman Islands . The address of its registered office is 190 Elgin Avenue, George Town, Grand Cayman . Prior to consummation of the Business Combination on 17 March 2022, the audited consolidated financial statements for the year ended 31 December 2021 were issued for PropertyGuru Pte. Ltd. (“PropertyGuru”) and its subsidiaries, which is the predecessor to the Company for financial reporting purposes. PropertyGuru became a wholly-owned subsidiary of the Company as part of the reorganisation (as described in Note 2) on 17 March 2022. The Company had no operations prior to the reorganisation. As a result of the Business Combination (as defined below), PropertyGuru became a wholly-owned subsidiary of the Company. The comparable consolidated financial statements as of December 31, 2021 and for the year ended December 31, 2021 represent the consolidated financial statements of PropertyGuru and its subsidiaries. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Business Combinations | 2. Business Combination Reorganisation On 17 March 2022 (“Closing Date”), PropertyGuru Group Limited consummated the previously announced business combination pursuant to the Business Combination Agreement, dated as of 23 July 2021 with Bridgetown 2 Holdings Limited (“Bridgetown 2”), B2 PubCo Amalgamation Sub Pte. Ltd. (“Amalgamation Sub”) and PropertyGuru. In connection with the Business Combination, the ordinary shares, restricted stocks and warrants of the PropertyGuru were converted in accordance with the terms and conditions of the Business Combination Agreement. Concurrently with the execution of the Business Combination Agreement, the Company and Bridgetown 2 entered into subscription agreements with third party investors. Pursuant to the agreements, the investors subscribed for and purchased from the Company an aggregate of 13,193,068 the Company’s ordinary shares for a purchase price of US$ 10.00 per share, for aggregate gross proceeds of US$ 131,930,680 , equivalent to approximately S$ 178,653,000 (the “PIPE Financing”). The PIPE Financing was consummated concurrently with the closing of the Business Combination. 2. Business Combination (continued) On the closing date of the Business Combination, the Company acquired all of the ordinary shares of PropertyGuru, in consideration for the issuance of ordinary shares of the Company, by way of exchanging 128,376,418 ordinary shares of the Company for all of the 3,555,946 ordinary shares of PropertyGuru outstanding as of the closing date. On 18 March 2022, the Company’s ordinary shares commenced trading on the New York Stock Exchange, or “NYSE”, under the symbol “PGRU”. The Business Combination is accounted for as a capital reorganisation. The Business Combination, which is not within the scope of IFRS 3 Business Combination as Bridgetown 2 does not meet the definition of a business in accordance with IFRS 3, is accounted for within the scope of IFRS 2 Share-based Payment . As such, the Business Combination is treated as the equivalent of the Company issuing shares at the closing of the Business Combination for the net assets of Bridgetown 2 as of the closing date, accompanied by a recapitalisation. The net assets of Bridgetown 2 are recorded at historical cost, with no goodwill or other intangible assets recorded. Any excess of the fair value of the Company’s shares issued considering a fair value of PropertyGuru's shares of $ 11.28 per share (market price of PropertyGuru's ordinary shares at the Closing Date) over the fair value of Bridgetown 2’s identifiable net assets acquired represents compensation for the service of a stock exchange listing for its shares. This amounts to S$ 104,950,000 which is expensed to profit or loss (“share listing expense”). The share listing expense is non-recurring in nature and represents a share-based payment made in exchange for a listing service. As of S$’000 Fair value of equity consideration issued by the Company Fair value of Bridgetown 2 Class A ordinary shares outstanding 137,233 Fair value of Bridgetown 2 Class B ordinary shares outstanding 84,318 221,551 Bridgetown 2 net assets acquired Net cash proceeds from Bridgetown 2 134,481 Warrant liabilities (Note 21) ( 27,746 ) Others 9,866 116,601 Share listing expense 104,950 2. Business Combination (continued) Acquisition On 13 October 2022, the Company acquired 100 % of the issued and outstanding share capital, preference shares, convertible notes and future rights to equity of Sendtech Pte. Ltd. (“Sendtech”) for a total purchase price of S$ 2,308,000 . Sendtech is a home services platform developer that connects consumers to home service providers. The results of operations from Sendtech have been included in our consolidated financial statements since the date of acquisition. The purchase price allocation as of the date of acquisition in 2022 was based on a preliminary valuation and the fair values of the identifiable assets and liabilities at the acquisition date as included in the audited consolidated financial statements for the financial year ended 31 December 2022 were provisional. The fair values were finalised in 2023 and the following table summarizes the difference between the provisional and the finalised fair values of the assets/liabilities assumed and related goodwill acquired from Sendtech. Consequently, certain amounts in the prior period have been re-presented. As of As of S$’000 S$’000 Total assets Finalised Provisional Cash and cash equivalents 74 74 Internally developed computer software (Note 15(e)) 92 163 Intangible asset 962 — Trade and other receivables 25 66 1,153 303 Total liabilities Borrowings ( 63 ) ( 63 ) Trade and other payables ( 631 ) ( 631 ) Deferred revenue ( 64 ) ( 64 ) Deferred tax liabilities ( 163 ) — ( 921 ) ( 758 ) Net identifiable assets/(liabilities) acquired 232 ( 455 ) Add: goodwill 2,076 2,763 Total purchase consideration 2,308 2,308 Goodwill, which is non-deductible for tax purposes, represents the excess of the purchase consideration over the fair value of the net tangible and intangible assets acquired and is primarily attributable to the expected synergies at the time of the acquisition. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Material accounting policies | 3. Material accounting policies 3.1. Basis of preparation These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The financial statements have been prepared under the historical cost convention, except as disclosed in the accounting policies below. The preparation of financial statements in conformity with IFRS requires management to exercise its judgement in the process of applying the Group’s accounting policies. It also requires the use of certain critical accounting estimates and assumptions. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 4. Interpretations and amendments to published standards effective in 2023 On 1 January 2023, the Group has adopted the new or amended IFRS and interpretations issued by the IFRS Interpretations Committee (IFRS IC) that are mandatory for application for the financial year. Changes to the Group’s accounting policies have been made as required, in accordance with the transitional provisions in the respective IFRS and IFRS IC. The adoption of these new or amended IFRS and IFRS IC did not result in substantial changes to the Group’s accounting policies and had no material effect on the amounts reported for the current or prior financial years. 3.2. Revenue recognition The Group generates revenue from Agents, primarily on an individual subscription basis, and from Developers, predominantly from display advertising and content marketing. Other than Vietnam, the Group primarily generates Agent revenue on a subscription basis, whereby Agents typically pay upfront fees for an annual subscription. The agents can select between one of three or four annual subscription packages, with each subscription package providing a different number of concurrent listings and discretionary credits. Higher tier subscription packages offer access to more features including comparable listing insights, monthly advertising and floor plan credits. Agents can use discretionary credits to list properties and can purchase optional premium products and add-ons to increase the prominence of their current listings on the Group’s digital property classifieds marketplaces. Agents can purchase additional discretionary credits to supplement those included in their subscription package, or they can purchase certain features directly on a cash basis. In Vietnam, the Group offers a pay-as-you-go model, whereby Agents pay for each individual property listing and additional features as required. This model is specific to and effective in the Vietnamese market, where there is a large proportion of Agents that are part-time or casual, and therefore their ability to finance and/or desire to lock into annual subscriptions is currently limited. 3. Material accounting policies (continued) 3.2. Revenue recognition (continued) The Group’s main source of revenue from Developers consists of online advertising revenue, with fees based on the duration as well as the prominence of advertising. Developer revenue also includes revenue generated from organising annual property awards ceremonies in various countries as part of the Group’s Awards business and from hosting industry events at which Developers can buy booths to promote their businesses and recent property developments. The Group also earns revenue from the provision of review and management support services to Developers. Review services include writing of articles and posting of videos to promote Developers’ properties. The Group generates fintech and data revenue from financial institutions, insurance providers and property valuers through services on loan referral, insurance referral and data solutions. The Group provides loan and insurance referral services to property buyers from an array of loan and insurance products from various financial institutions and insurance providers respectively and earns referral fees from these parties. Fintech and data revenue also include revenue generated from collecting, aggregating and analysing property market data and providing technology solution in the property market field. The Group also earns commission fee from home services performed by vendors as a result of consumer booking via the Sendhelper platform. The Group recognises revenue based on the principles of IFRS 15 Revenue from Contracts with Customers . All performance obligations and its transaction price within the contract can be separately identified. Revenue is recognised when each performance obligation is satisfied. For performance obligations satisfied over time, the Group selects an appropriate measure of progress to determine how much revenue is recognised as the performance obligation is satisfied. (a) Subscription and advertising income (i) Revenue from subscription is recognised on a straight-line basis over the contract period. (ii) Revenue from advertising is recognised over the period in which the advertisements are placed or as the advertisements are displayed depending on type of advertisement. (iii) Revenue from discretionary credits to agents consist of • credits granted to customers to boost their listings on the Group’s website. Revenue is recognised when the credit is utilised. • featured listing by providing advertising services over a contracted period. Revenue is recognised on a straight-line basis over the contract period. The customers are invoiced at the start of the service period. 3. Material accounting policies (continued) 3.2. Revenue recognition (continued) (b) Events income Revenue from events is recognised on the date that the event takes place. The customers may be invoiced upfront. (c) Others Review services revenue is recognised at a point in time when the articles and videos are posted on the website. The customers are invoiced upon service being rendered. (d) Fintech and data (i) Loan and insurance referral income is recognised at a point in time upon successful loan approval by financial institutions and upon successful insurance policy inception to the property buyers. The financial institutions and insurance providers are invoiced upon loan approval and insurance policy inception. (ii) Data solution income is recognised over the service period. The customers are invoiced upon service rendered for data solutions. (iii) Revenue from software is recognised on the date of actual delivery of the software platform to developers. Maintenance service revenue is recognised on a straight-line basis over the maintenance period. Developers are invoiced at the start of the service period. (iv) Revenue from home services via Sendhelper platform is recognised on a net basis at a point in time upon completion of a successful rendering of household services by the third-party service providers to consumers. All contract liabilities for consideration received for unsatisfied performance obligations is classified and presented in the consolidated balance sheet as deferred revenue. 3. Material accounting policies (continued) 3.3. Government grants Grants from the government are recognised as a receivable at their fair value when there is reasonable assurance that the grant will be received and the Group will comply with all the attached conditions. Government grants receivable are recognised as income over the periods necessary to match them with the related costs which they are intended to compensate, on a systematic basis. Government grants relating to expenses are shown separately as other income. Government grants relating to assets are deducted against the carrying amount of the assets. 3.4. Group accounting (a) Subsidiaries (i) Consolidation Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date on that control ceases. In preparing the consolidated financial statements, transactions, balances and unrealised gains on transactions between group entities are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment indicator of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests comprise the portion of a subsidiary’s net results of operations and its net assets, which is attributable to the interests that are not owned directly or indirectly by the equity holders of the Group. They are shown separately in the consolidated statements of comprehensive loss, consolidated statements of changes in shareholders’ equity/(deficiency), and consolidated balance sheets. Total comprehensive income is attributed to the non-controlling interests based on their respective interests in a subsidiary, even if this results in the non-controlling interests having a deficit balance. 3. Material accounting policies (continued) 3.4. Group accounting (continued) (a) Subsidiaries (continued) (ii) Acquisitions The acquisition method of accounting is used to account for business combinations entered into by the Group. The consideration transferred for the acquisition of a subsidiary or business comprises the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred also includes any contingent consideration arrangement and any pre-existing equity interest in the subsidiary measured at their fair value at the acquisition date. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree at the date of acquisition either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s identifiable net assets. The excess of (i) the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the (ii) fair value of the identifiable net assets acquired is recorded as goodwill. Please refer to Note 3.6(a) for the accounting policy on goodwill. (iii) Disposals When a change in the Group’s ownership interest in a subsidiary results in a loss of control over the subsidiary, the assets and liabilities of the subsidiary including any goodwill are derecognised. Amounts previously recognised in the consolidated statements of comprehensive loss within “Other comprehensive income/(loss)” in respect of that entity are also reclassified to the consolidated statements of comprehensive loss or transferred directly to retained earnings if required by a specific Standard. 3. Material accounting policies (continued) 3.4. Group accounting (continued) (a) Subsidiaries (continued) (iii) Disposals (continued) Any retained equity interest in the entity is remeasured at fair value. The difference between the carrying amount of the retained interest at the date when control is lost and its fair value is recognised in the consolidated statements of comprehensive loss. 3.5. Plant and equipment (a) Measurement (i) Plant and equipment Plant and equipment are initially recognised at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses. (ii) Components of costs The cost of an item of plant and equipment initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The initial estimate of the cost of dismantlement, removal or restoration is recognised as part of the cost of plant and equipment if such obligation is incurred as a consequence of acquiring or using the assets. (b) Depreciation Depreciation is calculated using the straight-line method to allocate their depreciable amounts over their estimated useful lives as follows: Useful lives Leasehold improvements 3 - 10 years Computers 2 - 3 years Furniture and equipment 3 - 5 years The residual values, estimated useful lives and depreciation method of plant and equipment are reviewed, and adjusted as appropriate, at each balance sheet date. The effects of any revision are recognised in the consolidated statements of comprehensive loss when the changes arise. 3. Material accounting policies (continued) 3.5. Plant and equipment (continued) (c) Subsequent expenditure Subsequent expenditure relating to plant and equipment that has already been recognised is added to the carrying amount of the asset only when it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. All other repair and maintenance expenses are recognised in the consolidated statements of comprehensive loss when incurred. (d) Disposal On disposal of an item of plant and equipment, the difference between the disposal proceeds and its carrying amount is recognised in the consolidated statements of comprehensive loss within “Other gains/(losses) - net”. 3.6. Intangible assets (a) Goodwill Goodwill on acquisitions of subsidiaries and businesses represents the excess of (i) the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over (ii) the fair value of the identifiable net assets acquired. Goodwill on subsidiaries is recognised separately as intangible assets and carried at cost less accumulated impairment losses. Gains and losses on the disposal of subsidiaries include the carrying amount of goodwill relating to the entity sold. (b) Acquired trademarks, brands and domain names Brands are the name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers. Domain names are a string of letters, numbers, and hyphens that is used to define the location of a website. Trademarks are the legal right to exclusively use a symbol, name, phrase or logo. 3. Material accounting policies (continued) 3.6. Intangible assets (continued) (b) Acquired trademarks, brands and domain names (continued) Trademarks, brands and domain names acquired are initially recognised at cost and are subsequently carried at cost less accumulated amortisation and accumulated impairment losses. These costs are amortised to the consolidated statements of comprehensive loss using the straight-line method over 3 to 20 years, which is the shorter of their estimated useful lives or periods of contractual rights. (c) Acquired computer software Acquired computer software are initially capitalised at cost which includes the purchase prices (net of any discounts and rebates) and other directly attributable costs of preparing the asset for its intended use. Direct expenditures including employee costs, which enhance or extend the performance of computer software beyond its specifications and which can be reliably measured, are added to the original cost of the software. Costs associated with maintaining the computer software are expensed off when incurred. Computer software are subsequently carried at cost less accumulated amortisation and accumulated impairment losses. These costs are amortised to the consolidated statements of comprehensive loss using the straight-line method over their estimated useful lives of 3 to 5 years. (d) Property data Property data consist of purchase of property transaction data and auction data. Property data is initially capitalised at cost and subsequently carried at cost less accumulated amortisation and accumulated impairment losses. These costs are amortised to the consolidated statements of comprehensive loss using the straight-line method over their estimated useful lives of 3 years. 3. Material accounting policies (continued) 3.6. Intangible assets (continued) (e) Development cost in progress and internally developed computer software Development costs mainly relate to developed computer software programmes. Such computer software programmes that do not form an integral part of other related hardware is treated as an intangible asset. Development costs that are directly associated with development and acquisition of computer software programmes by the Group are capitalised as intangible assets when the following criteria are met: • it is technically feasible to complete the computer software programme so that it will be available for use; • management intends to complete the computer software programme and use or sell it; • there is an ability to use or sell the computer software programme; • it can be demonstrated how the computer software programme will generate probable future economic benefits; • adequate technical, financial and other resources to complete the development and to use or sell the computer software programme are available; and • the expenditure attributable to the computer software programme during its development can be reliably measured. Direct costs include salaries and benefits for employees on engineering and technical teams who are responsible for building new computer software programmes as well as improving existing computer software programmes. Expenditure that enhances or extends the performance of computer software programmes beyond their original specifications and which can be reliably measured is added to the original cost of the software. Costs associated with maintaining computer software programmes are recognised as an expense when incurred. Completed development costs in progress are reclassified to internally developed computer software on completion. These internally developed computer software are subsequently carried at cost less accumulated amortisation and accumulated impairment losses. These costs are amortised to the consolidated statements of comprehensive loss using a straight-line method over their estimated useful lives of 3 years. Development cost in progress is not amortised. The amortisation period and amortisation method of intangible assets other than goodwill are reviewed at least at each balance sheet date. The effects of any revision are recognised in the consolidated statements of comprehensive loss when the changes arise. 3. Material accounting policies (continued) 3.7. Impairment of non-financial assets (a) Goodwill Goodwill recognised separately as an intangible asset is tested for impairment annually or whenever there is indication that the goodwill may be impaired. For the purpose of impairment testing of goodwill, goodwill is allocated to each of the Group’s cash-generating-units (“CGU”) expected to benefit from synergies arising from the business combination. An impairment loss is recognised when the carrying amount of a CGU, including the goodwill, exceeds the recoverable amount of the CGU. The recoverable amount of a CGU is the higher of the CGU’s fair value less cost to sell and value-in-use. The total impairment loss of a CGU is allocated first to reduce the carrying amount of goodwill allocated to the CGU and then to the other assets of the CGU pro-rata on the basis of the carrying amount of each asset in the CGU. An impairment loss on goodwill is recognised as an expense and is not reversed in a subsequent period. (b) Intangible assets Plant and equipment Right-of-use assets Intangible assets with finite useful lives, plant and equipment and right-of-use assets are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. 3. Material accounting policies (continued) 3.7. Impairment of non-financial assets (continued) (b) Intangible assets Plant and equipment Right-of-use assets (continued) The difference between the carrying amount and recoverable amount is recognised as an impairment loss in the consolidated statements of comprehensive loss, unless the asset is carried at revalued amount, in which case, such impairment loss is treated as a revaluation decrease. For an asset other than goodwill, management assesses at the end of the reporting period whether there is any indication that an impairment recognised in prior periods may no longer exist or may have decreased. If any such indication exists, the recoverable amount of that asset is estimated and may result in a reversal of impairment loss. The carrying amount of this asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortisation or depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss for an asset other than goodwill is recognised in the consolidated statements of comprehensive loss. 3.8. Financial assets (a) Classification and measurement The classification depends on the Group’s business model for managing the financial assets as well as the contractual terms of the cash flows of the financial asset. 3. Material accounting policies (continued) 3.8. Financial assets (continued) (a) Classification and measurement (continued) Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. The Group reclassifies debt instruments when and only when its business model for managing those assets changes. Debt instruments mainly comprise of cash and cash equivalents and trade and other receivables. (i) At initial recognition At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial assets. (ii) At subsequent measurement The Group’s debt instruments that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. A gain or loss on a debt instrument that is subsequently measured at amortised cost and is not part of a hedging relationship is recognised in the consolidated statements of comprehensive loss when the asset is derecognised or impaired. Interest income from these financial assets is included in interest income using the effective interest method. (b) Impairment The Group assesses on a forward-looking basis the expected credit losses (“ECL”) associated with its debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Group applies the simplified approach permitted by the IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. 3. Material accounting policies (continued) 3.8. Financial assets (continued) (c) Recognition and derecognition Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. On disposal of a debt instrument, the difference between the carrying amount and the sale proceeds is recognised in the consolidated statements of comprehensive loss. Any amount previously recognised in the consolidated statements of comprehensive loss within “Other comprehensive income/(loss)” relating to that asset is reclassified to “Other gains/(losses) - net” of the consolidated statements of comprehensive loss. 3.9. Borrowings Borrowings are presented as current liabilities unless the Group has an unconditional right to defer settlement for at least 12 months after the balance sheet date, in which case they are presented as non-current liabilities. (a) Borrowings Borrowings are initially recognised at fair value (net of transaction costs) and subsequently carried at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the consolidated statements of comprehensive loss over the period of the borrowings using the effective interest method. (b) Preference shares Preference shares which are mandatorily redeemable on a specific date are classified as liabilities. Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of the borrowings that has been extinguished and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in the consolidated statements of comprehensive loss as “Finance cost”. 3.10. Trade and other payables Trade and other payables represent liabilities for goods and services provided to the Group prior to the end of financial year which are unpaid. They are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). Otherwise, they are presented as non-current liabilities. Trade and other payables are initially recognised at fair value, and subsequently carried at amortised cost using the effective interest method. 3. Material accounting policies (continued) 3.11. Leases When the Group is the lessee : At the inception of the contract, the Group assesses if the contract contains a lease. A contract contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Reassessment is only required when the terms and conditions of the contract are changed. • Right-of-use assets The Group recognised a right-of-use asset and lease liability at the date which the underlying asset is available for use. Right-of-use assets are measured at cost which comprises the initial measurement of lease liabilities adjusted for any lease payments made at or before the commencement date and lease incentive received. Any initial direct costs that would not have been incurred if the lease had not been obtained are added to the carrying amount of the right-of-use assets. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. • Lease liabilities The initial measurement of lease liability is measured at the present value of the lease payments discounted using the implicit rate in the lease, if the rate can be readily determined. If that rate cannot be readily determined, the Group shall use its incremental borrowing rate. Lease payments include the following: - Fixed payment (including in-substance fixed payments), less any lease incentives receivables; and - Payment of penalties for terminating the lease, if the lease term reflects the Group exercising that option. The Group has elected to not separate lease and non-lease components for its leases and account for these as one single lease component. The lease liability is measured by increasing the carrying amount that produces a constant periodic rate of interest on the remaining balances with the amount of the lease liabilities and reducing it by lease payments made. Lease liability shall be remeasured when: - There is a change in future lease payments arising from changes in an index or rate; - There is a change in the Group’s assessment of whether it will exercise an extension option; or - There are modifications in the scope or the consideration of the lease that was not part of the original term. Lease liabilities are remeasured with a corresponding adjustment to the right-of-use asset, or is recorded in the consolidated statements of comprehensive loss if the carrying amount of the right-of-use asset has been reduced to zero. • Short-term and low-value leases The Group has elected to not recognise right-of-use assets and lease liabilities for short-term leases that have lease terms of 12 months or less and leases of low value leases. Lease payments relating to these leases are expensed to the consolidated statements of comprehensive loss on a straight-line basis over the lease term . 3. Material accounting policies (continued) 3.12. Income taxes Current income tax for current and prior periods is recognised at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is recognised for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements except when the deferred income tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction. A deferred income tax liability is recognised on temporary differences arising on investments in subsidiaries except where the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. A deferred income tax asset is recognised to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilised. Deferred income tax is measured: (i) at the tax rates that are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date; and (ii) based on the tax consequence that will follow from the manner in which the Group expects, at the balance sheet date, to recover or settle the carrying amounts of its assets and liabilities. Current and deferred income taxes are recognised as income or expense in the consolidated statements of comprehensive loss, except to the extent that the tax arises from a business combination or a transaction which is recognised directly in equity. Deferred tax arising from a business combination is adjusted against goodwill on acquisition. The Group accounts for investment tax credits (for example, productivity and innovative credit) similar to accounting for other tax credits where deferred tax asset is recognised for unused tax credits to the extent that it is probable that future taxable profit will be available against which the unused tax credits can be utilised. 3.13. Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increa |
Critical Accounting Estimates,
Critical Accounting Estimates, Assumptions and Judgements | 12 Months Ended |
Dec. 31, 2023 | |
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Critical Accounting Estimates, Assumptions and Judgements | 4. Critical accounting estimates, assumptions and judgements Estimates, assumptions and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. (a) Impairment of goodwill Goodwill is tested for impairment annually. Goodwill is allocated to the CGUs identified by the Group which comprise of Marketplace by countries, Sendhelper and Data. In 2022, the award business has become an intrinsic part of the local developer product mix and were allocated to Marketplace country CGUs on a revenue share basis. The goo dwill of S$ 107,561,000 (2022: S$ 112,080,000 ) is allocated to the Vietnam marketplace CGU which comprises PropertyGuru Viet Nam Joint Stock Company (formerly known as Dai Viet Technology & Investment JSC), its subsidiary ( “PG Vietnam”) and Ensign operations in Vietnam. The goodwill of S$ 201,774,000 (2022: S$ 214,614,000 ) is allocated to the Malaysia marketplace CGU which comprises iProperty.com Malaysia Sdn. Bhd., Brickz Research Sdn. Bhd., IPGA Management Services Sdn. Bhd. and Ensign operations in Malaysia. The recoverable amount of goodwill and the associated CGU of Vietnam and Malaysia marketplace have been determined based on their fair values less costs to sell (“FVLCTS”). The determination of the FVLCTS of the CGUs requires the use of estimates (Note 15(a)). The results of the impairment review undertaken for the year on the Group’s goodwill indicated that no impairment charge was necessary. Specific estimates and the sensitivity analysis are disclosed in Note 15(a). (b) Critical judgement over capitalisation of internally developed computer software and development cost in progress The Group’s internally developed computer software and development cost in progress are capitalised based on management judgements relating to whether the criteria in Note 3.6(e) are met. Critical judgement is required in determining whether the expenditure enhances or extends the performance of computer software programmes beyond their original specifications or whether the costs are associated with maintaining computer software programmes. The carrying amounts of internally developed computer software and development cost in progress are disclosed in Note 15(e) and 15(f) respectively. In 2023, a 1 % reduction in total additions to development cost in progress will result in a salary and staff costs of $$ 256,000 . |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
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Segment Information | 5. Segment information (a) Description of segments The Group’s operating segments are reported in a manner consistent with the internal reporting provided to the CODM, which is the Leadership Team, comprising of the Chief Executive Officer, Chief Financial Officer, Managing Director Marketplaces, Managing Director Fintech / Chief Technology Officer, Managing Director Data and Software Solutions, Chief Marketing Officer and Chief People Officer. The Group has five reportable segments, namely four Marketplaces and Fintech and Data services. The Marketplaces segments consist of core listing marketplace for agents and developer marketing solutions business in four primary geographic areas, namely Singapore, Vietnam, Malaysia and Other Asia (comprising Thailand and Indonesia). Each of these geographic Marketplaces segments has different political and economic conditions as well as market factors and strategic initiatives which influence performance. Furthermore, each geographic Marketplace segment represents a business in different stages of development (with Singapore being the most mature and Other Asia still considered by management to be a developing market). The Fintech and Data segment consists of the digital mortgage marketplace business, PropertyGuru Finance and Sendhelper. Propertyguru Finance was launched in March 2020 where commission is earned from financial institutions on each mortgage brokered and from insurance providers on each insurance policy’s inception, and the data business involving provision of data services to developers, agents, banks and property valuers. Sendhelper is a home services booking platform which was acquired as part of the Sendtech Pte. Ltd. acquisition in October 2022. Assets and liabilities are not reviewed when making decisions about allocation of resources to the segments by the CODM. 5. Segment information (continued) (b) Segment information The table below shows the segment information provided to the CODM for the reportable segments for the years ended 31 December 2023, 2022, and 2021. Marketplaces Singapore Vietnam Malaysia Other Fintech and Total reportable segments S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 2023 Revenue from external customers 85,988 17,130 27,740 13,210 6,067 150,135 Adjusted EBITDA 65,300 778 14,803 2,962 ( 9,299 ) 74,544 2022 Revenue from external customers 69,241 24,040 25,388 12,192 5,064 135,925 Adjusted EBITDA 47,626 5,470 10,208 ( 259 ) ( 7,344 ) 55,701 2021 Revenue from external customers 55,891 18,767 14,315 8,361 3,377 100,711 Adjusted EBITDA 33,355 2,063 ( 10,440 ) ( 1,232 ) ( 4,634 ) 19,112 5. Segment information (continued) (b) Segment information (continued) A reconciliation of adjusted EBITDA to loss before income tax is provided as follows: 2023 2022* 2021 S$’000 S$’000 S$’000 Adjusted EBITDA of reportable segments 74,544 55,701 19,112 Headquarters cost ( 55,632 ) ( 52,376 ) ( 29,484 ) Changes in fair value of warrant liabilities, preferred shares and 4,122 23,341 ( 124,146 ) Finance income/(costs) - net 7,320 ( 680 ) ( 13,453 ) Depreciation and amortisation expense ( 23,905 ) ( 21,190 ) ( 14,032 ) Impairment ( 5,536 ) — ( 8 ) Share grant and option expenses ( 5,400 ) ( 5,524 ) ( 10,470 ) Others losses - net ( 2,476 ) ( 1,471 ) ( 815 ) Business acquisition transaction and integration cost ( 2,156 ) ( 4,378 ) ( 8,380 ) Legal and professional expenses incurred for IPO — ( 16,570 ) ( 6,070 ) Share listing expense — ( 104,950 ) — Restructuring cost ( 2,183 ) — — Loss before income tax ( 11,302 ) ( 128,097 ) ( 187,746 ) *Certain amounts in the prior year have been re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the acquisition of Sendtech in October 2022 . Headquarters costs are costs of personnel that are based predominantly in its Singapore headquarters and certain key personnel in Malaysia and Thailand, and that service the group as a whole, consisting of its executive officers and its group marketing, technology, product, human resources, finance and operations teams, as well as platform IT costs (hosting, licensing, domain fees), workplace facilities costs, corporate public relations retainer costs and professional fees such as audit, legal and consultant fees. The CODM uses adjusted EBITDA as a measure to assess the performance of the segments. This excludes the effects of significant items of income and expenditure which may have an impact on the quality of earnings such as changes in fair value of warrant liabilities, preferred shares and embedded derivatives, finance cost, depreciation and amortisation, income tax expense, impairments when the impairment is the result of an isolated, non–recurring event, share grant and option expenses, loss on disposal of plant and equipment and intangible assets, currency translation loss, business acquisition transaction and integration cost, legal and professional expenses incurred for IPO, share listing expense and restructuring cost. |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Revenue From Contracts With Customers | 6. Revenue from contracts with customers (a) Disaggregation of revenue from contracts with customers 2023 2022 2021 S$’000 S$’000 S$’000 Agent revenue - Subscription 66,385 51,905 41,773 - Agent discretionary 55,554 56,453 35,179 121,939 108,358 76,952 Developer revenue - Advertising activities 10,218 10,794 10,749 - Events 8,265 8,817 6,328 - Others 3,646 2,892 3,305 22,129 22,503 20,382 Fintech and data 6,067 5,064 3,377 150,135 135,925 100,711 Revenue recognised - At a point in time 49,208 31,543 20,068 - Over time 100,927 104,382 80,643 150,135 135,925 100,711 Marketplaces Singapore Vietnam Malaysia Other Fintech and data Total reportable segments S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 2023 Agent 80,363 16,352 21,063 4,161 — 121,939 Developer 5,625 778 6,677 9,049 — 22,129 Fintech and data — — — — 6,067 6,067 Revenue from external customers 85,988 17,130 27,740 13,210 6,067 150,135 2022 Agent 61,799 22,902 19,955 3,702 — 108,358 Developer 7,442 1,138 5,433 8,490 — 22,503 Fintech and data — — — — 5,064 5,064 Revenue from external customers 69,241 24,040 25,388 12,192 5,064 135,925 2021 Agent 46,170 17,365 10,275 3,142 — 76,952 Developer 9,721 1,402 4,040 5,219 — 20,382 Fintech and data — — — — 3,377 3,377 Revenue from external customers 55,891 18,767 14,315 8,361 3,377 100,711 Revenue recognition criteria for each of these revenue streams is stated in Note 3.2. As permitted under IFRS 15, the remaining unsatisfied performance obligations are not disclosed as these performance obligations are part of contracts that have an original expected duration of one year or less. There is no consideration from contracts with customers not included in the transaction price. 6. Revenue from contracts with customers (continued) (b) Contract liabilities 31 December 1 January Note 2023 2022 2022 S$’000 S$’000 S$’000 Deferred revenue 61,066 50,753 47,318 The change in deferred revenue is mainly due to the increase in unsatisfied performance obligations at the end of the financial year. (i) Revenue recognised in relation to contract liabilities 2023 2022 2021 S$’000 S$’000 S$’000 Revenue recognised in current period that was included in the 50,753 47,318 34,487 (c) Trade receivables from contracts with customers 31 December 1 January 2023 2022 2022 S$’000 S$’000 S$’000 Current assets Trade receivables from contracts with customers (Note 14(a)) 12,117 16,206 15,765 Loss allowances (Note 14(a)) ( 4,120 ) ( 5,081 ) ( 4,953 ) 7,997 11,125 10,812 |
Other Income
Other Income | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Other Income [Abstract] | |
Other Income | 7. Other income 2023 2022 2021 S$’000 S$’000 S$’000 Interest income 7,898 1,716 456 Government grants - Job Support Scheme — — 863 - Job Growth Incentive — 970 — - Others 212 68 140 Rent concession 1 3 141 Refund of indirect tax penalty 527 — — Others 82 30 123 8,720 2,787 1,723 Grant income of S$ 212,000 was recognised during the financial year under the Enterprise Development Grant (the "EDG") which supports qualifying business transformation. The grant income of S$ 970,000 and S$ 863,000 were recognised in the financial year 2022 and 2021 under the Job Growth Incentive (the "JGI") and Jobs Support Scheme (the “JSS”) respectively. JSS is a temporary scheme introduced in the Singapore Budget 2020 to help enterprises retain local employees. The scheme had been extended up to 2022 by the Government. Under the JSS, employers will receive cash grants in relation to the gross monthly wages of eligible employees. |
Other (Losses)_Gains - Net
Other (Losses)/Gains - Net | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Other gains/(losses) - net | 8. Other gains/(losses) – net 2023 2022 2021 S$’000 S$’000 S$’000 Loss on disposal of plant and equipment and intangible assets ( 33 ) ( 101 ) ( 3 ) Currency translation loss ( 2,409 ) ( 1,564 ) ( 812 ) Gain on lease modification 26 194 — Fair value loss on Series B, D1, E, and F conversion option (Note 27(e)) — — ( 124,146 ) Fair value gain on warrant liabilities 4,122 23,341 — Others ( 60 ) — — 1,646 21,870 ( 124,961 ) |
Salary and staff costs
Salary and staff costs | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Salary and staff costs | 9. Salary and staff costs 2023 2022 2021 S$’000 S$’000 S$’000 Wages and salaries 59,350 57,740 49,931 Directors' fees* 804 688 575 Employer's contribution to defined contribution plans 6,700 6,555 5,428 Other employee benefits 6,117 6,187 3,068 72,971 71,170 59,002 * Directors' fees which were paid out in shares amounted to S$ Nil (2022: S$ 180,000 , 2021: S$ 180,000 ). |
Finance Cost
Finance Cost | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Finance Cost | 10. Finance cost 2023 2022 2021 S$’000 S$’000 S$’000 Interest expenses: - Convertible notes — — 54 - Leases (Note 17(b)) 546 648 742 - Borrowings — 1,658 1,512 Accretion expenses arising from redeemable convertible — — 11,549 Others 32 90 52 578 2,396 13,909 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Income Taxes | 11. Income taxes (a) Tax expense/(credit) 2023 2022 2021 S$’000 S$’000 S$’000 Tax expense attributable to profit is made up of: - Current income tax 737 1,204 291 - (Over)/Under provision of income tax in prior financial year ( 13 ) 63 ( 25 ) - Current deferred income tax charge/(credit) (Note 23) 1,775 ( 392 ) ( 669 ) - Under/(Over) provision of deferred income tax in prior financial year 1,264 ( 7 ) — - Withholding tax 204 228 70 3,967 1,096 ( 333 ) The tax on the Group’s loss before tax differs from the theoretical amount that would arise using the Singapore standard rate of income tax as follows: 2023 2022 2021 S$’000 S$’000 S$’000 Loss before tax ( 11,302 ) ( 128,097 ) ( 187,746 ) Tax calculated at tax rate of 17 % (2022 and 2021: 17 %) ( 1,921 ) ( 21,776 ) ( 31,917 ) Effects of: - Different tax rates in other countries ( 1,020 ) ( 4,279 ) ( 1,744 ) - Expenses not deductible for tax purposes 2,187 24,692 8,370 - Income not subject to tax ( 119 ) ( 880 ) ( 539 ) - Fair value losses on financial instruments — — 21,105 - Utilisation of previously unrecognised tax losses 9 — — - Utilisation of previously unrecognised capital allowances — — ( 1,740 ) - Utilisation of previously unrecognised merger and acquisition allowances — ( 1,743 ) — - Deferred tax assets not recognised 3,376 4,798 6,087 - Withholding tax 204 228 70 - (Over)/Under provision of income tax in prior financial year ( 13 ) 63 ( 25 ) - Under/(Over) provision of deferred income tax in prior financial year 1,264 ( 7 ) — Tax expense/(credit) 3,967 1,096 ( 333 ) (b) Movement in current income tax liabilities 2023 2022 S$’000 S$’000 Beginning of financial year 4,302 4,554 Income tax paid ( 1,056 ) ( 1,586 ) Tax expense 941 1,432 (Over)/Under provision in prior financial year ( 13 ) 63 Currency translation adjustments ( 155 ) ( 161 ) End of financial year 4,019 4,302 |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Loss Per Share | 12. Loss per share The Group calculates loss per share by dividing loss for the period attributable to the shareholders of the parent by the weighted average number of shares outstanding during the period. (a) Basic loss per share 2023 2022 2021 $ per share $ per share $ per share Total basic loss per share attributable to the ordinary equity ( 0.09 ) ( 0.84 ) ( 2.03 ) (b) Diluted loss per share 2023 2022 2021 $ per share $ per share $ per share Total diluted loss per share attributable to the ordinary equity ( 0.09 ) ( 0.84 ) ( 2.03 ) (c) Reconciliations of loss used in calculating loss per share 2023 2022 2021 S$’000 S$’000 S$’000 Basic loss per share Loss attributable to the ordinary equity holders of the Group ( 15,269 ) ( 129,193 ) ( 187,413 ) Diluted loss per share Loss attributable to the ordinary equity holders of the Group ( 15,269 ) ( 129,193 ) ( 187,413 ) (d) Weighted average number of shares used as the denominator 2023 2022 2021 Weighted average number of ordinary shares used as the 162,644,729 154,563,175 92,275,632 Adjustments for calculation of diluted loss per 1 : . Number of Series B preference shares — — — * Weighted average number of ordinary shares and 162,644,729 154,563,175 92,275,632 * Preference shares were converted on 3 August 2021 and the effect of potential conversion was excluded (for periods prior to the actual conversion) as it was anti-dilutive. 1. Potential ordinary shares outstanding consist of restricted stock units, stock options, warrants, convertible notes and convertible preference shares and are excluded if their effect is anti-dilutive. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Cash and Cash Equivalents | 13. Cash and cash equivalents 2023 2022 S$’000 S$’000 Cash on hand 10 42 Cash at bank 150,798 168,325 Short-term bank deposits 155,590 140,866 306,398 309,233 |
Trade and Other Receivables
Trade and Other Receivables | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Trade and Other Receivables | 14. Trade and other receivables (a) Current 2023 2022 S$’000 S$’000 Trade receivables - Non-related parties 12,117 16,197 Trade receivables - Related parties — 9 Less: Allowance for impairment of receivables - non-related parties (Note 27(b)) ( 4,120 ) ( 5,081 ) Trade receivables - net 7,997 11,125 Deposits 681 902 Prepayments 5,498 5,083 Other receivables 1,634 1,035 15,810 18,145 (b) Non-current 2023 2022 S$’000 S$’000 Deposits 1,078 2,562 Prepayments 1,599 1,997 2,677 4,559 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Intangible Assets | 15. Intangible assets 2023 2022 S$’000 S$’000 Composition: Goodwill (Note 15(a)) 325,411 347,144 Trademarks, brand and domain names (Note 15(b)) 7,146 8,803 Acquired computer software (Note 15(c)) 643 1,190 Property data (Note 15(d)) 555 431 Internally developed computer software (Note 15(e)) 31,071 30,140 Development cost in progress (Note 15(f)) 13,352 5,928 378,178 393,636 During the financial year, the Board approved the plans to cease operations in the Indonesia marketplace and the plans to decommission FastKey. Consequently, an impairment of intangible assets of S$ 5,463,000 in relation to internally developed computer software and development cost in progress are recognized in the consolidated statement of comprehensive income as at 31 December 2023. (a) Goodwill 2023 2022 S$’000 S$’000 Cost Beginning of financial year 347,144 362,448 Currency revaluation adjustments ( 17,549 ) ( 17,380 ) Impairment during the year ( 4,184 ) — Acquisition of a subsidiary* — 2,076 End of financial year 325,411 347,144 * Certain amounts in the prior year have been re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the acquisition of Sendtech in October 2022. Impairment tests for goodwill Goodwill is allocated to the Group’s CGUs identified as follows: 2023 2022 S$’000 S$’000 Vietnam marketplace 107,561 112,080 Malaysia marketplace 1 201,774 214,614 Others 2 16,076 20,450 325,411 347,144 1. Comprises of iProperty.com Malaysia Sdn. Bhd., Brickz Research Sdn. Bhd., IPGA Management Services Sdn. Bhd. and PropertyGuru Malaysia International (Malaysia) Sdn Bhd. 2. Comprise of Singapore marketplace, Thailand marketplace, Indonesia marketplace, Data and Sendhelper CGUs. 2023 impairment assessment The recoverable amounts of the Vietnam and Malaysia marketplaces CGUs were determined based on their FVLCTS. Assumptions used in the FVLCTS calculations include enterprise value / sales (“EV/S”) multiples. Key assumptions used in FVLCTS calculations: 2023 Enterprise Value / Sales Multiple Vietnam marketplace 7.7x Malaysia marketplace 7.7x 15. Intangible assets (continued) (a) Goodwill (continued) Impairment tests for goodwill (continued) In 2023, a reasonably possible change in the assumptions used in the FVLCTS of the Vietnam and Malaysia marketplaces will cause their carrying amounts to exceed their recoverable amounts. The amounts by which the recoverable amounts exceeds their carrying amounts for those CGUs are as follows: Headroom (S$'000) Vietnam marketplace 28,938 Malaysia marketplace 11,111 Based on a sensitivity analysis performed, a decrease in EV/S multiple by 1.6x and 0.3x in the Vietnam and Malaysia marketplace CGUs respectively, would result in the recoverable amounts of these CGUs to be equal to their carrying amounts. 2022 impairment assessment In 2022, the recoverable amount was determined based on the value-in-use (VIU) whereby management determined budgeted revenue growth rates and EBIT margin based on past performance and its expectations of market developments. The discount rates used were pre-tax and reflected specific risks relating to the relevant segments. Terminal value was determined based on cashflows at the point the CGU has reached a steady state of growth. Terminal growth rates used were consistent with long term forecasts included in industry reports. Cash flow projections used in the VIU calculations were based on financial budgets approved by management covering a five-years period. 2022 Revenue growth 1 Terminal growth 2 Discount 3 Vietnam marketplace 18 - 38 % 6.0 % 23.0 % Malaysia marketplace 20 - 36 % 4.0 % 16.2 % Others 4 - 234 % 3.0 % - 5.5 % 14.5 % - 23.1 % 1. Budgeted revenue growth rate 2. Weighted average growth rate used to extrapolate cash flows beyond the budget period 3. Pre-tax discount rate applied to the pre-tax cash flow projections In 2022, based on a sensitivity analysis performed, management found recoverable amounts to be most sensitive to changes in revenue growth rates. A decrease in revenue growth rates by 5.1 and 5.7 percentage points every year in the Vietnam and Malaysia marketplace CGUs respectively, would result in the recoverable amounts of these CGUs to be equal to their carrying amounts. Any reasonably possible change in the assumptions used in the value-in-use calculations of all CGUs will not cause their carrying amounts to exceed their recoverable amounts. The annual impairment test for the years ended 31 December 2023 and 2022 on the Group's goodwill indicated that no impairment charge was necessary. 15. Intangible assets (continued) (b) Trademarks, brand and domain names 2023 2022 S$’000 S$’000 Cost Beginning of financial year 20,877 20,738 Additions 25 15 Acquisition of a subsidiary — 962 Disposals during the year ( 4,674 ) ( 8 ) Currency revaluation adjustments ( 253 ) ( 830 ) End of financial year 15,975 20,877 Accumulated amortisation and impairment Beginning of financial year 12,074 11,238 Amortisation charge 1,298 1,288 Impairment charge 42 — Disposals during the year ( 4,654 ) ( 1 ) Currency revaluation adjustments 69 ( 451 ) End of financial year 8,829 12,074 Net book value 7,146 8,803 (c) Acquired computer software 2023 2022 S$’000 S$’000 Cost Beginning of financial year 3,895 2,855 Additions 133 689 Reclassification from internally developed computer software — 426 Disposals during the year ( 11 ) ( 40 ) Currency revaluation adjustments ( 40 ) ( 35 ) End of financial year 3,977 3,895 Accumulated amortisation Beginning of financial year 2,705 1,909 Amortisation charge 663 727 Reclassification from internally developed computer software — 100 Disposals during the year ( 11 ) ( 17 ) Currency revaluation adjustments ( 23 ) ( 14 ) End of financial year 3,334 2,705 Net book value 643 1,190 15. Intangible assets (continued) (d) Property data 2023 2022 S$’000 S$’000 Cost Beginning of financial year 704 355 Additions 415 368 Disposals during the year ( 34 ) — Currency revaluation adjustments ( 42 ) ( 19 ) End of financial year 1,043 704 Accumulated amortisation Beginning of financial year 273 122 Amortisation charge 271 160 Disposals during the year ( 34 ) — Currency revaluation adjustments ( 22 ) ( 9 ) End of financial year 488 273 Net book value 555 431 (e) Internally developed computer software 2023 2022 S$’000 S$’000 Cost Beginning of financial year 54,727 27,644 Acquisition of a subsidiary — 92 Transfers from development cost in progress 17,417 28,103 Reclassification to acquired computer software — ( 426 ) Disposals during the year ( 232 ) — Currency revaluation adjustments ( 870 ) ( 686 ) End of financial year 71,042 54,727 Accumulated amortisation and impairment Beginning of financial year 24,587 12,635 Amortisation charge 15,570 12,340 Impairment charge 721 — Reclassification to acquired computer software — ( 100 ) Disposals during the year ( 232 ) — Transfer from development cost in progress — 80 Currency revaluation adjustments ( 675 ) ( 368 ) End of financial year 39,971 24,587 Net book value 31,071 30,140 15. Intangible assets (continued) (f) Development cost in progress 2023 2022 S$’000 S$’000 Cost Beginning of financial year 5,928 13,105 Additions 25,560 21,107 Transfers to internally developed computer software ( 17,417 ) ( 28,103 ) Write off during the year ( 516 ) ( 84 ) Currency revaluation adjustments ( 203 ) ( 97 ) End of financial year 13,352 5,928 Accumulated impairment Beginning of financial year — 84 Impairment charge 516 — Transfers to internally developed computer software — ( 80 ) Impairment written off during the year ( 516 ) — Currency revaluation adjustments — ( 4 ) End of financial year — — Net book value 13,352 5,928 The additions in development cost in progress included an amount of S$ 819,000 (2022: S$ Nil , 2021: S$ Nil ) related to capitalization of share-based payments. |
Plant and Equipment
Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Plant and Equipment | 16. Plant and equipment Leasehold Computers Furniture and Total S$’000 S$’000 S$’000 S$’000 2023 Cost Beginning of financial year 3,972 5,124 883 9,979 Additions 36 701 46 783 Disposals during the year ( 247 ) ( 307 ) ( 137 ) ( 691 ) Currency revaluation adjustments ( 59 ) ( 125 ) ( 17 ) ( 201 ) End of financial year 3,702 5,393 775 9,870 Accumulated depreciation and impairment Beginning of financial year 3,309 3,484 651 7,444 Depreciation charge 429 973 106 1,508 Impairment charge — 48 7 55 Disposals during the year ( 242 ) ( 257 ) ( 124 ) ( 623 ) Impairment written off during the year — ( 48 ) ( 7 ) ( 55 ) Currency revaluation adjustments ( 41 ) ( 95 ) ( 14 ) ( 150 ) End of financial year 3,455 4,105 619 8,179 Net book value End of financial year 247 1,288 156 1,691 Leasehold Computers Furniture, Total S$’000 S$’000 S$’000 S$’000 2022 Cost Beginning of financial year 4,395 4,589 842 9,826 Additions 221 1,131 79 1,431 Reclassification ( 82 ) — 82 — Disposals during the year ( 437 ) ( 433 ) ( 90 ) ( 960 ) Currency revaluation adjustments ( 125 ) ( 163 ) ( 30 ) ( 318 ) End of financial year 3,972 5,124 883 9,979 Accumulated depreciation Beginning of financial year 2,866 3,050 581 6,497 Depreciation charge 964 984 171 2,119 Disposals during the year ( 437 ) ( 429 ) ( 76 ) ( 942 ) Currency revaluation adjustments ( 84 ) ( 121 ) ( 25 ) ( 230 ) End of financial year 3,309 3,484 651 7,444 Net book value End of financial year 663 1,640 232 2,535 |
Leases - The Group as a Lessee
Leases - The Group as a Lessee | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Leases - The Group as a Lessee | 17. Leases - The Group as a lessee Nature of the Group’s leasing activities Property and office equipment The Group leases office space and office equipment for the purpose of back office operations. (a) Carrying amounts, additions and depreciation charge during the year Right-of-use (“ROU”) assets : 2023 2022 S$’000 S$’000 Cost Beginning of financial year 24,390 24,858 Additions 33 813 Expiration of leases — ( 702 ) Shortening of leases ( 660 ) ( 198 ) Renewal and modification of leases 1,554 — Currency revaluation adjustments ( 232 ) ( 381 ) End of financial year 25,085 24,390 Accumulated depreciation and impairment Beginning of financial year 12,915 9,439 Depreciation charge 4,595 4,556 Impairment charge 18 — Expiration of leases ( 642 ) ( 702 ) Shortening of leases — ( 153 ) Impairment written off during the year ( 18 ) — Currency revaluation adjustments ( 197 ) ( 225 ) End of financial year 16,671 12,915 Net book value 8,414 11,475 Lease liabilities : 2023 2022 S$’000 S$’000 Current 4,222 4,104 Non-current 5,352 8,339 9,574 12,443 (b) Interest expense 2023 2022 2021 S$’000 S$’000 S$’000 Interest expense on lease liabilities 546 648 742 17. Leases - The Group as a lessee (continued) (c) Lease expense not capitalised in lease liabilities 2023 2022 2021 S$’000 S$’000 S$’000 Short-term lease expense 49 112 94 Low-value lease expense 47 52 61 Total 96 164 155 (d) Total cash outflow for all the leases was S$ 4,948,000 (2022: S$ 5,136,000 , 2021: S$ 4,960,000 ). (e) Future cash outflow which are not capitalised in lease liabilities Extension option The leases for certain office space contain extension periods, for which the related lease payment had not been included in lease liabilities as the Group is not reasonably certain to exercise these extension options. The Group negotiates extension options to maximise operational flexibility in terms of managing the assets used in the Group’s operations. Extension options are exercisable by the Group and not by the lessor. |
Trade and Other Payables
Trade and Other Payables | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Trade and Other Payables | 18. Trade and other payables (a) Current 2023 2022 S$’000 S$’000 Trade payables - non-related parties 3,012 5,070 Accrued operating expenses 6,600 7,399 Accrued employee expenses 12,767 14,395 Other payables 4,258 2,873 26,637 29,737 (b) Non-current 2023 2022 S$’000 S$’000 Trade payables - non-related parties — 3 Accrued employee expenses 518 293 518 296 |
Preference Shares
Preference Shares | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Preference Shares | 19. Preference shares Series B Series D1 Series E Series F Total Number of Amount Number of Amount Number of Amount Number of Amount Amount S$’000 S$’000 S$’000 S$’000 S$’000 Financial liability 2021 Beginning of financial year 258,363 59,412 152,224 48,965 84,705 29,303 210,526 61,801 199,481 Accretion cost on Series B, D1, E — 3,375 — 2,759 — 1,800 — 3,615 11,549 Conversion of redeemable ( 258,363 ) ( 62,787 ) ( 152,224 ) ( 51,724 ) ( 84,705 ) ( 31,103 ) ( 210,526 ) ( 65,416 ) ( 211,030 ) End of financial year — — — — — — — — — Series C Series D2 Total Number Amount Number of Amount Amount S$’000 S$’000 S$’000 Equity 2021 Beginning of financial year 70,303 10,000 564,126 49,339 59,339 Conversion of non-redeemable convertible ( 70,303 ) ( 10,000 ) ( 564,126 ) ( 49,339 ) ( 59,339 ) End of financial year — — — — — On 3 August 2021, upon the completion of the acquisition of 100 % equity interest in iProperty.com Malaysia Sdn. Bhd., Kid Ruang Yu Co., Ltd., Prakard IPP Co, Ltd. and iProperty (Thailand) Co., Ltd., collectively known as “Panama”, all Series B, C, D1, D2, E and F preference shares were fully converted into ordinary shares pursuant to the terms of the share purchase agreement. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Borrowings | 20. Borrowings On 23 December 2020, the Group entered into a S$ 16,000,000 2-year loan facility agreement with several lenders. S$ 600,000 of the loan facility was with lenders who are key management personnel of the Company, at equivalent terms to those of third-party lenders. The Company had utilised the facility on 8 January 2021. The Company received S$ 5,000,000 as advances for the loan facility during the financial year ended 31 December 2020 and the remaining $ 11,000,000 in January 2021. The term loan facility would have matured in January 2023 and bore interest at 2 % per annum payable at the last day of each interest period of six months and 6 % per annum payable at the termination date which is 24 months from the date the loan was drawn down. Effective interest rate for this loan facility is at 8.16 %. Under the terms of the term loan facility, the Group is required to comply with the following financial covenants which are tested on an annual basis: • the total net cash of the Group is no less than S$ 10,000,000 ; and • the consolidated total borrowings does not exceed S$ 25,000,000 . On 7 July 2022, the Group repaid all outstanding loans of the facility. As at 31 December 2023 and 31 December 2022, the Group had no borrowings. |
Warrant liabilities
Warrant liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Disclosure Of Warrant liabilities | 21. Warrant liabilities In connection with the Business Combination, Bridgetown 2’s 12,960,000 private placement warrants were exchanged for 12,960,000 warrants of the Company, the exercise of which will result in the issuance of 12,960,000 ordinary shares should the market price exceeds a price of US$ 11.50 per ordinary share. The terms of the warrants remain unchanged following the assignment. As of December 31, 2023, all warrants were outstanding. The private placement warrants that were exchanged for warrants of the Company were considered to be part of the net assets acquired and therefore, management applied the provisions of debt and equity classification under IAS 32 Financial Instruments: Presentation (“IAS 32”). In accordance with IAS 32, a contract to issue a variable number of shares fails to meet the definition of equity and must instead be classified as a derivative liability and measured at fair value with changes in fair value recognized in the consolidated statement of comprehensive loss at each reporting date. As these warrants include contingent settlement provisions that introduce potential variability to the settlement amounts of the warrants, dependent on the occurrence of some uncertain future events, the warrants are accounted for as derivative financial liabilities at fair value, with changes in fair value recognised within “Other gains/(losses) – net” within the consolidated statements of comprehensive loss. The Group applied a Black Scholes pricing model to estimate the fair value of the warrant liabilities. The significant inputs into the model are shown below. 31 December 2023 31 December 2022 17 March 2022 Share price US$ 3.34 US$ 4.31 US$ 8.33 Exercise price/warrant US$ 11.50 US$ 11.50 US$ 11.50 Expected volatility 32.80 % 34.40 % 41.36 % Dividend yield Nil Nil Nil Expected term (years) 3.21 4.21 5.00 Annual risk-free interest rate 4.00 % 4.11 % 2.23 % Expected volatility was determined based on the historical volatility of comparable public-listed companies. The fair value of warrants decreased from US$ 3,562,000 (S$ 4,775,000 ) as at 31 December 2022 to US$ 492,000 (S$ 649,000 ) as at 31 December 2023, resulting in a change in fair value of warrant liabilities of US$ 3,070,000 (S$ 4,122,000 ) for the year ended 31 December 2023 (Note 8). |
Provision
Provision | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Provision | 22. Provision Reinstatement costs Provision for reinstatement costs relate to the cost of dismantling and removing assets and restoring the premises to its original condition as stipulated in the lease agreements. The Group expects to incur the liability upon termination of the leases between April 2024 to November 2026. 2023 2022 S$’000 S$’000 Beginning of financial year 952 605 Currency revaluation adjustments ( 19 ) ( 20 ) Additions 15 438 Accretion cost 32 20 Reversal during the year ( 40 ) ( 14 ) Provision utilised during the year ( 28 ) ( 77 ) End of financial year 912 952 Current 148 280 Non-current 764 672 End of financial year 912 952 |
Deferred Income Taxes
Deferred Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Deferred Income Taxes | 23. Deferred income taxes Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current income tax assets against current income tax liabilities and when the deferred income taxes relate to the same taxation authority. The amounts, determined after appropriate offsetting, are shown on the consolidated balance sheet as follows:- 2023 2022 S$’000 S$’000 Deferred tax assets ( 2,669 ) ( 7,034 ) Deferred tax liabilities 7,650 9,072 Net deferred tax liabilities 4,981 2,038 Movement in deferred income tax liabilities is as follows: 2023 2022 S$’000 S$’000 Beginning of financial year 2,038 2,375 Currency revaluation adjustments ( 96 ) ( 101 ) Acquisition of subsidiaries — 163 Current deferred income tax charge/(credit) (Note 11) 1,775 ( 392 ) Under/(Over) provision of deferred income tax in prior financial year (Note 11) 1,264 ( 7 ) End of financial year 4,981 2,038 Deferred income tax assets are recognised for tax losses, capital allowances and merger and acquisition (“M&A”) allowances carried forward to the extent that realisation of the related tax benefits through future taxable profits is probable. The Group has unrecognised tax losses of S$ 96,129,000 (2022: S$ 86,918,000 ) and capital allowance of S$ 5,892,000 (2022: S$ 3,490,000 ) at the balance sheet date which can be carried forward and used to offset against future taxable income subject to meeting certain statutory requirements by those companies with unrecognised tax losses and capital allowances in their respective countries of incorporation. The capital allowances have no expiry date. The tax losses have expiry dates as follows: 2023 2022 S$’000 S$’000 Expiring in one year 4,556 5,365 Expiring in two years 3,261 4,669 Expiring in three years 6,668 3,899 Expiring in four years 11,410 7,496 Expiring beyond four years 69,569 65,455 95,464 86,884 23. Deferred income taxes (continued) The movement in deferred income tax assets and liabilities (prior to offsetting of balances within the same tax jurisdiction) is as follows: Deferred income tax liabilities Accelerated tax depreciation Fair value ROU Others Total S$’000 S$’000 S$’000 S$’000 S$’000 2023 Beginning of financial year 5,221 1,796 2,074 ( 19 ) 9,072 Currency translation adjustments 6 ( 74 ) ( 19 ) 9 ( 78 ) Credited to profit or loss ( 402 ) ( 255 ) ( 505 ) ( 182 ) ( 1,344 ) End of financial year 4,825 1,467 1,550 ( 192 ) 7,650 2022 Beginning of financial year 2,127 1,975 2,817 29 6,948 Currency translation adjustments ( 15 ) ( 86 ) ( 39 ) — ( 140 ) Acquisition of business — 163 — — 163 Charged/(credited) to profit or loss 3,109 ( 256 ) ( 704 ) ( 48 ) 2,101 End of financial year 5,221 1,796 2,074 ( 19 ) 9,072 Deferred income tax assets Lease Provisions Tax loss Unutilised capital allowance Total S$’000 S$’000 S$’000 S$’000 S$’000 2023 Beginning of financial year ( 2,196 ) ( 153 ) ( 937 ) ( 3,748 ) ( 7,034 ) Currency translation adjustments ( 19 ) ( 8 ) 9 — ( 18 ) Charged/(credited) to profit or loss 492 ( 91 ) 928 3,054 4,383 End of financial year ( 1,723 ) ( 252 ) — ( 694 ) ( 2,669 ) 2022 Beginning of financial year ( 2,933 ) ( 157 ) ( 937 ) ( 546 ) ( 4,573 ) Currency translation adjustments 39 — — — 39 Charged/(credited) to profit or loss 698 4 — ( 3,202 ) ( 2,500 ) End of financial year ( 2,196 ) ( 153 ) ( 937 ) ( 3,748 ) ( 7,034 ) |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Share Capital | 24. Share capital 2023 2022 2021 Issued share capital Number of Number of Number of At 1 January 161,960,362 — 55,983,598 Issuance of shares 1,971,083 749,802 23,469,947 Shares issued to PIPE investors — 13,193,068 — Reorganisation - Share exchange (see Note 2) — 128,376,418 — - Shares issued to holders of Class A and Class B ordinary shares of Bridgetown 2 — 19,641,074 — Conversion of preference shares to ordinary shares — — 48,385,450 At 31 December 163,931,445 161,960,362 127,838,995 2023 2022 2021 S$’000 S$’000 S$’000 At 1 January 1,081,320 684,347 36,553 Issuance of shares 13,223 8,403 252,338 Shares issued to PIPE investors — 178,653 — Transaction cost in relation to issuance of PIPE shares — ( 7,664 ) — Reorganisation — 217,581 — Conversion of preference shares to ordinary shares — — 395,456 At 31 December 1,094,543 1,081,320 684,347 All issued ordinary shares are fully paid. Fully paid ordinary shares carry one vote per share and carry a right to dividends as and when declared by the Company. As described in Note 2, upon closing of the Business Combination on 17 March 2022, all of the 3,555,946 ordinary shares of PropertyGuru outstanding was exchanged for 128,376,418 ordinary shares of the Company outstanding with a par value of US$ 0.0001 per share. As at 31 December 2021, the total number of ordinary shares of PropertyGuru outstanding is 127,838,995 with no par value. The movements of the shares issued by PropertyGuru in prior period presented have been retrospectively adjusted to give ef fect to the share exchange for purpose of calculation of loss per shares (Note 12). As at 1 January 2022 and 31 December 2021, PropertyGuru Group Limited did not exist yet. The prior period share capital balances presented were that of PropertyGuru Pte. Ltd. for comparative purposes. |
Share reserve
Share reserve | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Share reserve | 25. Share reserve 2023 2022 S$’000 S$’000 Beginning of financial year 17,692 18,658 Employee share grant and options schemes - Value of employee services (Note 9) 5,678 3,856 - Shares issued ( 9,704 ) ( 6,490 ) Non-executive director share grant and options schemes - Value of services 541 1,848 - Shares issued ( 2,992 ) ( 180 ) End of financial year 11,215 17,692 As part of the Business Combination (Note 2), (i) each outstanding PropertyGuru restricted stock unit award was assumed by the Company and converted into the right to receive restricted stock units based on such number of newly issued ordinary shares of the Company as determined in accordance with the Business Combination Agreement; and, (ii) each outstanding PropertyGuru option was assumed by the Company and converted into an option in respect of such number of newly issued ordinary shares of the Company as determined in accordance with the Business Combination Agreement. The movements of the shares issued by PropertyGuru Pte. Ltd. in prior periods presented have been retrospectively adjusted to give effect to the share exchange (Note 2). Employee Stock Compensation Plans As of 31 December 2023, there were three employee stock compensation plans – the Employee Stock Option (“ESO Plan”), the Omnibus Equity Incentive Plan (“Omnibus Plan”) and the Non-Executive Directors Plan (“NED Plan”). As of 30 June 2023, the grant date of the RSUs of the Company was fixed following the limitation in discretion by the Remuneration Committee and the Company accounted for this as a modification to the share plans. The modification did not lead to an incremental impact on fair value of the RSUs and Stock Options. The objective of the ESO and Omnibus Plans is to promote the interests of the Group by providing the certain key personnel with an appropriate incentive to encourage them to continue their employment and to improve the growth, profitability and financial success of the Group. Accordingly, service and performance conditions are included as part of the vesting conditions. Upon vesting, awardees are issued options and/or restricted stock units (“RSUs”) of the Company. The objective of the NED Plan is to promote the interests of the Group by providing non-executive directors of the Group with an appropriate incentive to encourage them to continue their employment as directors. Accordingly, service conditions are included as part of the vesting conditions. Upon vesting, awardees are issued options and/or restricted stock units (“RSUs”) of the Company. The plans were taken over by the Company from PropertyGuru as part of the Business Combination. They are administered by the Remuneration Committee who are appointed members of the Board of Directors and are accounted for as equity-settled share plans. The exercise price of the options was determined by the valuation of PropertyGuru’s ordinary shares immediately preceding the date of awards. All employee stock options shall expire on the 10 th anniversary of their award date unless otherwise provided in the participant’s option grant agreement. The options may be exercised in full or in part on the payment of the exercise price. The persons to whom the options have been issued have no right to participate by virtue of the options in any share issue of any other Company. The Group has no legal or constructive obligation to repurchase or settle the options in cash. The RSUs are a combination of time-based and performance-based RSUs. The performance-based RSUs were attached with both market and non-market performance target vesting conditions. The Company had engaged with an independent external valuer to perform a valuation on the market performance target condition on the relative total shareholder return (“TSR”) using the Monte Carlo simulation to forecast the future prices and TSR of the Company and Russell Index. 25. Share reserve (continued) Employee Stock Compensation Plans (continued) The fair value of options granted under the plans are determined using the Black-Scholes Option Pricing Model. The significant inputs into the model are shown below: Share prices $ 5.78 - $ 8.32 Exercise price $ 3.45 - $ 8.81 Expected volatilities 32 - 42 % Dividend yield Nil Option life Up to 10 years Annual risk-free interest rates 1.61 - 2.18 % The volatilities applied were based on the historical volatility of comparable public-listed companies. The fair value of RSUs subject to the relative TSR market performance target condition granted under the plans are determined using the Monte Carlo simulation estimated using the share price on the respective grant dates. The significant inputs in the model are shown below: Period between grant date and performance end date 1.5 – 2.5 years Time interval 0.003 – 0.083 years Expected volatilities (PG) 45.7 % - 62.3 % Expected volatilities (Russell Index) 20.8 % - 23.3 % Average correlation coefficient to Russell Index 11.9 % - 13.9 % Annual risk-free interest rates 4.67 % - 5.14 % Stock options outstanding at the end of the year have the following weighted average remaining contractual life: 2023 2022 2021 Exercise price Stock Weighted Stock Weighted Stock Weighted $3.45 1,074,273 2.33 1,119,917 3.33 1,375,699 4.35 $3.93 345,856 3.75 436,905 4.80 471,491 5.82 $4.54 295,887 4.39 316,722 5.39 423,620 6.40 $7.28 1,463,785 5.26 1,595,487 6.26 1,653,467 7.28 $8.81* 115,851 0.68 115,851 1.68 115,851 2.68 3,295,652 3,584,882 4,040,128 *Stock Option for NED (Note 25(b)) 25. Share reserve (continued) Employee Stock Compensation Plans (continued) (a) ESO Plan Set out below are summaries of options granted under the ESO plan: 2023 2022 2021 Weighted average Number of Weighted average Number of Weighted average Number of Beginning of financial year $ 5.37 3,469,030 $ 5.24 3,924,275 $ 5.23 4,000,595 Exercised during the year $ 3.81 ( 140,706 ) $ 4.01 ( 423,836 ) $ 4.01 ( 20,000 ) Forfeited during the year $ 6.95 ( 148,523 ) $ 7.28 ( 31,409 ) $ 4.85 ( 56,320 ) End of financial year $ 5.37 3,179,801 $ 5.37 3,469,030 $ 5.24 3,924,275 Vested and exercisable at $ 5.49 2,763,166 $ 5.22 2,401,281 $ 4.83 1,883,544 No options expired during the periods covered by the above tables. (b) NED Plan Set out below are summaries of options granted under the NED plan: 2023 2022 2021 Weighted average Number of Weighted average Number of Weighted average Number of Beginning and end of $ 8.81 115,851 $ 8.81 115,851 $ 8.81 115,851 Vested and exercisable at $ 8.81 115,851 $ 8.81 115,851 $ 8.81 86,753 25. Share reserve (continued) Employee Stock Compensation Plans (continued) (b) NED Plan (continued) Group Beginning of Granted during Vested during Forfeited during End of 2023 129,281 — ( 129,281 ) — — 2022 258,562 — ( 129,281 ) — 129,281 2021 — 373,510 ( 114,948 ) — 258,562 (c) Omnibus Plan Set out below are summaries of RSUs granted under the Omnibus plan: Group Beginning of Granted during Vested during Forfeited during End of 2023 2,467,274 2,145,018 ( 1,406,623 ) ( 497,830 ) 2,707,839 2022 1,839,608 1,400,502 ( 704,784 ) ( 68,052 ) 2,467,274 2021 2,335,973 22,889 ( 497,556 ) ( 21,698 ) 1,839,608 In 2023, the weighted average fair value of RSUs granted under the Omnibus Plan was $ 5.70 (2022: $ 5.88 , 2021: $ 6.20 ) |
Warrant Reserve
Warrant Reserve | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Warrants | 26. Warrant reserve On 12 October 2018, PropertyGuru issued a total of 112,000 warrants. Each warrant carries the right to subscribe for one new ordinary share in the capital of the Group within 60 months following the date of issuance at an exercise price of $ 341.60 per warrant. PropertyGuru has a right to accelerate the exercise period subject upon meeting certain conditions. In connection with the Business Combination, the 112,000 warrants in PropertyGuru that was exercisable at an exercise price of $ 341.60 per share for 112,000 shares in PropertyGuru were exchanged for one warrant in the Company, the exercise of which will result in the issuance of 4,043,411 ordinary shares at a price of US$ 6.92 per ordinary share (equivalent to $ 9.46 per ordinary share). The terms of the warrants remain unchanged following the assignment and remained in the warrant under equity. In September 2022, the warrants issued by PropertyGuru and exchanged for warrants in the Company, expired. Consequently, amounts in the warrant reserve were classified into retained earnings. |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Financial Risk Management | 27. Financial risk management Financial risk factors The Group’s activities expose it to market risk (including currency risk and interest rate risk), credit risk and liquidity risk. The Group’s overall risk management strategy seeks to minimise any adverse effects from the unpredictability of financial markets on the Group’s financial performance. The Board of Directors is responsible for setting the objectives and underlying principles of financial risk management for the Group. (a) Market risk (i) Currency risk The Group operates in South East Asia with operations in Singapore, Malaysia, Indonesia, Thailand and Vietnam. Currency risk arises within entities in the Group when transactions are denominated in foreign currencies other than the functional currency of the entities within the Group. The Group’s business operations are not exposed to significant foreign currency risks as it has no significant transactions denominated in foreign currency of the entities within the Group. (ii) Cash flow and fair value interest rate risks Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Fair value interest rate risk is the risk that the fair value of a financial instrument will fluctuate due to changes in market interest rates. As the Group have no variable interest-bearing financial instrument, the Group’s income and operating cash flows are substantially independent of changes in market interest rates. The Group also has no fixed interest-bearing financial instruments as at the year end and is hence not exposed to fair value interest rate risks arising from fixed interests. (b) Credit risk Credit risk is the risk of loss that may arise on outstanding financial instruments should a counterparty default on its obligations. Risk management The Group’s exposure to credit risk arises primarily from trade and other receivables. For other financial assets, the Group minimise credit risk by holding its cash and deposits at major financial institutions in the respective locations of the Group's operations. Management believes that these financial institutions are of high credit quality and continually monitors the credit worthiness of these financial institutions. The Group’s objective is to seek continual revenue growth while minimising losses incurred due to increased credit risk exposure by trading only with recognised and creditworthy third parties. Only customers who have undergone credit verification procedures are allowed to trade on credit. As the Group does not hold any collateral, the maximum exposure to credit risk for each class of financial instruments is the carrying amount of that class of financial instruments presented on the consolidated balance sheet. 27. Financial risk management (continued) (b) Credit risk (continued) Credit rating The Group considers the probability of default upon initial recognition of assets and identifies any significant increase in credit risk quarterly. The age of the receivable, whether the invoices are disputed and indications of a debtor's commitment to settle are factors considered when the Group assesses significant increase in credit risk. The following indicators are incorporated: • actual or expected significant adverse changes in business, financial or economic conditions that are expected to cause a significant change to the debtor’s ability to meet its obligations; • significant changes in the expected performance and behaviour of the debtor, including changes in the payment status of debtors; and • macroeconomic information such as market growth rates. A significant increase in credit risk is presumed if a debtor is more than 30 days past due in making a contractual payment, as determined by the Group’s historical collections records. The Group defines a financial instrument as default, which is fully aligned with the definition of credit-impaired, when it meets one or more of the following criteria: Quantitative criteria: The Group defines a financial instrument as default, when the counterparty fails to make contractual payment within 180 days of when they fall due. The Group considers the following when determining if a debtor meets the unlikeliness to pay criteria and is in significant financial difficulty: • the debtor is in breach of financial covenants; • concessions have been made by the lender relating to the debtor’s financial difficulty; • it is becoming probable that the debtor will enter bankruptcy or other financial reorganisation; and • the debtor is insolvent. Financial instruments that are credit-impaired are assessed on individual basis. Impairment of financial assets Trade receivables are subject to more than immaterial credit losses where the expected credit loss (“ECL”) model has been applied. 27. Financial risk management (continued) (b) Credit risk (continued) Impairment of financial assets (continued) The Group has applied the simplified approach by using the provision matrix to measure the lifetime expected credit losses for trade receivables. The measurement of ECL reflects reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions. Groupings of instruments for ECL measured on collective basis; (i) Collective assessment To measure ECL, trade receivables have been grouped based on shared credit risk characteristics such as geographical location and the days past due. (ii) Individual assessment Trade receivables which are in default or credit-impaired are assessed individually. Trade receivables are written off when there is no reasonable expectation of recovery. Write offs are made on a case-by-case basis. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group. Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. 27. Financial risk management (continued) (b) Credit risk (continued) Impairment of financial assets (continued) The movement in impairment loss on trade receivables during the year is as follows: Trade receivables 2023 2022 S$’000 S$’000 Beginning of financial year 5,081 4,953 Allowance made 2,728 3,661 Allowance written back ( 2,870 ) ( 2,504 ) Allowance written off ( 758 ) ( 901 ) Currency revaluation adjustment ( 61 ) ( 128 ) End of financial year 4,120 5,081 Impairment of financial assets For specific trade receivables identified by the Group to be credit impaired, the Group recognised a loss allowance equal to lifetime expected credit loss of S$ 3,742,000 (2022: S$ 4,573,000 ) in respect of Group’s receivables, as follows: Trade receivables 2023 2022 S$’000 S$’000 Gross amount 3,742 4,573 Less: Allowance for impairment ( 3,742 ) ( 4,573 ) — — The impaired receivables arise mainly from receivables that are long overdue. The Group has concluded that the credit loss for non-specific trade receivables as of 31 December 2023 is immaterial. 27. Financial risk management (continued) (c) Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting financial obligations due to shortage of funds. The Group’s exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. The Group manages its liquidity risk by ensuring the availability of funding. Funding is obtained mainly from investments from shareholders. The Group monitors working capital projections regularly, to ensure that the Group has adequate working capital to meet current requirements. The table below analyses non-derivative financial liabilities of the Group into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying amounts as the impact of discounting is not significant. Less than Between 1 and S$’000 S$’000 At 31 December 2023 Trade and other payables 26,637 518 Lease liabilities 4,222 5,575 At 31 December 2022 Trade and other payables 29,737 296 Lease liabilities 4,104 8,668 27. Financial risk management (continued) (d) Capital risk The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern and to maintain an optimal capital structure so as to maximise shareholder value. In order to maintain or achieve an optimal capital structure, the Group may adjust the amount of dividend payment, return capital to shareholders, issue new shares, buy back issued shares, obtain new borrowings or sell assets to reduce borrowings. The Directors monitor the Group’s capital based on net debt, if any, and total capital. Net debt is calculated as borrowings plus trade and other payables less cash and cash equivalents. Total capital is calculated as total equity plus preference shares and net debt, if any. 2023 2022 S$’000 S$’000 Net debt n/m* n/m* Total equity 604,812 634,287 Total capital 604,812 634,287 *not meaningful (e) Fair value measurement Liabilities measured and carried at fair value and classified by level of the following fair value measurement hierarchy: (i) quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); (ii) inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2); and (iii) inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3). The warrants (Note 21) that are accounted for as a derivative financial liability and measured at fair value at each reporting date is a level 2 instrument. 27. Financial risk management (continued) (e) Fair value measurement (continued) The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. Where appropriate, quoted market prices or dealer quotes for similar instruments are used. Other techniques, such as estimated discounted cash flows, are used to determine fair value for the remaining financial instruments. The fair values of current financial assets and liabilities carried at amortised cost approximate their carrying amounts. The following table presents the changes in Level 3 instruments: Derivative financial S$’000 2021 Beginning of financial year 940 Fair value adjustment - profit or loss (Note 8) 124,146 Conversion to ordinary shares ( 125,086 ) End of financial year — Total (gains)/losses for the period included in profit or loss for — (a) The unrealised gains/losses are presented in “Other (losses)/gains - net” in the consolidated statement of comprehensive income. There are no transfers of financial instruments between any levels during the financial years ended 31 December 2023, 2022 and 2021. The carrying amount less impairment provision of trade receivables and payables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated based on quoted market prices or dealer quotes for similar instruments by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. (f) Financial instruments by category The carrying amount of the different categories of financial instruments is as disclosed: 2023 2022 2021 S$’000 S$’000 S$’000 Financial assets, at amortised cost 317,781 324,856 85,190 Financial liabilities, at FVTPL 649 4,775 — Financial liabilities, at amortised cost 36,729 42,476 66,098 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Related Party Transactions | 28. Related party transactions In addition to the information disclosed elsewhere in the financial statements, there were no transactions that took place between the Group and related parties. Key management personnel compensation is as follows: 2023 2022 2021 S$’000 S$’000 S$’000 Wages and salaries 4,380 4,085 3,482 Employer’s contribution to defined contribution plans 17 35 35 Benefits in kind — — 266 Share grants and options 2,189 3,673 4,033 Non-executive directors’ remuneration by way of: - Cash 752 450 336 7,338 8,243 8,152 |
Reclassifications within Consol
Reclassifications within Consolidated Statements of Comprehensive (Loss) / Income | 12 Months Ended |
Dec. 31, 2023 | |
Reclassifications within Consolidated Statements of Comprehensive (Loss) / Income [Abstract] | |
Reclassifications within Consolidated Statements of Comprehensive (Loss) / Income | 29. Reclassifications within Consolidated Statements of Comprehensive Loss During the financial year, the Group has revised the presentation of the expenses to provide more disaggregated financial information as the Management is in the opinion that the revised presentation provides a clearer interpretation of the business operation costs of the Group. Hence, certain expenses items within the consolidated statement of comprehensive loss have been reclassified to conform to the current presentation. These reclassifications have no impact to the Group's consolidated balance sheet, consolidated statement of cash flows, consolidated statements of changes in shareholders’ equity and reported net loss for the year of the Group. The effects of these reclassifications on the Group's consolidated statements of comprehensive loss for the comparative financial year ended 31 December 2022, and financial year ended 31 December 2021 are as below: 29. Reclassifications within Consolidated Statements of Comprehensive Loss (continued) For The Year Ended 31 December 2022 Reclassification As previously reported Venue costs Sales and marketing cost IT and Internet expenses Employee compensation Non-executive directors' remuneration Staff cost Office rental Other expenses As reclassified S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 Expenses Venue costs ( 6,864 ) 6,864 — — — — — — — — Sales and marketing cost ( 20,955 ) — 20,955 — — — — — — — IT and Internet expenses ( 11,313 ) — — 11,313 — — — — — — Employee compensation ( 69,977 ) — — — 69,977 — — — — — Non-executive directors' remuneration ( 2,356 ) — — — — 2,356 — — — — Staff cost ( 2,166 ) — — — — — 2,166 — — — Office rental ( 71 ) — — — — — — 71 — — Awards and events costs — ( 3,255 ) — — — — — — — ( 3,255 ) Advertising and platform fees — ( 2,808 ) ( 196 ) — — — — — — ( 3,004 ) Referral fees — — ( 2,201 ) — — — — — — ( 2,201 ) Merchant fees — — ( 2,444 ) — — — — — — ( 2,444 ) Salary and staff costs — — — — ( 66,121 ) ( 688 ) ( 2,166 ) — ( 2,195 ) ( 71,170 ) Marketing expenses — ( 801 ) ( 15,959 ) — — — — — — ( 16,760 ) Technology expenses — — — ( 11,313 ) — — — — ( 85 ) ( 11,398 ) Share grant and option expenses — — — — ( 3,856 ) ( 1,668 ) — — — ( 5,524 ) Other expenses ( 9,973 ) — ( 155 ) — — — — ( 71 ) 2,280 ( 7,919 ) Total expenses ( 123,675 ) — — — — — — — — ( 123,675 ) 29. Reclassifications within Consolidated Statements of Comprehensive Loss (continued) For The Year Ended 31 December 2021 Reclassification As previously reported Venue costs Sales and marketing cost IT and Internet expenses Employee compensation Non-executive directors' remuneration Staff cost Office rental Other expenses As reclassified S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 Expenses Venue costs ( 5,859 ) 5,859 — — — — — — — — Sales and marketing cost ( 26,297 ) — 26,297 — — — — — — — IT and Internet expenses ( 7,882 ) — — 7,882 — — — — — — Employee compensation ( 65,184 ) — — — 65,184 — — — — — Non-executive directors' remuneration ( 2,503 ) — — — — 2,503 — — — — Staff cost ( 1,290 ) — — — — — 1,290 — — — Office rental ( 91 ) — — — — — — 91 — — Awards and events costs — ( 2,703 ) — — — — — — — ( 2,703 ) Advertising and platform fees — ( 2,810 ) ( 229 ) — — — — — — ( 3,039 ) Referral fees — — ( 1,376 ) — — — — — — ( 1,376 ) Merchant fees — — ( 1,869 ) — — — — — — ( 1,869 ) Salary and staff costs — — — — ( 56,642 ) ( 575 ) ( 1,290 ) — ( 495 ) ( 59,002 ) Marketing expenses — ( 346 ) ( 22,727 ) — — — — — — ( 23,073 ) Technology expenses — — — ( 7,882 ) — — — — ( 58 ) ( 7,940 ) Share grant and option expenses — — — — ( 8,542 ) ( 1,928 ) — — — ( 10,470 ) Other expenses ( 2,269 ) — ( 96 ) — — — — ( 91 ) 553 ( 1,903 ) Total expenses ( 111,375 ) — — — — — — — — ( 111,375 ) |
New or Revised Accounting Stand
New or Revised Accounting Standards and Interpretations | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
New or Revised Accounting Standards and Interpretations | 30. New or revised accounting standards and interpretations Below are the mandatory standards, amendments and interpretations to existing standards that have been published, and are relevant for the Group’s accounting periods beginning on or after 1 January 2023 and which the Group has not early adopted. Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (effective for annual periods beginning on or after 1 January 2023) The narrow-scope amendments to IAS 1 Presentation of Financial Statements clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date (e.g. the receipt of a waiver or a breach of covenant). The amendments also clarify what IAS 1 means when it refers to the ‘settlement’ of a liability. The amendments could affect the classification of liabilities, particularly for entities that previously considered management’s intentions to determine classification and for some liabilities that can be converted into equity. The Group does not expect any significant impact arising from applying these amendments. |
Subsequent event
Subsequent event | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Subsequent event | 31. Subsequent event On February 2024, the Board of Directors approved a plan to strategically re-organise the Company. Management's best estimate of the financial impact of this re-organisation is cost provisions of circa S$ 5 m and management intends to invest any savings from the re-organisation into growth-related initiatives. |
Authorisation of Financial Stat
Authorisation of Financial Statements | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Authorisation of Financial Statements | 32. Authorisation of financial statements These financial statements were authorised for issue in accordance with a resolution of the Board of Directors of PropertyGuru Group Limited o n 22 March 2024. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Basis of preparation | 3.1. Basis of preparation These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The financial statements have been prepared under the historical cost convention, except as disclosed in the accounting policies below. The preparation of financial statements in conformity with IFRS requires management to exercise its judgement in the process of applying the Group’s accounting policies. It also requires the use of certain critical accounting estimates and assumptions. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 4. Interpretations and amendments to published standards effective in 2023 On 1 January 2023, the Group has adopted the new or amended IFRS and interpretations issued by the IFRS Interpretations Committee (IFRS IC) that are mandatory for application for the financial year. Changes to the Group’s accounting policies have been made as required, in accordance with the transitional provisions in the respective IFRS and IFRS IC. The adoption of these new or amended IFRS and IFRS IC did not result in substantial changes to the Group’s accounting policies and had no material effect on the amounts reported for the current or prior financial years. |
Revenue recognition | 3.2. Revenue recognition The Group generates revenue from Agents, primarily on an individual subscription basis, and from Developers, predominantly from display advertising and content marketing. Other than Vietnam, the Group primarily generates Agent revenue on a subscription basis, whereby Agents typically pay upfront fees for an annual subscription. The agents can select between one of three or four annual subscription packages, with each subscription package providing a different number of concurrent listings and discretionary credits. Higher tier subscription packages offer access to more features including comparable listing insights, monthly advertising and floor plan credits. Agents can use discretionary credits to list properties and can purchase optional premium products and add-ons to increase the prominence of their current listings on the Group’s digital property classifieds marketplaces. Agents can purchase additional discretionary credits to supplement those included in their subscription package, or they can purchase certain features directly on a cash basis. In Vietnam, the Group offers a pay-as-you-go model, whereby Agents pay for each individual property listing and additional features as required. This model is specific to and effective in the Vietnamese market, where there is a large proportion of Agents that are part-time or casual, and therefore their ability to finance and/or desire to lock into annual subscriptions is currently limited. 3. Material accounting policies (continued) 3.2. Revenue recognition (continued) The Group’s main source of revenue from Developers consists of online advertising revenue, with fees based on the duration as well as the prominence of advertising. Developer revenue also includes revenue generated from organising annual property awards ceremonies in various countries as part of the Group’s Awards business and from hosting industry events at which Developers can buy booths to promote their businesses and recent property developments. The Group also earns revenue from the provision of review and management support services to Developers. Review services include writing of articles and posting of videos to promote Developers’ properties. The Group generates fintech and data revenue from financial institutions, insurance providers and property valuers through services on loan referral, insurance referral and data solutions. The Group provides loan and insurance referral services to property buyers from an array of loan and insurance products from various financial institutions and insurance providers respectively and earns referral fees from these parties. Fintech and data revenue also include revenue generated from collecting, aggregating and analysing property market data and providing technology solution in the property market field. The Group also earns commission fee from home services performed by vendors as a result of consumer booking via the Sendhelper platform. The Group recognises revenue based on the principles of IFRS 15 Revenue from Contracts with Customers . All performance obligations and its transaction price within the contract can be separately identified. Revenue is recognised when each performance obligation is satisfied. For performance obligations satisfied over time, the Group selects an appropriate measure of progress to determine how much revenue is recognised as the performance obligation is satisfied. (a) Subscription and advertising income (i) Revenue from subscription is recognised on a straight-line basis over the contract period. (ii) Revenue from advertising is recognised over the period in which the advertisements are placed or as the advertisements are displayed depending on type of advertisement. (iii) Revenue from discretionary credits to agents consist of • credits granted to customers to boost their listings on the Group’s website. Revenue is recognised when the credit is utilised. • featured listing by providing advertising services over a contracted period. Revenue is recognised on a straight-line basis over the contract period. The customers are invoiced at the start of the service period. 3. Material accounting policies (continued) 3.2. Revenue recognition (continued) (b) Events income Revenue from events is recognised on the date that the event takes place. The customers may be invoiced upfront. (c) Others Review services revenue is recognised at a point in time when the articles and videos are posted on the website. The customers are invoiced upon service being rendered. (d) Fintech and data (i) Loan and insurance referral income is recognised at a point in time upon successful loan approval by financial institutions and upon successful insurance policy inception to the property buyers. The financial institutions and insurance providers are invoiced upon loan approval and insurance policy inception. (ii) Data solution income is recognised over the service period. The customers are invoiced upon service rendered for data solutions. (iii) Revenue from software is recognised on the date of actual delivery of the software platform to developers. Maintenance service revenue is recognised on a straight-line basis over the maintenance period. Developers are invoiced at the start of the service period. (iv) Revenue from home services via Sendhelper platform is recognised on a net basis at a point in time upon completion of a successful rendering of household services by the third-party service providers to consumers. All contract liabilities for consideration received for unsatisfied performance obligations is classified and presented in the consolidated balance sheet as deferred revenue. |
Government grants | 3.3. Government grants Grants from the government are recognised as a receivable at their fair value when there is reasonable assurance that the grant will be received and the Group will comply with all the attached conditions. Government grants receivable are recognised as income over the periods necessary to match them with the related costs which they are intended to compensate, on a systematic basis. Government grants relating to expenses are shown separately as other income. Government grants relating to assets are deducted against the carrying amount of the assets. |
Group accounting | 3.4. Group accounting (a) Subsidiaries (i) Consolidation Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date on that control ceases. In preparing the consolidated financial statements, transactions, balances and unrealised gains on transactions between group entities are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment indicator of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests comprise the portion of a subsidiary’s net results of operations and its net assets, which is attributable to the interests that are not owned directly or indirectly by the equity holders of the Group. They are shown separately in the consolidated statements of comprehensive loss, consolidated statements of changes in shareholders’ equity/(deficiency), and consolidated balance sheets. Total comprehensive income is attributed to the non-controlling interests based on their respective interests in a subsidiary, even if this results in the non-controlling interests having a deficit balance. 3. Material accounting policies (continued) 3.4. Group accounting (continued) (a) Subsidiaries (continued) (ii) Acquisitions The acquisition method of accounting is used to account for business combinations entered into by the Group. The consideration transferred for the acquisition of a subsidiary or business comprises the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred also includes any contingent consideration arrangement and any pre-existing equity interest in the subsidiary measured at their fair value at the acquisition date. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree at the date of acquisition either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s identifiable net assets. The excess of (i) the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the (ii) fair value of the identifiable net assets acquired is recorded as goodwill. Please refer to Note 3.6(a) for the accounting policy on goodwill. (iii) Disposals When a change in the Group’s ownership interest in a subsidiary results in a loss of control over the subsidiary, the assets and liabilities of the subsidiary including any goodwill are derecognised. Amounts previously recognised in the consolidated statements of comprehensive loss within “Other comprehensive income/(loss)” in respect of that entity are also reclassified to the consolidated statements of comprehensive loss or transferred directly to retained earnings if required by a specific Standard. 3. Material accounting policies (continued) 3.4. Group accounting (continued) (a) Subsidiaries (continued) (iii) Disposals (continued) Any retained equity interest in the entity is remeasured at fair value. The difference between the carrying amount of the retained interest at the date when control is lost and its fair value is recognised in the consolidated statements of comprehensive loss. |
Plant and equipment | 3.5. Plant and equipment (a) Measurement (i) Plant and equipment Plant and equipment are initially recognised at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses. (ii) Components of costs The cost of an item of plant and equipment initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The initial estimate of the cost of dismantlement, removal or restoration is recognised as part of the cost of plant and equipment if such obligation is incurred as a consequence of acquiring or using the assets. (b) Depreciation Depreciation is calculated using the straight-line method to allocate their depreciable amounts over their estimated useful lives as follows: Useful lives Leasehold improvements 3 - 10 years Computers 2 - 3 years Furniture and equipment 3 - 5 years The residual values, estimated useful lives and depreciation method of plant and equipment are reviewed, and adjusted as appropriate, at each balance sheet date. The effects of any revision are recognised in the consolidated statements of comprehensive loss when the changes arise. 3. Material accounting policies (continued) 3.5. Plant and equipment (continued) (c) Subsequent expenditure Subsequent expenditure relating to plant and equipment that has already been recognised is added to the carrying amount of the asset only when it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. All other repair and maintenance expenses are recognised in the consolidated statements of comprehensive loss when incurred. (d) Disposal On disposal of an item of plant and equipment, the difference between the disposal proceeds and its carrying amount is recognised in the consolidated statements of comprehensive loss within “Other gains/(losses) - net”. |
Intangible assets | 3.6. Intangible assets (a) Goodwill Goodwill on acquisitions of subsidiaries and businesses represents the excess of (i) the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over (ii) the fair value of the identifiable net assets acquired. Goodwill on subsidiaries is recognised separately as intangible assets and carried at cost less accumulated impairment losses. Gains and losses on the disposal of subsidiaries include the carrying amount of goodwill relating to the entity sold. (b) Acquired trademarks, brands and domain names Brands are the name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers. Domain names are a string of letters, numbers, and hyphens that is used to define the location of a website. Trademarks are the legal right to exclusively use a symbol, name, phrase or logo. 3. Material accounting policies (continued) 3.6. Intangible assets (continued) (b) Acquired trademarks, brands and domain names (continued) Trademarks, brands and domain names acquired are initially recognised at cost and are subsequently carried at cost less accumulated amortisation and accumulated impairment losses. These costs are amortised to the consolidated statements of comprehensive loss using the straight-line method over 3 to 20 years, which is the shorter of their estimated useful lives or periods of contractual rights. (c) Acquired computer software Acquired computer software are initially capitalised at cost which includes the purchase prices (net of any discounts and rebates) and other directly attributable costs of preparing the asset for its intended use. Direct expenditures including employee costs, which enhance or extend the performance of computer software beyond its specifications and which can be reliably measured, are added to the original cost of the software. Costs associated with maintaining the computer software are expensed off when incurred. Computer software are subsequently carried at cost less accumulated amortisation and accumulated impairment losses. These costs are amortised to the consolidated statements of comprehensive loss using the straight-line method over their estimated useful lives of 3 to 5 years. (d) Property data Property data consist of purchase of property transaction data and auction data. Property data is initially capitalised at cost and subsequently carried at cost less accumulated amortisation and accumulated impairment losses. These costs are amortised to the consolidated statements of comprehensive loss using the straight-line method over their estimated useful lives of 3 years. 3. Material accounting policies (continued) 3.6. Intangible assets (continued) (e) Development cost in progress and internally developed computer software Development costs mainly relate to developed computer software programmes. Such computer software programmes that do not form an integral part of other related hardware is treated as an intangible asset. Development costs that are directly associated with development and acquisition of computer software programmes by the Group are capitalised as intangible assets when the following criteria are met: • it is technically feasible to complete the computer software programme so that it will be available for use; • management intends to complete the computer software programme and use or sell it; • there is an ability to use or sell the computer software programme; • it can be demonstrated how the computer software programme will generate probable future economic benefits; • adequate technical, financial and other resources to complete the development and to use or sell the computer software programme are available; and • the expenditure attributable to the computer software programme during its development can be reliably measured. Direct costs include salaries and benefits for employees on engineering and technical teams who are responsible for building new computer software programmes as well as improving existing computer software programmes. Expenditure that enhances or extends the performance of computer software programmes beyond their original specifications and which can be reliably measured is added to the original cost of the software. Costs associated with maintaining computer software programmes are recognised as an expense when incurred. Completed development costs in progress are reclassified to internally developed computer software on completion. These internally developed computer software are subsequently carried at cost less accumulated amortisation and accumulated impairment losses. These costs are amortised to the consolidated statements of comprehensive loss using a straight-line method over their estimated useful lives of 3 years. Development cost in progress is not amortised. The amortisation period and amortisation method of intangible assets other than goodwill are reviewed at least at each balance sheet date. The effects of any revision are recognised in the consolidated statements of comprehensive loss when the changes arise. |
Impairment of non-financial assets | 3.7. Impairment of non-financial assets (a) Goodwill Goodwill recognised separately as an intangible asset is tested for impairment annually or whenever there is indication that the goodwill may be impaired. For the purpose of impairment testing of goodwill, goodwill is allocated to each of the Group’s cash-generating-units (“CGU”) expected to benefit from synergies arising from the business combination. An impairment loss is recognised when the carrying amount of a CGU, including the goodwill, exceeds the recoverable amount of the CGU. The recoverable amount of a CGU is the higher of the CGU’s fair value less cost to sell and value-in-use. The total impairment loss of a CGU is allocated first to reduce the carrying amount of goodwill allocated to the CGU and then to the other assets of the CGU pro-rata on the basis of the carrying amount of each asset in the CGU. An impairment loss on goodwill is recognised as an expense and is not reversed in a subsequent period. (b) Intangible assets Plant and equipment Right-of-use assets Intangible assets with finite useful lives, plant and equipment and right-of-use assets are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. 3. Material accounting policies (continued) 3.7. Impairment of non-financial assets (continued) (b) Intangible assets Plant and equipment Right-of-use assets (continued) The difference between the carrying amount and recoverable amount is recognised as an impairment loss in the consolidated statements of comprehensive loss, unless the asset is carried at revalued amount, in which case, such impairment loss is treated as a revaluation decrease. For an asset other than goodwill, management assesses at the end of the reporting period whether there is any indication that an impairment recognised in prior periods may no longer exist or may have decreased. If any such indication exists, the recoverable amount of that asset is estimated and may result in a reversal of impairment loss. The carrying amount of this asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortisation or depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss for an asset other than goodwill is recognised in the consolidated statements of comprehensive loss. |
Financial assets | 3.8. Financial assets (a) Classification and measurement The classification depends on the Group’s business model for managing the financial assets as well as the contractual terms of the cash flows of the financial asset. 3. Material accounting policies (continued) 3.8. Financial assets (continued) (a) Classification and measurement (continued) Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. The Group reclassifies debt instruments when and only when its business model for managing those assets changes. Debt instruments mainly comprise of cash and cash equivalents and trade and other receivables. (i) At initial recognition At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial assets. (ii) At subsequent measurement The Group’s debt instruments that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. A gain or loss on a debt instrument that is subsequently measured at amortised cost and is not part of a hedging relationship is recognised in the consolidated statements of comprehensive loss when the asset is derecognised or impaired. Interest income from these financial assets is included in interest income using the effective interest method. (b) Impairment The Group assesses on a forward-looking basis the expected credit losses (“ECL”) associated with its debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Group applies the simplified approach permitted by the IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. 3. Material accounting policies (continued) 3.8. Financial assets (continued) (c) Recognition and derecognition Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. On disposal of a debt instrument, the difference between the carrying amount and the sale proceeds is recognised in the consolidated statements of comprehensive loss. Any amount previously recognised in the consolidated statements of comprehensive loss within “Other comprehensive income/(loss)” relating to that asset is reclassified to “Other gains/(losses) - net” of the consolidated statements of comprehensive loss. |
Borrowings | 3.9. Borrowings Borrowings are presented as current liabilities unless the Group has an unconditional right to defer settlement for at least 12 months after the balance sheet date, in which case they are presented as non-current liabilities. (a) Borrowings Borrowings are initially recognised at fair value (net of transaction costs) and subsequently carried at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the consolidated statements of comprehensive loss over the period of the borrowings using the effective interest method. (b) Preference shares Preference shares which are mandatorily redeemable on a specific date are classified as liabilities. Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of the borrowings that has been extinguished and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in the consolidated statements of comprehensive loss as “Finance cost”. |
Trade and other payables | 3.10. Trade and other payables Trade and other payables represent liabilities for goods and services provided to the Group prior to the end of financial year which are unpaid. They are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). Otherwise, they are presented as non-current liabilities. Trade and other payables are initially recognised at fair value, and subsequently carried at amortised cost using the effective interest method. |
Leases | 3.11. Leases When the Group is the lessee : At the inception of the contract, the Group assesses if the contract contains a lease. A contract contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Reassessment is only required when the terms and conditions of the contract are changed. • Right-of-use assets The Group recognised a right-of-use asset and lease liability at the date which the underlying asset is available for use. Right-of-use assets are measured at cost which comprises the initial measurement of lease liabilities adjusted for any lease payments made at or before the commencement date and lease incentive received. Any initial direct costs that would not have been incurred if the lease had not been obtained are added to the carrying amount of the right-of-use assets. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. • Lease liabilities The initial measurement of lease liability is measured at the present value of the lease payments discounted using the implicit rate in the lease, if the rate can be readily determined. If that rate cannot be readily determined, the Group shall use its incremental borrowing rate. Lease payments include the following: - Fixed payment (including in-substance fixed payments), less any lease incentives receivables; and - Payment of penalties for terminating the lease, if the lease term reflects the Group exercising that option. The Group has elected to not separate lease and non-lease components for its leases and account for these as one single lease component. The lease liability is measured by increasing the carrying amount that produces a constant periodic rate of interest on the remaining balances with the amount of the lease liabilities and reducing it by lease payments made. Lease liability shall be remeasured when: - There is a change in future lease payments arising from changes in an index or rate; - There is a change in the Group’s assessment of whether it will exercise an extension option; or - There are modifications in the scope or the consideration of the lease that was not part of the original term. Lease liabilities are remeasured with a corresponding adjustment to the right-of-use asset, or is recorded in the consolidated statements of comprehensive loss if the carrying amount of the right-of-use asset has been reduced to zero. • Short-term and low-value leases The Group has elected to not recognise right-of-use assets and lease liabilities for short-term leases that have lease terms of 12 months or less and leases of low value leases. Lease payments relating to these leases are expensed to the consolidated statements of comprehensive loss on a straight-line basis over the lease term |
Income taxes | 3.12. Income taxes Current income tax for current and prior periods is recognised at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is recognised for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements except when the deferred income tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction. A deferred income tax liability is recognised on temporary differences arising on investments in subsidiaries except where the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. A deferred income tax asset is recognised to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilised. Deferred income tax is measured: (i) at the tax rates that are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date; and (ii) based on the tax consequence that will follow from the manner in which the Group expects, at the balance sheet date, to recover or settle the carrying amounts of its assets and liabilities. Current and deferred income taxes are recognised as income or expense in the consolidated statements of comprehensive loss, except to the extent that the tax arises from a business combination or a transaction which is recognised directly in equity. Deferred tax arising from a business combination is adjusted against goodwill on acquisition. The Group accounts for investment tax credits (for example, productivity and innovative credit) similar to accounting for other tax credits where deferred tax asset is recognised for unused tax credits to the extent that it is probable that future taxable profit will be available against which the unused tax credits can be utilised. |
Provisions | 3.13. Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as finance cost. Changes in the estimated timing or amount of expenditure or discount rate are recognised in the consolidated statements of comprehensive loss when the changes arise. |
Provision for reinstatement cost | 3.14. Provision for reinstatement costs Provision for reinstatement costs relate to the cost of dismantling and removing assets and restoring the premises to its original condition as stipulated in the lease agreements. The Group recognises the estimated costs of dismantlement, removal or restoration of items of its right-of-use assets arising from the acquisition or use of assets. This provision is estimated based on the best estimate of the expenditure required to settle the obligation, taking into consideration time value of money. Changes in the estimated timing or amount of the expenditure or discount rate for asset dismantlement, removal and restoration costs are adjusted against the cost of the related right-of-use asset, unless the decrease in the liability exceeds the carrying amount of the asset or the asset has reached the end of its useful life. In such cases, the excess of the decrease over the carrying amount of the asset or the changes in the liability is recognised in the consolidated statements of comprehensive loss immediately. |
Employee compensation | 3.15. Employee compensation Employee benefits are recognised as an expense unless the cost qualifies to be capitalised as an asset. (a) Defined contribution plans Defined contribution plans are post-employment benefit plans under which the Group pays fixed contributions into separate entities on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. (b) Share-based compensation The Group operates several equity-settled, share-based compensation plans. The value of the employee services received in exchange for the grant of shares and options is recognised as an expense with a corresponding increase in the share reserve over the vesting period. The total amount to be recognised over the vesting period is determined by reference to the fair value of the shares and options on the respective grant dates. Non-market and market vesting conditions are included in the estimation of the number of shares under options that are expected to become exercisable on the vesting date. 3. Material accounting policies (continued) 3.15. Employee compensation (continued) (b) Share-based compensation (continued) At each balance sheet date, the Group revises its estimates of the number of shares and options that are expected to vest or become exercisable on the vesting date and recognises the impact of the revision of the estimates in the consolidated statements of comprehensive loss, with a corresponding adjustment to the share reserve over the remaining vesting period. When the options are exercised, the proceeds received (net of transaction costs) and the vested balance previously recognised in the share reserve are credited to share capital account, when new ordinary shares are issued, or to the “treasury shares” account, when treasury shares are re-issued to the employees. (c) Defined benefit plans Defined benefit plans are post-employment benefit pension plans other than defined contribution plans. Defined benefit plans typically define the amount of benefit that an employee will receive on or after retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability recognised in the consolidated balance sheets in respect of a defined benefit pension plan is the present value of the defined benefit obligation at the reporting date less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using market yields of high quality corporate bonds that are denominated in the currency in which the benefits will be paid, and have tenures approximating to that of the related post-employment benefit obligations. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to the consolidated statements of comprehensive loss within “Other comprehensive income/(loss)” in the period when they arise. The experience adjustments are not to be reclassified to the consolidated statements of comprehensive loss in a subsequent period. Past service costs are recognised immediately in the consolidated statements of comprehensive loss. |
Currency translation | 3.16. Currency translation (a) Functional and presentation currency Items included in the financial statements of each entity in the Group are measured using the currency of the primary economic environment in which the entity operates (“functional currency”). The functional currency of the parent company within the Group is United States dollars (“US$”). The financial statements are presented in Singapore Dollars (“S$”) as the Group’s operations and major transactions are substantially based in Singapore. (b) Transactions and balances Transactions in a currency other than the functional currency (“foreign currency”) are translated into the functional currency using the exchange rates at the dates of the transactions. Currency translation differences resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the closing rates at the balance sheet date are recognised in the consolidated statements of comprehensive loss. Monetary items include primarily financial assets (other than equity investments), contract assets and financial liabilities. However, in the consolidated financial statements, currency translation differences arising from borrowings in foreign currencies and other currency instruments designated and qualifying as net investment hedges and net investment in foreign operations, are recognised in the consolidated statements of comprehensive loss within “Other comprehensive income/(loss)” and accumulated in translation reserve. When a foreign operation is disposed off, a proportionate share of the accumulated currency translation differences is reclassified to the consolidated statements of comprehensive loss, as part of the gain or loss on disposal. Foreign exchange gains and losses that relate to borrowings are presented in the consolidated statements of comprehensive loss within “Finance cost”. All other foreign exchange gains and losses impacting the consolidated statements of comprehensive loss are presented within “Other gains/(losses) - net”. Non-monetary items measured at fair values in foreign currencies are translated using the exchange rates at the date when the fair values are determined. 3. Material accounting policies (continued) 3.16. Currency translation (continued) (c) Translation of Group entities’ financial statements The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: (i) assets and liabilities are translated at the closing exchange rates at the reporting date; (ii) income and expenses are translated at average exchange rates (unless the average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated using the exchange rates at the dates of the transactions); and (iii) all resulting currency translation differences are recognised in the consolidated statements of comprehensive loss within “Other comprehensive income/(loss)” and accumulated in translation reserve. These currency translation differences are reclassified to the consolidated statements of comprehensive loss on disposal or partial disposal with loss of control of the foreign operation. Goodwill and fair value adjustments arising on the acquisition of foreign operations are treated as assets and liabilities of the foreign operations and translated at the closing rates at the reporting date. |
Cash and cash equivalents | 3.17. Cash and cash equivalents For the purpose of presentation in the consolidated statements of cash flows, cash is cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value. |
Share capital and treasury shares | 3.18. Share capital, treasury shares and preference shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary shares are deducted against the share capital account. When any entity within the Group purchases the Group’s ordinary shares (“treasury shares”), the carrying amount which includes the consideration paid and any directly attributable transaction cost is presented as a component within equity attributable to the Group’s equity holders, until they are cancelled, sold or reissued. 3. Material accounting policies (continued) 3.18. Share capital, treasury shares and preference shares (continued) When treasury shares are subsequently cancelled, the cost of treasury shares are deducted against the share capital account if the shares are purchased out of capital of the Group, or against the retained earnings of the Group if the shares are purchased out of earnings of the Group. When treasury shares are subsequently sold or reissued pursuant to an employee share option scheme, the cost of treasury shares is reversed from the treasury share account and the realised gain or loss on sale or reissue, net of any directly attributable incremental transaction costs and related income tax, is recognised in capital reserve. Non-redeemable preference shares are classified as equity. |
Warrant liabilities | 3.19. Warrant liabilities Bridgetown 2 warrants which were exchanged for warrants of the Company are classified as liabilities. They are initially recognised at its fair value on the date of exchange and is subsequently carried at its fair value. Changes in fair value are recognised in the consolidated statements of comprehensive loss as "Other gains/(losses) – net". Where the terms of a financial liability are renegotiated and the entity issues equity instruments to a creditor to extinguish all or part of the liability (debt for equity swap), a gain or loss is recognised in profit or loss, which is measured as the difference between the carrying amount of the financial liability and the fair value of the equity instruments issued. |
Warrant reserve | 3.20. Warrant reserve PropertyGuru warrants which were exchanged for warrants of the Company are classified as equity. Before the Business Combination, warrants were recorded at historical proceeds received as of the date of issuance and were not subsequently remeasured on the date of exchange. Incremental costs directly attributable to the issuance of new warrants are deducted against the warrant reserve account. Expired warrants are reclassified from warrant reserve to accumulated losses under equity. |
Earnings/(loss) per share | 3.21. Earnings/(loss) per share (a) Basic earnings/(loss) per share Basic earnings/(loss) per share is calculated by dividing: • the profit/(loss) attributable to owners of the Group, excluding any costs of servicing equity other than ordinary shares • by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year and excluding treasury shares. 3. Material accounting policies (continued) 3.21. Earnings/(loss) per share (continued) (b) Diluted earnings/(loss) per share Diluted earnings/(loss) per share adjusts the figures used in the determination of basic earnings per share to take into account: • the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and • the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares. |
Segment reporting | 3.22. Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (“CODM”) whose members are responsible for allocating resources and assessing performance of the operating segments. |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about business combination [abstract] | |
Summary of share listing expense is non-recurring in nature and represents a share-based payment | The share listing expense is non-recurring in nature and represents a share-based payment made in exchange for a listing service. As of S$’000 Fair value of equity consideration issued by the Company Fair value of Bridgetown 2 Class A ordinary shares outstanding 137,233 Fair value of Bridgetown 2 Class B ordinary shares outstanding 84,318 221,551 Bridgetown 2 net assets acquired Net cash proceeds from Bridgetown 2 134,481 Warrant liabilities (Note 21) ( 27,746 ) Others 9,866 116,601 Share listing expense 104,950 |
Summary of acquisition date fair value of the assets/liabilities assumed | The fair values were finalised in 2023 and the following table summarizes the difference between the provisional and the finalised fair values of the assets/liabilities assumed and related goodwill acquired from Sendtech. Consequently, certain amounts in the prior period have been re-presented. As of As of S$’000 S$’000 Total assets Finalised Provisional Cash and cash equivalents 74 74 Internally developed computer software (Note 15(e)) 92 163 Intangible asset 962 — Trade and other receivables 25 66 1,153 303 Total liabilities Borrowings ( 63 ) ( 63 ) Trade and other payables ( 631 ) ( 631 ) Deferred revenue ( 64 ) ( 64 ) Deferred tax liabilities ( 163 ) — ( 921 ) ( 758 ) Net identifiable assets/(liabilities) acquired 232 ( 455 ) Add: goodwill 2,076 2,763 Total purchase consideration 2,308 2,308 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Schedule of Useful lives of Property Plant and Equipment | Depreciation is calculated using the straight-line method to allocate their depreciable amounts over their estimated useful lives as follows: Useful lives Leasehold improvements 3 - 10 years Computers 2 - 3 years Furniture and equipment 3 - 5 years |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary of Information of Reportable Segments | The table below shows the segment information provided to the CODM for the reportable segments for the years ended 31 December 2023, 2022, and 2021. Marketplaces Singapore Vietnam Malaysia Other Fintech and Total reportable segments S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 2023 Revenue from external customers 85,988 17,130 27,740 13,210 6,067 150,135 Adjusted EBITDA 65,300 778 14,803 2,962 ( 9,299 ) 74,544 2022 Revenue from external customers 69,241 24,040 25,388 12,192 5,064 135,925 Adjusted EBITDA 47,626 5,470 10,208 ( 259 ) ( 7,344 ) 55,701 2021 Revenue from external customers 55,891 18,767 14,315 8,361 3,377 100,711 Adjusted EBITDA 33,355 2,063 ( 10,440 ) ( 1,232 ) ( 4,634 ) 19,112 |
Schedule Of reconciliation of adjusted EBITDA to loss before income tax | A reconciliation of adjusted EBITDA to loss before income tax is provided as follows: 2023 2022* 2021 S$’000 S$’000 S$’000 Adjusted EBITDA of reportable segments 74,544 55,701 19,112 Headquarters cost ( 55,632 ) ( 52,376 ) ( 29,484 ) Changes in fair value of warrant liabilities, preferred shares and 4,122 23,341 ( 124,146 ) Finance income/(costs) - net 7,320 ( 680 ) ( 13,453 ) Depreciation and amortisation expense ( 23,905 ) ( 21,190 ) ( 14,032 ) Impairment ( 5,536 ) — ( 8 ) Share grant and option expenses ( 5,400 ) ( 5,524 ) ( 10,470 ) Others losses - net ( 2,476 ) ( 1,471 ) ( 815 ) Business acquisition transaction and integration cost ( 2,156 ) ( 4,378 ) ( 8,380 ) Legal and professional expenses incurred for IPO — ( 16,570 ) ( 6,070 ) Share listing expense — ( 104,950 ) — Restructuring cost ( 2,183 ) — — Loss before income tax ( 11,302 ) ( 128,097 ) ( 187,746 ) *Certain amounts in the prior year have been re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the acquisition of Sendtech in October 2022 . |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary of of revenue from contracts with customers | (a) Disaggregation of revenue from contracts with customers 2023 2022 2021 S$’000 S$’000 S$’000 Agent revenue - Subscription 66,385 51,905 41,773 - Agent discretionary 55,554 56,453 35,179 121,939 108,358 76,952 Developer revenue - Advertising activities 10,218 10,794 10,749 - Events 8,265 8,817 6,328 - Others 3,646 2,892 3,305 22,129 22,503 20,382 Fintech and data 6,067 5,064 3,377 150,135 135,925 100,711 Revenue recognised - At a point in time 49,208 31,543 20,068 - Over time 100,927 104,382 80,643 150,135 135,925 100,711 Marketplaces Singapore Vietnam Malaysia Other Fintech and data Total reportable segments S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 2023 Agent 80,363 16,352 21,063 4,161 — 121,939 Developer 5,625 778 6,677 9,049 — 22,129 Fintech and data — — — — 6,067 6,067 Revenue from external customers 85,988 17,130 27,740 13,210 6,067 150,135 2022 Agent 61,799 22,902 19,955 3,702 — 108,358 Developer 7,442 1,138 5,433 8,490 — 22,503 Fintech and data — — — — 5,064 5,064 Revenue from external customers 69,241 24,040 25,388 12,192 5,064 135,925 2021 Agent 46,170 17,365 10,275 3,142 — 76,952 Developer 9,721 1,402 4,040 5,219 — 20,382 Fintech and data — — — — 3,377 3,377 Revenue from external customers 55,891 18,767 14,315 8,361 3,377 100,711 |
Summary of significant changes in contract assets and contract liabilities | (b) Contract liabilities 31 December 1 January Note 2023 2022 2022 S$’000 S$’000 S$’000 Deferred revenue 61,066 50,753 47,318 The change in deferred revenue is mainly due to the increase in unsatisfied performance obligations at the end of the financial year. (i) Revenue recognised in relation to contract liabilities 2023 2022 2021 S$’000 S$’000 S$’000 Revenue recognised in current period that was included in the 50,753 47,318 34,487 (c) Trade receivables from contracts with customers 31 December 1 January 2023 2022 2022 S$’000 S$’000 S$’000 Current assets Trade receivables from contracts with customers (Note 14(a)) 12,117 16,206 15,765 Loss allowances (Note 14(a)) ( 4,120 ) ( 5,081 ) ( 4,953 ) 7,997 11,125 10,812 |
Other Income (Tables)
Other Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Other Income [Abstract] | |
Summary of Other Income | 2023 2022 2021 S$’000 S$’000 S$’000 Interest income 7,898 1,716 456 Government grants - Job Support Scheme — — 863 - Job Growth Incentive — 970 — - Others 212 68 140 Rent concession 1 3 141 Refund of indirect tax penalty 527 — — Others 82 30 123 8,720 2,787 1,723 |
Other gains_(losses) - Net (Tab
Other gains/(losses) - Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Other gains(losses) [Abstract] | |
Summary of Other (losses)/gains | 2023 2022 2021 S$’000 S$’000 S$’000 Loss on disposal of plant and equipment and intangible assets ( 33 ) ( 101 ) ( 3 ) Currency translation loss ( 2,409 ) ( 1,564 ) ( 812 ) Gain on lease modification 26 194 — Fair value loss on Series B, D1, E, and F conversion option (Note 27(e)) — — ( 124,146 ) Fair value gain on warrant liabilities 4,122 23,341 — Others ( 60 ) — — 1,646 21,870 ( 124,961 ) |
Salary and staff costs (Tables)
Salary and staff costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary of Employee compensation | 2023 2022 2021 S$’000 S$’000 S$’000 Wages and salaries 59,350 57,740 49,931 Directors' fees* 804 688 575 Employer's contribution to defined contribution plans 6,700 6,555 5,428 Other employee benefits 6,117 6,187 3,068 72,971 71,170 59,002 * Directors' fees which were paid out in shares amounted to S$ Nil (2022: S$ 180,000 , 2021: S$ 180,000 ). |
Finance Cost (Tables)
Finance Cost (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary of Finance cost | 2023 2022 2021 S$’000 S$’000 S$’000 Interest expenses: - Convertible notes — — 54 - Leases (Note 17(b)) 546 648 742 - Borrowings — 1,658 1,512 Accretion expenses arising from redeemable convertible — — 11,549 Others 32 90 52 578 2,396 13,909 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary of Components of Tax Expense (Income) | (a) Tax expense/(credit) 2023 2022 2021 S$’000 S$’000 S$’000 Tax expense attributable to profit is made up of: - Current income tax 737 1,204 291 - (Over)/Under provision of income tax in prior financial year ( 13 ) 63 ( 25 ) - Current deferred income tax charge/(credit) (Note 23) 1,775 ( 392 ) ( 669 ) - Under/(Over) provision of deferred income tax in prior financial year 1,264 ( 7 ) — - Withholding tax 204 228 70 3,967 1,096 ( 333 ) |
Summary of Standard Rate of Income Tax | The tax on the Group’s loss before tax differs from the theoretical amount that would arise using the Singapore standard rate of income tax as follows: 2023 2022 2021 S$’000 S$’000 S$’000 Loss before tax ( 11,302 ) ( 128,097 ) ( 187,746 ) Tax calculated at tax rate of 17 % (2022 and 2021: 17 %) ( 1,921 ) ( 21,776 ) ( 31,917 ) Effects of: - Different tax rates in other countries ( 1,020 ) ( 4,279 ) ( 1,744 ) - Expenses not deductible for tax purposes 2,187 24,692 8,370 - Income not subject to tax ( 119 ) ( 880 ) ( 539 ) - Fair value losses on financial instruments — — 21,105 - Utilisation of previously unrecognised tax losses 9 — — - Utilisation of previously unrecognised capital allowances — — ( 1,740 ) - Utilisation of previously unrecognised merger and acquisition allowances — ( 1,743 ) — - Deferred tax assets not recognised 3,376 4,798 6,087 - Withholding tax 204 228 70 - (Over)/Under provision of income tax in prior financial year ( 13 ) 63 ( 25 ) - Under/(Over) provision of deferred income tax in prior financial year 1,264 ( 7 ) — Tax expense/(credit) 3,967 1,096 ( 333 ) |
Summary of Movement in Current Income Tax Liabilities | (b) Movement in current income tax liabilities 2023 2022 S$’000 S$’000 Beginning of financial year 4,302 4,554 Income tax paid ( 1,056 ) ( 1,586 ) Tax expense 941 1,432 (Over)/Under provision in prior financial year ( 13 ) 63 Currency translation adjustments ( 155 ) ( 161 ) End of financial year 4,019 4,302 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary of Earnings Per Share | (a) Basic loss per share 2023 2022 2021 $ per share $ per share $ per share Total basic loss per share attributable to the ordinary equity ( 0.09 ) ( 0.84 ) ( 2.03 ) (b) Diluted loss per share 2023 2022 2021 $ per share $ per share $ per share Total diluted loss per share attributable to the ordinary equity ( 0.09 ) ( 0.84 ) ( 2.03 ) (c) Reconciliations of loss used in calculating loss per share 2023 2022 2021 S$’000 S$’000 S$’000 Basic loss per share Loss attributable to the ordinary equity holders of the Group ( 15,269 ) ( 129,193 ) ( 187,413 ) Diluted loss per share Loss attributable to the ordinary equity holders of the Group ( 15,269 ) ( 129,193 ) ( 187,413 ) |
Summary of Weighted Average Number of Shares | (d) Weighted average number of shares used as the denominator 2023 2022 2021 Weighted average number of ordinary shares used as the 162,644,729 154,563,175 92,275,632 Adjustments for calculation of diluted loss per 1 : . Number of Series B preference shares — — — * Weighted average number of ordinary shares and 162,644,729 154,563,175 92,275,632 * Preference shares were converted on 3 August 2021 and the effect of potential conversion was excluded (for periods prior to the actual conversion) as it was anti-dilutive. 1. Potential ordinary shares outstanding consist of restricted stock units, stock options, warrants, convertible notes and convertible preference shares and are excluded if their effect is anti-dilutive. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary of Cash and Cash Equivalents | 2023 2022 S$’000 S$’000 Cash on hand 10 42 Cash at bank 150,798 168,325 Short-term bank deposits 155,590 140,866 306,398 309,233 |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary of Trade and other receivables | (a) Current 2023 2022 S$’000 S$’000 Trade receivables - Non-related parties 12,117 16,197 Trade receivables - Related parties — 9 Less: Allowance for impairment of receivables - non-related parties (Note 27(b)) ( 4,120 ) ( 5,081 ) Trade receivables - net 7,997 11,125 Deposits 681 902 Prepayments 5,498 5,083 Other receivables 1,634 1,035 15,810 18,145 (b) Non-current 2023 2022 S$’000 S$’000 Deposits 1,078 2,562 Prepayments 1,599 1,997 2,677 4,559 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Line Items] | |
Summary of Detailed Information About Intangible Assets | 2023 2022 S$’000 S$’000 Composition: Goodwill (Note 15(a)) 325,411 347,144 Trademarks, brand and domain names (Note 15(b)) 7,146 8,803 Acquired computer software (Note 15(c)) 643 1,190 Property data (Note 15(d)) 555 431 Internally developed computer software (Note 15(e)) 31,071 30,140 Development cost in progress (Note 15(f)) 13,352 5,928 378,178 393,636 |
Summary of Reconciliation of Changes in Goodwill | (a) Goodwill 2023 2022 S$’000 S$’000 Cost Beginning of financial year 347,144 362,448 Currency revaluation adjustments ( 17,549 ) ( 17,380 ) Impairment during the year ( 4,184 ) — Acquisition of a subsidiary* — 2,076 End of financial year 325,411 347,144 * Certain amounts in the prior year have been re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the acquisition of Sendtech in October 2022. 2023 2022 S$’000 S$’000 Vietnam marketplace 107,561 112,080 Malaysia marketplace 1 201,774 214,614 Others 2 16,076 20,450 325,411 347,144 1. Comprises of iProperty.com Malaysia Sdn. Bhd., Brickz Research Sdn. Bhd., IPGA Management Services Sdn. Bhd. and PropertyGuru Malaysia International (Malaysia) Sdn Bhd. 2. Comprise of Singapore marketplace, Thailand marketplace, Indonesia marketplace, Data and Sendhelper CGUs. 2023 Enterprise Value / Sales Multiple Vietnam marketplace 7.7x Malaysia marketplace 7.7x Headroom (S$'000) Vietnam marketplace 28,938 Malaysia marketplace 11,111 |
Summary of Key Assumption Used for Fair Value less Cost to Sell Calculations | 2022 Revenue growth 1 Terminal growth 2 Discount 3 Vietnam marketplace 18 - 38 % 6.0 % 23.0 % Malaysia marketplace 20 - 36 % 4.0 % 16.2 % Others 4 - 234 % 3.0 % - 5.5 % 14.5 % - 23.1 % 1. Budgeted revenue growth rate 2. Weighted average growth rate used to extrapolate cash flows beyond the budget period 3. Pre-tax discount rate applied to the pre-tax cash flow projections |
Trademarks Brand And Domain Names [Member] | |
Text Block [Line Items] | |
Summary of Detailed Information About Intangible Assets | (b) Trademarks, brand and domain names 2023 2022 S$’000 S$’000 Cost Beginning of financial year 20,877 20,738 Additions 25 15 Acquisition of a subsidiary — 962 Disposals during the year ( 4,674 ) ( 8 ) Currency revaluation adjustments ( 253 ) ( 830 ) End of financial year 15,975 20,877 Accumulated amortisation and impairment Beginning of financial year 12,074 11,238 Amortisation charge 1,298 1,288 Impairment charge 42 — Disposals during the year ( 4,654 ) ( 1 ) Currency revaluation adjustments 69 ( 451 ) End of financial year 8,829 12,074 Net book value 7,146 8,803 |
Computer software [member] | |
Text Block [Line Items] | |
Summary of Detailed Information About Intangible Assets | (c) Acquired computer software 2023 2022 S$’000 S$’000 Cost Beginning of financial year 3,895 2,855 Additions 133 689 Reclassification from internally developed computer software — 426 Disposals during the year ( 11 ) ( 40 ) Currency revaluation adjustments ( 40 ) ( 35 ) End of financial year 3,977 3,895 Accumulated amortisation Beginning of financial year 2,705 1,909 Amortisation charge 663 727 Reclassification from internally developed computer software — 100 Disposals during the year ( 11 ) ( 17 ) Currency revaluation adjustments ( 23 ) ( 14 ) End of financial year 3,334 2,705 Net book value 643 1,190 |
Internally Developed Computer Software [Member] | |
Text Block [Line Items] | |
Summary of Detailed Information About Intangible Assets | (e) Internally developed computer software 2023 2022 S$’000 S$’000 Cost Beginning of financial year 54,727 27,644 Acquisition of a subsidiary — 92 Transfers from development cost in progress 17,417 28,103 Reclassification to acquired computer software — ( 426 ) Disposals during the year ( 232 ) — Currency revaluation adjustments ( 870 ) ( 686 ) End of financial year 71,042 54,727 Accumulated amortisation and impairment Beginning of financial year 24,587 12,635 Amortisation charge 15,570 12,340 Impairment charge 721 — Reclassification to acquired computer software — ( 100 ) Disposals during the year ( 232 ) — Transfer from development cost in progress — 80 Currency revaluation adjustments ( 675 ) ( 368 ) End of financial year 39,971 24,587 Net book value 31,071 30,140 |
Intangible assets under development [member] | |
Text Block [Line Items] | |
Summary of Detailed Information About Intangible Assets | (f) Development cost in progress 2023 2022 S$’000 S$’000 Cost Beginning of financial year 5,928 13,105 Additions 25,560 21,107 Transfers to internally developed computer software ( 17,417 ) ( 28,103 ) Write off during the year ( 516 ) ( 84 ) Currency revaluation adjustments ( 203 ) ( 97 ) End of financial year 13,352 5,928 Accumulated impairment Beginning of financial year — 84 Impairment charge 516 — Transfers to internally developed computer software — ( 80 ) Impairment written off during the year ( 516 ) — Currency revaluation adjustments — ( 4 ) End of financial year — — Net book value 13,352 5,928 |
Property Data [Member] | |
Text Block [Line Items] | |
Summary of Detailed Information About Intangible Assets | (d) Property data 2023 2022 S$’000 S$’000 Cost Beginning of financial year 704 355 Additions 415 368 Disposals during the year ( 34 ) — Currency revaluation adjustments ( 42 ) ( 19 ) End of financial year 1,043 704 Accumulated amortisation Beginning of financial year 273 122 Amortisation charge 271 160 Disposals during the year ( 34 ) — Currency revaluation adjustments ( 22 ) ( 9 ) End of financial year 488 273 Net book value 555 431 |
Plant and Equipment (Tables)
Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary of Property, Plant And Equipment | Leasehold Computers Furniture and Total S$’000 S$’000 S$’000 S$’000 2023 Cost Beginning of financial year 3,972 5,124 883 9,979 Additions 36 701 46 783 Disposals during the year ( 247 ) ( 307 ) ( 137 ) ( 691 ) Currency revaluation adjustments ( 59 ) ( 125 ) ( 17 ) ( 201 ) End of financial year 3,702 5,393 775 9,870 Accumulated depreciation and impairment Beginning of financial year 3,309 3,484 651 7,444 Depreciation charge 429 973 106 1,508 Impairment charge — 48 7 55 Disposals during the year ( 242 ) ( 257 ) ( 124 ) ( 623 ) Impairment written off during the year — ( 48 ) ( 7 ) ( 55 ) Currency revaluation adjustments ( 41 ) ( 95 ) ( 14 ) ( 150 ) End of financial year 3,455 4,105 619 8,179 Net book value End of financial year 247 1,288 156 1,691 Leasehold Computers Furniture, Total S$’000 S$’000 S$’000 S$’000 2022 Cost Beginning of financial year 4,395 4,589 842 9,826 Additions 221 1,131 79 1,431 Reclassification ( 82 ) — 82 — Disposals during the year ( 437 ) ( 433 ) ( 90 ) ( 960 ) Currency revaluation adjustments ( 125 ) ( 163 ) ( 30 ) ( 318 ) End of financial year 3,972 5,124 883 9,979 Accumulated depreciation Beginning of financial year 2,866 3,050 581 6,497 Depreciation charge 964 984 171 2,119 Disposals during the year ( 437 ) ( 429 ) ( 76 ) ( 942 ) Currency revaluation adjustments ( 84 ) ( 121 ) ( 25 ) ( 230 ) End of financial year 3,309 3,484 651 7,444 Net book value End of financial year 663 1,640 232 2,535 |
Leases - The Group as a Lessee
Leases - The Group as a Lessee (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary of Quantitative Information About Right-Of-Use Assets | (a) Carrying amounts, additions and depreciation charge during the year Right-of-use (“ROU”) assets : 2023 2022 S$’000 S$’000 Cost Beginning of financial year 24,390 24,858 Additions 33 813 Expiration of leases — ( 702 ) Shortening of leases ( 660 ) ( 198 ) Renewal and modification of leases 1,554 — Currency revaluation adjustments ( 232 ) ( 381 ) End of financial year 25,085 24,390 Accumulated depreciation and impairment Beginning of financial year 12,915 9,439 Depreciation charge 4,595 4,556 Impairment charge 18 — Expiration of leases ( 642 ) ( 702 ) Shortening of leases — ( 153 ) Impairment written off during the year ( 18 ) — Currency revaluation adjustments ( 197 ) ( 225 ) End of financial year 16,671 12,915 Net book value 8,414 11,475 Lease liabilities : 2023 2022 S$’000 S$’000 Current 4,222 4,104 Non-current 5,352 8,339 9,574 12,443 (b) Interest expense 2023 2022 2021 S$’000 S$’000 S$’000 Interest expense on lease liabilities 546 648 742 (c) Lease expense not capitalised in lease liabilities 2023 2022 2021 S$’000 S$’000 S$’000 Short-term lease expense 49 112 94 Low-value lease expense 47 52 61 Total 96 164 155 |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary of Trade And Other Payables | (a) Current 2023 2022 S$’000 S$’000 Trade payables - non-related parties 3,012 5,070 Accrued operating expenses 6,600 7,399 Accrued employee expenses 12,767 14,395 Other payables 4,258 2,873 26,637 29,737 (b) Non-current 2023 2022 S$’000 S$’000 Trade payables - non-related parties — 3 Accrued employee expenses 518 293 518 296 |
Preference Shares (Tables)
Preference Shares (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary of Preference Shares That Are Wholly Classified As Financial Liabilities Are Recognized | Series B Series D1 Series E Series F Total Number of Amount Number of Amount Number of Amount Number of Amount Amount S$’000 S$’000 S$’000 S$’000 S$’000 Financial liability 2021 Beginning of financial year 258,363 59,412 152,224 48,965 84,705 29,303 210,526 61,801 199,481 Accretion cost on Series B, D1, E — 3,375 — 2,759 — 1,800 — 3,615 11,549 Conversion of redeemable ( 258,363 ) ( 62,787 ) ( 152,224 ) ( 51,724 ) ( 84,705 ) ( 31,103 ) ( 210,526 ) ( 65,416 ) ( 211,030 ) End of financial year — — — — — — — — — Series C Series D2 Total Number Amount Number of Amount Amount S$’000 S$’000 S$’000 Equity 2021 Beginning of financial year 70,303 10,000 564,126 49,339 59,339 Conversion of non-redeemable convertible ( 70,303 ) ( 10,000 ) ( 564,126 ) ( 49,339 ) ( 59,339 ) End of financial year — — — — — |
Warrant liabilities (Tables)
Warrant liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary Of Pricing model to estimate the fair value of the warrant liabilities | The Group applied a Black Scholes pricing model to estimate the fair value of the warrant liabilities. The significant inputs into the model are shown below. 31 December 2023 31 December 2022 17 March 2022 Share price US$ 3.34 US$ 4.31 US$ 8.33 Exercise price/warrant US$ 11.50 US$ 11.50 US$ 11.50 Expected volatility 32.80 % 34.40 % 41.36 % Dividend yield Nil Nil Nil Expected term (years) 3.21 4.21 5.00 Annual risk-free interest rate 4.00 % 4.11 % 2.23 % |
Provision (Tables)
Provision (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary of Provision for Reinstatement Cost | Reinstatement costs Provision for reinstatement costs relate to the cost of dismantling and removing assets and restoring the premises to its original condition as stipulated in the lease agreements. The Group expects to incur the liability upon termination of the leases between April 2024 to November 2026. 2023 2022 S$’000 S$’000 Beginning of financial year 952 605 Currency revaluation adjustments ( 19 ) ( 20 ) Additions 15 438 Accretion cost 32 20 Reversal during the year ( 40 ) ( 14 ) Provision utilised during the year ( 28 ) ( 77 ) End of financial year 912 952 Current 148 280 Non-current 764 672 End of financial year 912 952 |
Deferred Income Taxes (Tables)
Deferred Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary of Deferred Income Tax Assets And Liabilities After Offsetting | The amounts, determined after appropriate offsetting, are shown on the consolidated balance sheet as follows:- 2023 2022 S$’000 S$’000 Deferred tax assets ( 2,669 ) ( 7,034 ) Deferred tax liabilities 7,650 9,072 Net deferred tax liabilities 4,981 2,038 |
Summary of Movement in Deferred Income Tax Accounts | Movement in deferred income tax liabilities is as follows: 2023 2022 S$’000 S$’000 Beginning of financial year 2,038 2,375 Currency revaluation adjustments ( 96 ) ( 101 ) Acquisition of subsidiaries — 163 Current deferred income tax charge/(credit) (Note 11) 1,775 ( 392 ) Under/(Over) provision of deferred income tax in prior financial year (Note 11) 1,264 ( 7 ) End of financial year 4,981 2,038 |
Summary of Information About Tax Losses Expiry Dates | 2023 2022 S$’000 S$’000 Expiring in one year 4,556 5,365 Expiring in two years 3,261 4,669 Expiring in three years 6,668 3,899 Expiring in four years 11,410 7,496 Expiring beyond four years 69,569 65,455 95,464 86,884 |
Summary of Movement of Deferred Income Tax Asset and Liabilities | The movement in deferred income tax assets and liabilities (prior to offsetting of balances within the same tax jurisdiction) is as follows: Deferred income tax liabilities Accelerated tax depreciation Fair value ROU Others Total S$’000 S$’000 S$’000 S$’000 S$’000 2023 Beginning of financial year 5,221 1,796 2,074 ( 19 ) 9,072 Currency translation adjustments 6 ( 74 ) ( 19 ) 9 ( 78 ) Credited to profit or loss ( 402 ) ( 255 ) ( 505 ) ( 182 ) ( 1,344 ) End of financial year 4,825 1,467 1,550 ( 192 ) 7,650 2022 Beginning of financial year 2,127 1,975 2,817 29 6,948 Currency translation adjustments ( 15 ) ( 86 ) ( 39 ) — ( 140 ) Acquisition of business — 163 — — 163 Charged/(credited) to profit or loss 3,109 ( 256 ) ( 704 ) ( 48 ) 2,101 End of financial year 5,221 1,796 2,074 ( 19 ) 9,072 Deferred income tax assets Lease Provisions Tax loss Unutilised capital allowance Total S$’000 S$’000 S$’000 S$’000 S$’000 2023 Beginning of financial year ( 2,196 ) ( 153 ) ( 937 ) ( 3,748 ) ( 7,034 ) Currency translation adjustments ( 19 ) ( 8 ) 9 — ( 18 ) Charged/(credited) to profit or loss 492 ( 91 ) 928 3,054 4,383 End of financial year ( 1,723 ) ( 252 ) — ( 694 ) ( 2,669 ) 2022 Beginning of financial year ( 2,933 ) ( 157 ) ( 937 ) ( 546 ) ( 4,573 ) Currency translation adjustments 39 — — — 39 Charged/(credited) to profit or loss 698 4 — ( 3,202 ) ( 2,500 ) End of financial year ( 2,196 ) ( 153 ) ( 937 ) ( 3,748 ) ( 7,034 ) |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block 1 [Abstract] | |
Summary of Share Issued Capital | 2023 2022 2021 Issued share capital Number of Number of Number of At 1 January 161,960,362 — 55,983,598 Issuance of shares 1,971,083 749,802 23,469,947 Shares issued to PIPE investors — 13,193,068 — Reorganisation - Share exchange (see Note 2) — 128,376,418 — - Shares issued to holders of Class A and Class B ordinary shares of Bridgetown 2 — 19,641,074 — Conversion of preference shares to ordinary shares — — 48,385,450 At 31 December 163,931,445 161,960,362 127,838,995 |
Summary of Reconciliation of Share Capital And Treasury Shares | 2023 2022 2021 S$’000 S$’000 S$’000 At 1 January 1,081,320 684,347 36,553 Issuance of shares 13,223 8,403 252,338 Shares issued to PIPE investors — 178,653 — Transaction cost in relation to issuance of PIPE shares — ( 7,664 ) — Reorganisation — 217,581 — Conversion of preference shares to ordinary shares — — 395,456 At 31 December 1,094,543 1,081,320 684,347 |
Share reserve (Tables)
Share reserve (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Summary of share and capital reserve under options schemes | 2023 2022 S$’000 S$’000 Beginning of financial year 17,692 18,658 Employee share grant and options schemes - Value of employee services (Note 9) 5,678 3,856 - Shares issued ( 9,704 ) ( 6,490 ) Non-executive director share grant and options schemes - Value of services 541 1,848 - Shares issued ( 2,992 ) ( 180 ) End of financial year 11,215 17,692 |
Summary of inputs into black scholes option pricing model | The fair value of options granted under the plans are determined using the Black-Scholes Option Pricing Model. The significant inputs into the model are shown below: Share prices $ 5.78 - $ 8.32 Exercise price $ 3.45 - $ 8.81 Expected volatilities 32 - 42 % Dividend yield Nil Option life Up to 10 years Annual risk-free interest rates 1.61 - 2.18 % |
Summary of TSR market performance target condition granted under the plans | The fair value of RSUs subject to the relative TSR market performance target condition granted under the plans are determined using the Monte Carlo simulation estimated using the share price on the respective grant dates. The significant inputs in the model are shown below: Period between grant date and performance end date 1.5 – 2.5 years Time interval 0.003 – 0.083 years Expected volatilities (PG) 45.7 % - 62.3 % Expected volatilities (Russell Index) 20.8 % - 23.3 % Average correlation coefficient to Russell Index 11.9 % - 13.9 % Annual risk-free interest rates 4.67 % - 5.14 % |
Summary of number and weighted average remaining contractual life of outstanding share options | Stock options outstanding at the end of the year have the following weighted average remaining contractual life: 2023 2022 2021 Exercise price Stock Weighted Stock Weighted Stock Weighted $3.45 1,074,273 2.33 1,119,917 3.33 1,375,699 4.35 $3.93 345,856 3.75 436,905 4.80 471,491 5.82 $4.54 295,887 4.39 316,722 5.39 423,620 6.40 $7.28 1,463,785 5.26 1,595,487 6.26 1,653,467 7.28 $8.81* 115,851 0.68 115,851 1.68 115,851 2.68 3,295,652 3,584,882 4,040,128 *Stock Option for NED (Note 25(b)) |
Employee Stock Option Plan [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Summary of number and weighted average exercise prices of share options | Set out below are summaries of options granted under the ESO plan: 2023 2022 2021 Weighted average Number of Weighted average Number of Weighted average Number of Beginning of financial year $ 5.37 3,469,030 $ 5.24 3,924,275 $ 5.23 4,000,595 Exercised during the year $ 3.81 ( 140,706 ) $ 4.01 ( 423,836 ) $ 4.01 ( 20,000 ) Forfeited during the year $ 6.95 ( 148,523 ) $ 7.28 ( 31,409 ) $ 4.85 ( 56,320 ) End of financial year $ 5.37 3,179,801 $ 5.37 3,469,030 $ 5.24 3,924,275 Vested and exercisable at $ 5.49 2,763,166 $ 5.22 2,401,281 $ 4.83 1,883,544 |
Non Executive Directors Plan [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Summary of number and weighted average exercise prices of share options | Set out below are summaries of options granted under the NED plan: 2023 2022 2021 Weighted average Number of Weighted average Number of Weighted average Number of Beginning and end of $ 8.81 115,851 $ 8.81 115,851 $ 8.81 115,851 Vested and exercisable at $ 8.81 115,851 $ 8.81 115,851 $ 8.81 86,753 |
Summary of number and weighted average exercise prices of other equity instruments | Group Beginning of Granted during Vested during Forfeited during End of 2023 129,281 — ( 129,281 ) — — 2022 258,562 — ( 129,281 ) — 129,281 2021 — 373,510 ( 114,948 ) — 258,562 |
Omnibus Equity Incentive Plan [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Summary of number and weighted average exercise prices of other equity instruments | Set out below are summaries of RSUs granted under the Omnibus plan: Group Beginning of Granted during Vested during Forfeited during End of 2023 2,467,274 2,145,018 ( 1,406,623 ) ( 497,830 ) 2,707,839 2022 1,839,608 1,400,502 ( 704,784 ) ( 68,052 ) 2,467,274 2021 2,335,973 22,889 ( 497,556 ) ( 21,698 ) 1,839,608 |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Risk Management [Abstract] | |
Summary of Allowance Account for Credit Loss Trade Receivables | The movement in impairment loss on trade receivables during the year is as follows: Trade receivables 2023 2022 S$’000 S$’000 Beginning of financial year 5,081 4,953 Allowance made 2,728 3,661 Allowance written back ( 2,870 ) ( 2,504 ) Allowance written off ( 758 ) ( 901 ) Currency revaluation adjustment ( 61 ) ( 128 ) End of financial year 4,120 5,081 |
Summary of Impairment of Specified Trade Receivables | For specific trade receivables identified by the Group to be credit impaired, the Group recognised a loss allowance equal to lifetime expected credit loss of S$ 3,742,000 (2022: S$ 4,573,000 ) in respect of Group’s receivables, as follows: Trade receivables 2023 2022 S$’000 S$’000 Gross amount 3,742 4,573 Less: Allowance for impairment ( 3,742 ) ( 4,573 ) — — |
Summary of Contractual Undiscounted Cash Flows Nonderivative Financial Liabilities | The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying amounts as the impact of discounting is not significant. Less than Between 1 and S$’000 S$’000 At 31 December 2023 Trade and other payables 26,637 518 Lease liabilities 4,222 5,575 At 31 December 2022 Trade and other payables 29,737 296 Lease liabilities 4,104 8,668 |
Summary of Total Capital | Total capital is calculated as total equity plus preference shares and net debt, if any. 2023 2022 S$’000 S$’000 Net debt n/m* n/m* Total equity 604,812 634,287 Total capital 604,812 634,287 *not meaningful |
Summary of Changes in Level 3 Instruments Liabilities | The following table presents the changes in Level 3 instruments: Derivative financial S$’000 2021 Beginning of financial year 940 Fair value adjustment - profit or loss (Note 8) 124,146 Conversion to ordinary shares ( 125,086 ) End of financial year — Total (gains)/losses for the period included in profit or loss for — (a) The unrealised gains/losses are presented in “Other (losses)/gains - net” in the consolidated statement of comprehensive income. |
Summary of Carrying Amount of the Different Categories of Financial Instruments | The carrying amount of the different categories of financial instruments is as disclosed: 2023 2022 2021 S$’000 S$’000 S$’000 Financial assets, at amortised cost 317,781 324,856 85,190 Financial liabilities, at FVTPL 649 4,775 — Financial liabilities, at amortised cost 36,729 42,476 66,098 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Information About Key Management Personnel [Abstract] | |
Summary of Key Management Personnel Compensation | Key management personnel compensation is as follows: 2023 2022 2021 S$’000 S$’000 S$’000 Wages and salaries 4,380 4,085 3,482 Employer’s contribution to defined contribution plans 17 35 35 Benefits in kind — — 266 Share grants and options 2,189 3,673 4,033 Non-executive directors’ remuneration by way of: - Cash 752 450 336 7,338 8,243 8,152 |
Reclassifications within Cons_2
Reclassifications within Consolidated Statements of Comprehensive (Loss) / Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Reclassifications within Consolidated Statements of Comprehensive (Loss) / Income [Abstract] | |
Summary of reclassifications within Consolidated Statements of Comprehensive (Loss) / Income | The effects of these reclassifications on the Group's consolidated statements of comprehensive loss for the comparative financial year ended 31 December 2022, and financial year ended 31 December 2021 are as below: 29. Reclassifications within Consolidated Statements of Comprehensive Loss (continued) For The Year Ended 31 December 2022 Reclassification As previously reported Venue costs Sales and marketing cost IT and Internet expenses Employee compensation Non-executive directors' remuneration Staff cost Office rental Other expenses As reclassified S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 Expenses Venue costs ( 6,864 ) 6,864 — — — — — — — — Sales and marketing cost ( 20,955 ) — 20,955 — — — — — — — IT and Internet expenses ( 11,313 ) — — 11,313 — — — — — — Employee compensation ( 69,977 ) — — — 69,977 — — — — — Non-executive directors' remuneration ( 2,356 ) — — — — 2,356 — — — — Staff cost ( 2,166 ) — — — — — 2,166 — — — Office rental ( 71 ) — — — — — — 71 — — Awards and events costs — ( 3,255 ) — — — — — — — ( 3,255 ) Advertising and platform fees — ( 2,808 ) ( 196 ) — — — — — — ( 3,004 ) Referral fees — — ( 2,201 ) — — — — — — ( 2,201 ) Merchant fees — — ( 2,444 ) — — — — — — ( 2,444 ) Salary and staff costs — — — — ( 66,121 ) ( 688 ) ( 2,166 ) — ( 2,195 ) ( 71,170 ) Marketing expenses — ( 801 ) ( 15,959 ) — — — — — — ( 16,760 ) Technology expenses — — — ( 11,313 ) — — — — ( 85 ) ( 11,398 ) Share grant and option expenses — — — — ( 3,856 ) ( 1,668 ) — — — ( 5,524 ) Other expenses ( 9,973 ) — ( 155 ) — — — — ( 71 ) 2,280 ( 7,919 ) Total expenses ( 123,675 ) — — — — — — — — ( 123,675 ) 29. Reclassifications within Consolidated Statements of Comprehensive Loss (continued) For The Year Ended 31 December 2021 Reclassification As previously reported Venue costs Sales and marketing cost IT and Internet expenses Employee compensation Non-executive directors' remuneration Staff cost Office rental Other expenses As reclassified S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 Expenses Venue costs ( 5,859 ) 5,859 — — — — — — — — Sales and marketing cost ( 26,297 ) — 26,297 — — — — — — — IT and Internet expenses ( 7,882 ) — — 7,882 — — — — — — Employee compensation ( 65,184 ) — — — 65,184 — — — — — Non-executive directors' remuneration ( 2,503 ) — — — — 2,503 — — — — Staff cost ( 1,290 ) — — — — — 1,290 — — — Office rental ( 91 ) — — — — — — 91 — — Awards and events costs — ( 2,703 ) — — — — — — — ( 2,703 ) Advertising and platform fees — ( 2,810 ) ( 229 ) — — — — — — ( 3,039 ) Referral fees — — ( 1,376 ) — — — — — — ( 1,376 ) Merchant fees — — ( 1,869 ) — — — — — — ( 1,869 ) Salary and staff costs — — — — ( 56,642 ) ( 575 ) ( 1,290 ) — ( 495 ) ( 59,002 ) Marketing expenses — ( 346 ) ( 22,727 ) — — — — — — ( 23,073 ) Technology expenses — — — ( 7,882 ) — — — — ( 58 ) ( 7,940 ) Share grant and option expenses — — — — ( 8,542 ) ( 1,928 ) — — — ( 10,470 ) Other expenses ( 2,269 ) — ( 96 ) — — — — ( 91 ) 553 ( 1,903 ) Total expenses ( 111,375 ) — — — — — — — — ( 111,375 ) |
General Information - Additiona
General Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2023 | |
General information [Abstract] | |
Description of nature of entity's operations and principal activities | advertising, real estate marketing, business management and consultancy services |
Country of incorporation | Cayman Islands |
Address of entity's registered office | 190 Elgin Avenue, George Town, Grand Cayman |
Business Combinations - Summary
Business Combinations - Summary of share listing expense is non-recurring in nature and represents a share-based payment (Detail) $ in Thousands | Mar. 17, 2022 SGD ($) |
Fair value of equity consideration issued by the Company | |
Fair value of Bridgetown 2 Class A ordinary shares outstanding | $ 137,233 |
Fair Value Of Bridgetown 2 Class B Ordinary Share Outstanding | 84,318 |
Fair Value Of Equity Consideration Issued By Company Value | 221,551 |
Bridgetown 2 net assets acquired | |
Net cash proceed from Bridgetown 2 | 134,481 |
Warrant liabilities (Note 21) | (27,746) |
Others | 9,866 |
Fair value of Bridgetown 2 net assets acquired | 116,601 |
Share listing expense | $ 104,950 |
Business Combinations - Summa_2
Business Combinations - Summary of acquisition date fair value of the assets/liabilities assumed (Detail) - SGD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Oct. 13, 2022 | Dec. 31, 2021 |
Total assets | ||||
Intangible assets | $ 378,178,000 | $ 393,636,000 | ||
Total liabilities | ||||
Borrowings | 0 | 0 | ||
Deferred tax liabilities | $ (7,650,000) | $ (9,072,000) | $ (6,948,000) | |
Total purchase consideration | $ 2,308,000 | |||
Finalised [Member] | ||||
Total assets | ||||
Cash and cash equivalents | 74,000 | |||
Internally developed computer software (Note 15(e)) | 92,000 | |||
Intangible assets | 962,000 | |||
Trade and other receivables | 25,000 | |||
Total assets | 1,153,000 | |||
Total liabilities | ||||
Borrowings | (63,000) | |||
Trade and other payables | (631,000) | |||
Deferred revenue | (64,000) | |||
Deferred tax liabilities | (163,000) | |||
Total liabilities | (921,000) | |||
Net identifiable assets/(liabilities) acquired | 232,000 | |||
Add: Goodwill | 2,076,000 | |||
Total purchase consideration | 2,308,000 | |||
Provisional [Member] | ||||
Total assets | ||||
Cash and cash equivalents | 74,000 | |||
Internally developed computer software (Note 15(e)) | 163,000 | |||
Intangible assets | 0 | |||
Trade and other receivables | 66,000 | |||
Total assets | 303,000 | |||
Total liabilities | ||||
Borrowings | (63,000) | |||
Trade and other payables | (631,000) | |||
Deferred revenue | (64,000) | |||
Deferred tax liabilities | 0 | |||
Total liabilities | (758,000) | |||
Net identifiable assets/(liabilities) acquired | (455,000) | |||
Add: Goodwill | 2,763,000 | |||
Total purchase consideration | $ 2,308,000 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) | 12 Months Ended | |||||||
Dec. 31, 2023 SGD ($) $ / shares shares | Dec. 31, 2022 SGD ($) | [1] | Dec. 31, 2021 SGD ($) | [1] | Oct. 13, 2022 SGD ($) | Mar. 17, 2022 SGD ($) shares | Mar. 17, 2022 USD ($) $ / shares shares | |
Disclosure of detailed information about business combination [line items] | ||||||||
Issued Capital Ordinary Share | shares | 13,193,068 | 13,193,068 | ||||||
Purchase price per share | (per share) | $ 11.28 | $ 10 | ||||||
Aggregate gross proceeds | $ 131,930,680 | |||||||
Aggregate gross proceeds, equivalent | $ 178,653,000 | |||||||
Exchanged Ordinary Shares | shares | 128,376,418 | |||||||
Share Listing Expense | $ 0 | $ 104,950,000 | $ 0 | |||||
Percentage of issued share capital | 100% | |||||||
Percentage of outstanding share capital | 100% | |||||||
Total purchase price | $ 2,308,000 | |||||||
Panama [member] | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Issued Capital Ordinary Share | shares | 3,555,946 | 3,555,946 | ||||||
[1] Certain amounts in the prior year have been (i) reclassified to conform to the current year presentation (see Note 29) (2022 and 2021) and (ii) re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the acquisition of Sendtech in October 2022 (see Note 2) (2022 only). |
Significant Accounting Polici_4
Significant Accounting Policies - Schedule of Useful lives of Property Plant and Equipment (Detail) | 48 Months Ended |
Dec. 31, 2023 | |
Leasehold improvements [member] | Bottom of range [member] | |
Disclosure of Useful Lives of Property Plant and Equipment [Line Items] | |
Useful life measured as period of time, property, plant and equipment | 3 years |
Leasehold improvements [member] | Top of range [member] | |
Disclosure of Useful Lives of Property Plant and Equipment [Line Items] | |
Useful life measured as period of time, property, plant and equipment | 10 years |
Computer equipment [member] | Bottom of range [member] | |
Disclosure of Useful Lives of Property Plant and Equipment [Line Items] | |
Useful life measured as period of time, property, plant and equipment | 2 years |
Computer equipment [member] | Top of range [member] | |
Disclosure of Useful Lives of Property Plant and Equipment [Line Items] | |
Useful life measured as period of time, property, plant and equipment | 3 years |
Furniture, Equipment and Motor Vehicle [Member] | Bottom of range [member] | |
Disclosure of Useful Lives of Property Plant and Equipment [Line Items] | |
Useful life measured as period of time, property, plant and equipment | 3 years |
Furniture, Equipment and Motor Vehicle [Member] | Top of range [member] | |
Disclosure of Useful Lives of Property Plant and Equipment [Line Items] | |
Useful life measured as period of time, property, plant and equipment | 5 years |
Significant Accounting Polici_5
Significant Accounting Policies - Additional Information (Detail) - SGD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | |||||
Profit (loss) | $ (15,269) | $ (129,193) | [1] | $ (187,413) | [1] |
[1] Certain amounts in the prior year have been (i) reclassified to conform to the current year presentation (see Note 29) (2022 and 2021) and (ii) re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the acquisition of Sendtech in October 2022 (see Note 2) (2022 only). |
Critical Accounting Estimates_2
Critical Accounting Estimates, assumptions and Judgements - Additional Information (Detail) - SGD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Accounting Judgements And Estimates [Line Items] | |||
Goodwill | $ 325,411,000 | $ 347,144,000 | $ 362,448,000 |
Percentage of reduction in development cost | 1% | ||
Salary and staff costs | $ 256,000 | ||
PropertyGuru Viet Nam Joint Stock Company [Member] | |||
Disclosure Of Accounting Judgements And Estimates [Line Items] | |||
Goodwill | 107,561,000 | 112,080,000 | |
Malaysia marketplace CGU [Member] | |||
Disclosure Of Accounting Judgements And Estimates [Line Items] | |||
Goodwill | $ 201,774,000 | $ 214,614,000 |
Segment Information - Summary o
Segment Information - Summary of Information of Reportable Segments (Detail) - SGD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Disclosure of operating segments [line items] | |||||
Revenue | $ 150,135 | $ 135,925 | [1] | $ 100,711 | [1] |
Operating segments [member] | Singapore Marketplace Segment [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 85,988 | 69,241 | 55,891 | ||
Adjusted EBITDA of the Group | 65,300 | 47,626 | 33,355 | ||
Operating segments [member] | Vietnam Marketplace Segment [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 17,130 | 24,040 | 18,767 | ||
Adjusted EBITDA of the Group | 778 | 5,470 | 2,063 | ||
Operating segments [member] | Malaysia Marketplace Segment [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 27,740 | 25,388 | 14,315 | ||
Adjusted EBITDA of the Group | 14,803 | 10,208 | (10,440) | ||
Operating segments [member] | Other Asia Marketplace Segment [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 13,210 | 12,192 | 8,361 | ||
Adjusted EBITDA of the Group | 2,962 | (259) | (1,232) | ||
Operating segments [member] | Fintech And Data Segment [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 6,067 | 5,064 | 3,377 | ||
Adjusted EBITDA of the Group | (9,299) | (7,344) | (4,634) | ||
Operating segments [member] | Reportable segments [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 150,135 | 135,925 | 100,711 | ||
Adjusted EBITDA of the Group | $ 74,544 | $ 55,701 | $ 19,112 | ||
[1] Certain amounts in the prior year have been (i) reclassified to conform to the current year presentation (see Note 29) (2022 and 2021) and (ii) re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the acquisition of Sendtech in October 2022 (see Note 2) (2022 only). |
Segment Information - Schedule
Segment Information - Schedule of reconciliation of adjusted EBITDA to loss before income tax (Detail) | 12 Months Ended | |||||
Dec. 31, 2023 SGD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | |||
Disclosure Of Reconciliation Of Adjusted EBITDA To Loss Before Income Tax [Abstract] | ||||||
Adjusted EBITDA of reportable segments | $ 74,544,000 | $ 55,701,000 | $ 19,112,000 | |||
Headquarters cost | (55,632,000) | (52,376,000) | (29,484,000) | |||
Changes in fair value of preferred shares and embedded derivatives | 4,122,000 | $ 3,070,000 | 23,341,000 | (124,146,000) | ||
Finance costs - net | 7,320,000 | (680,000) | (13,453,000) | |||
Depreciation and amortisation expense | (23,905,000) | (21,190,000) | [1] | (14,032,000) | [1] | |
Impairment | (5,536,000) | 0 | (8,000) | |||
Share grant and option expenses | (5,400,000) | (5,524,000) | (10,470,000) | |||
Other gains/(losses) - net | (2,476,000) | (1,471,000) | (815,000) | |||
Business acquisition transaction and integration cost | (2,156,000) | (4,378,000) | (8,380,000) | |||
Legal and professional expenses incurred for IPO | 0 | (16,570,000) | (6,070,000) | |||
Share listing expense | 0 | (104,950,000) | [1] | 0 | [1] | |
Restructuring cost | (2,183,000) | 0 | 0 | |||
Loss before income tax | $ (11,302,000) | $ (128,097,000) | [1] | $ (187,746,000) | [1] | |
[1] Certain amounts in the prior year have been (i) reclassified to conform to the current year presentation (see Note 29) (2022 and 2021) and (ii) re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the acquisition of Sendtech in October 2022 (see Note 2) (2022 only). |
Revenue From Contracts With C_3
Revenue From Contracts With Customers - Summary of of revenue from contracts with customers (Detail) - SGD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | $ 150,135 | $ 135,925 | $ 100,711 |
Singapore Marketplace Segment [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 85,988 | 69,241 | 55,891 |
Vietnam Marketplace Segment [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 17,130 | 24,040 | 18,767 |
Malaysia Marketplace Segment [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 27,740 | 25,388 | 14,315 |
Other Asia Marketplace Segment [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 13,210 | 12,192 | 8,361 |
Fintech And Data Segment [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 6,067 | 5,064 | 3,377 |
Goods or services transferred at point in time [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 49,208 | 31,543 | 20,068 |
Goods or services transferred over time [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 100,927 | 104,382 | 80,643 |
Agent Revenue Subscription [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 66,385 | 51,905 | 41,773 |
Agent Discretionary [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 55,554 | 56,453 | 35,179 |
Agent Revenue [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 121,939 | 108,358 | 76,952 |
Agent Revenue [Member] | Singapore Marketplace Segment [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 80,363 | 61,799 | 46,170 |
Agent Revenue [Member] | Vietnam Marketplace Segment [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 16,352 | 22,902 | 17,365 |
Agent Revenue [Member] | Malaysia Marketplace Segment [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 21,063 | 19,955 | 10,275 |
Agent Revenue [Member] | Other Asia Marketplace Segment [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 4,161 | 3,702 | 3,142 |
Agent Revenue [Member] | Fintech And Data Segment [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Developer revenue Advertising activities [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 10,218 | 10,794 | 10,749 |
Developer revenue Events [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 8,265 | 8,817 | 6,328 |
Developer revenue Events [Member] | Singapore Marketplace Segment [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 5,625 | ||
Developer revenue Events [Member] | Vietnam Marketplace Segment [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 778 | ||
Developer revenue Events [Member] | Malaysia Marketplace Segment [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 6,677 | ||
Developer revenue Events [Member] | Other Asia Marketplace Segment [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 9,049 | ||
Developer revenue Events [Member] | Fintech And Data Segment [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 0 | ||
Developer revenue Others [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 3,646 | 2,892 | 3,305 |
Developer revenue [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 22,129 | 22,503 | 20,382 |
Developer revenue [Member] | Singapore Marketplace Segment [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 7,442 | 9,721 | |
Developer revenue [Member] | Vietnam Marketplace Segment [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 1,138 | 1,402 | |
Developer revenue [Member] | Malaysia Marketplace Segment [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 5,433 | 4,040 | |
Developer revenue [Member] | Other Asia Marketplace Segment [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 8,490 | 5,219 | |
Developer revenue [Member] | Fintech And Data Segment [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 0 | 0 | |
Fintech and data [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 6,067 | 5,064 | 3,377 |
Fintech and data [Member] | Singapore Marketplace Segment [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Fintech and data [Member] | Vietnam Marketplace Segment [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Fintech and data [Member] | Malaysia Marketplace Segment [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Fintech and data [Member] | Other Asia Marketplace Segment [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Fintech and data [Member] | Fintech And Data Segment [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | $ 6,067 | $ 5,064 | $ 3,377 |
Revenue From Contracts With C_4
Revenue From Contracts With Customers - Summary of significant changes in contract assets and contract liabilities (Detail) - SGD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Revenue from contracts with customers [Abstract] | |||
Deferred revenue | $ 61,066 | $ 50,753 | $ 47,318 |
Revenue recognised in current period that was included in the contract liabilities balance at the beginning of the period | 50,753 | 47,318 | 34,487 |
Trade receivables from contracts with customers (Note 14(a)) | 12,117 | 16,206 | 15,765 |
Loss allowances (Note 14(a)) | (4,120) | (5,081) | (4,953) |
Trade receivables , net | $ 7,997 | $ 11,125 | $ 10,812 |
Other Income - Summary of Other
Other Income - Summary of Other Income (Detail) - SGD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Other Income [Line items] | |||||
Interest income | $ 7,898 | $ 1,716 | $ 456 | ||
- Others | 212 | 68 | 140 | ||
Rent concession | 1 | 3 | 141 | ||
Others | 82 | 30 | 123 | ||
Other income | 8,720 | 2,787 | [1] | 1,723 | [1] |
Job Growth Incentive | |||||
Other Income [Line items] | |||||
Government grants | 0 | 970 | 0 | ||
Job Support Scheme | |||||
Other Income [Line items] | |||||
Government grants | $ 0 | $ 0 | $ 863 | ||
[1] Certain amounts in the prior year have been (i) reclassified to conform to the current year presentation (see Note 29) (2022 and 2021) and (ii) re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the acquisition of Sendtech in October 2022 (see Note 2) (2022 only). |
Other Income - Additional Infor
Other Income - Additional Information (Detail) - SGD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Other Income [Abstract] | |||
Grant income | $ 212,000 | $ 970,000 | $ 863,000 |
Other gains_(losses) - Net - Su
Other gains/(losses) - Net - Summary of Other gains/(losses) (Detail) - SGD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Disclosure of Other gains(losses),Net [Line Items] | |||||
Loss on disposal of plant and equipment and intangible assets | $ (33) | $ (101) | $ (3) | ||
Currency translation loss | (2,409) | (1,564) | (812) | ||
Gain on lease modification | 26 | 194 | 0 | ||
Fair value gain on warrant liabilities | 4,122 | 23,341 | 0 | ||
Others | (60) | 0 | 0 | ||
Other gains/(losses) - net | 1,646 | 21,870 | [1] | (124,961) | [1] |
Series B,D1,E,F preferred shares | |||||
Disclosure of Other gains(losses),Net [Line Items] | |||||
Fair value loss on Series B, D1, E, and F conversion option (Note 27(e)) | $ 0 | $ 0 | $ (124,146) | ||
[1] Certain amounts in the prior year have been (i) reclassified to conform to the current year presentation (see Note 29) (2022 and 2021) and (ii) re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the acquisition of Sendtech in October 2022 (see Note 2) (2022 only). |
Salary and staff costs - Summar
Salary and staff costs - Summary of Employee compensation (Detail) - SGD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of Employee compensation [Abstract] | ||||
Wages and salaries | $ 59,350 | $ 57,740 | $ 49,931 | |
Directors' fees | [1] | 804 | 688 | 575 |
Employer's contribution to defined contribution plans | 6,700 | 6,555 | 5,428 | |
Other employee benefits | 6,117 | 6,187 | 3,068 | |
Total | $ 72,971 | $ 71,170 | $ 59,002 | |
[1] Directors' fees which were paid out in shares amounted to S$ Nil (2022: S$ 180,000 , 2021: S$ 180,000 ). |
Salary and staff costs - Summ_2
Salary and staff costs - Summary of Employee compensation (Parenthetical) (Details) - SGD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Employee compensation [Abstract] | |||
Wages and salaries includes directors fees | $ 0 | $ 180,000 | $ 180,000 |
Finance Cost - Summary of Finan
Finance Cost - Summary of Finance cost (Detail) - SGD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Disclosure of Finance cost [Abstract] | |||||
- Convertible notes | $ 0 | $ 0 | $ 54 | ||
- Leases (Note 17(b)) | 546 | 648 | 742 | ||
- Borrowings | 0 | 1,658 | 1,512 | ||
Accretion expenses arising from redeemable convertible preference shares (Note 19) | 0 | 0 | 11,549 | ||
Others | 32 | 90 | 52 | ||
Finance costs | $ 578 | $ 2,396 | [1] | $ 13,909 | [1] |
[1] Certain amounts in the prior year have been (i) reclassified to conform to the current year presentation (see Note 29) (2022 and 2021) and (ii) re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the acquisition of Sendtech in October 2022 (see Note 2) (2022 only). |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of Tax Expense Income (Detail) - SGD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Major components of tax expense (income) [abstract] | |||||
- Current income tax | $ 737 | $ 1,204 | $ 291 | ||
Under/(Over) provision of income tax in prior financial year | (13) | 63 | (25) | ||
- Deferred income tax (Note 23) | 1,775 | (392) | (669) | ||
- Under/(Over) provision of deferred income tax in prior financial year | 1,264 | (7) | 0 | ||
- Withholding tax | 204 | 228 | 70 | ||
Tax expense/(credit) | $ 3,967 | $ 1,096 | [1] | $ (333) | [1] |
[1] Certain amounts in the prior year have been (i) reclassified to conform to the current year presentation (see Note 29) (2022 and 2021) and (ii) re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the acquisition of Sendtech in October 2022 (see Note 2) (2022 only). |
Income Taxes - Summary of Stand
Income Taxes - Summary of Standard Rate of Income Tax (Detail) - SGD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||||
Loss before tax | $ (11,302) | $ (128,097) | [1] | $ (187,746) | [1] |
Tax calculated at tax rate of 17% (2021 and 2020: 17%) | (1,921) | (21,776) | (31,917) | ||
- Different tax rates in other countries | (1,020) | (4,279) | (1,744) | ||
- Expenses not deductible for tax purposes | 2,187 | 24,692 | 8,370 | ||
- Income not subject to tax | (119) | (880) | (539) | ||
- Fair value losses/(gains) on financial instruments | 0 | 0 | 21,105 | ||
- Utilisation of previously unrecognised tax losses | 9 | 0 | 0 | ||
- Utilisation of previously unrecognised capital allowances | 0 | 0 | (1,740) | ||
- Utilisation of previously unrecognised merger and acquisition allowances | 0 | (1,743) | 0 | ||
- Deferred tax assets not recognised | 3,376 | 4,798 | 6,087 | ||
- Withholding tax | 204 | 228 | 70 | ||
Under/(Over) provision of income tax in prior financial year | (13) | 63 | (25) | ||
Under/(Over) provision of deferred income tax in prior financial year (Note 11) | 1,264 | (7) | 0 | ||
Tax expense/(credit) | $ 3,967 | $ 1,096 | [1] | $ (333) | [1] |
[1] Certain amounts in the prior year have been (i) reclassified to conform to the current year presentation (see Note 29) (2022 and 2021) and (ii) re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the acquisition of Sendtech in October 2022 (see Note 2) (2022 only). |
Income Taxes - Summary of Movem
Income Taxes - Summary of Movement in Current Income Tax Liabilities (Detail) - SGD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Movement in current income tax liabilities [Abstract] | |||
Beginning of financial year | $ 4,302 | $ 4,554 | |
Income tax paid | (1,056) | (1,586) | |
Tax expense | 941 | 1,432 | |
Under/(Over) provision of income tax in prior financial year | (13) | 63 | $ (25) |
Currency translation adjustments | (155) | (161) | |
End of financial year | $ 4,019 | $ 4,302 | $ 4,554 |
Income Taxes - Summary of Sta_2
Income Taxes - Summary of Standard Rate of Income Tax (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | ||
Applicable tax rate | 17% | 17% |
Loss Per Share - Summary of Ear
Loss Per Share - Summary of Earnings Per Share (Detail) - SGD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share [line items] | |||
Total basic loss per share attributable to the ordinary equity holders of the Group | $ (0.09) | $ (0.84) | $ (2.03) |
Diluted earnings per share [abstract] | |||
Total diluted loss per share attributable to the ordinary equity holders of the Group | $ (0.09) | $ (0.84) | $ (2.03) |
Adjustments to reconcile profit (loss) to numerator used in calculating earnings per share [abstract] | |||
Loss attributable to the ordinary equity holders of the Group used in calculating basic loss per share | $ (15,269) | $ (129,193) | $ (187,413) |
Used in calculating basic loss per share | (15,269) | (129,193) | (187,413) |
Loss attributable to the ordinary equity holders of the Group used in calculating diluted loss per share | $ (15,269) | $ (129,193) | $ (187,413) |
Loss Per Share - Summary of Wei
Loss Per Share - Summary of Weighted Average Number of Shares (Detail) - shares | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Weighted average ordinary shares used in calculating basic and diluted earnings per share [abstract] | ||||||
Weighted average number of ordinary shares used as the denominator in calculating basic loss per share | 162,644,729 | 154,563,175 | 92,275,632 | |||
Number of Series B preference shares | [1],[2] | 0 | 0 | 0 | ||
Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted loss per share | 162,644,729 | 154,563,175 | [1] | 92,275,632 | [1] | |
[1] Potential ordinary shares outstanding consist of restricted stock units, stock options, warrants, convertible notes and convertible preference shares and are excluded if their effect is anti-dilutive. Preference shares were converted on 3 August 2021 and the effect of potential conversion was excluded (for periods prior to the actual conversion) as it was anti-dilutive. |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Detail) - SGD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclsoure of Cash and cash equivalents [Abstract] | ||||
Cash on hand | $ 10 | $ 42 | ||
Cash at bank | 150,798 | 168,325 | ||
Short-term bank deposits | 155,590 | 140,866 | ||
Cash and cash equivalents | $ 306,398 | $ 309,233 | $ 70,236 | $ 93,359 |
Trade and Other Receivables - S
Trade and Other Receivables - Summary of Trade and other receivables (Detail) - SGD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of Trade and other receivables [Abstract] | |||
Trade receivables - Non-related parties | $ 12,117 | $ 16,197 | |
Trade receivables - Related parties | 0 | 9 | |
Less: Allowance for impairment | (4,120) | (5,081) | $ (4,953) |
Trade receivables - net | 7,997 | 11,125 | $ 10,812 |
Deposits | 681 | 902 | |
Prepayments | 5,498 | 5,083 | |
Other receivables | 1,634 | 1,035 | |
Trade and other receivables | 15,810 | 18,145 | |
Deposits | 1,078 | 2,562 | |
Prepayments | 1,599 | 1,997 | |
Trade and other non-current receivables | $ 2,677 | $ 4,559 |
Intangible Assets - Summary of
Intangible Assets - Summary of Detailed Information About Intangible Assets (Detail) - SGD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property Data [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill | $ 555 | $ 431 | |
Beginning of financial year | 431 | ||
End of financial year | 555 | 431 | |
Property Data [Member] | Gross carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning of financial year | 704 | 355 | |
Additions | 415 | 368 | |
Currency revaluation adjustments | (42) | (19) | |
Disposals during the year | (34) | 0 | |
End of financial year | 1,043 | 704 | $ 355 |
Property Data [Member] | Accumulated amortization, depreciation and impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning of financial year | 273 | 122 | |
Currency revaluation adjustments | (22) | (9) | |
Disposals during the year | (34) | 0 | |
Amortisation charge | 271 | 160 | |
End of financial year | 488 | 273 | 122 |
Intangible assets under development [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill | 13,352 | 5,928 | |
Beginning of financial year | 5,928 | ||
End of financial year | 13,352 | 5,928 | |
Intangible assets under development [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning of financial year | 5,928 | 13,105 | |
Additions | 25,560 | 21,107 | |
Currency revaluation adjustments | (203) | (97) | |
Impairment written off | (516) | (84) | |
Transfer from development cost in progress | (17,417) | (28,103) | |
End of financial year | 13,352 | 5,928 | 13,105 |
Intangible assets under development [member] | Accumulated amortization, depreciation and impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning of financial year | 0 | 84 | |
Currency revaluation adjustments | 0 | (4) | |
Transfer from development cost in progress | 0 | (80) | |
Impairment Written Off During The Year | (516) | 0 | |
Impairment | 516 | 0 | |
End of financial year | 0 | 0 | 84 |
Internally Developed Computer Software [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill | 31,071 | 30,140 | |
Beginning of financial year | 30,140 | ||
End of financial year | 31,071 | 30,140 | |
Internally Developed Computer Software [Member] | Gross carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning of financial year | 54,727 | 27,644 | |
Reclassification of intangible assets | 0 | (426) | |
Currency revaluation adjustments | (870) | (686) | |
Acquisition of subsidiaries | 0 | 92 | |
Disposals during the year | (232) | 0 | |
Transfer from development cost in progress | 17,417 | 28,103 | |
End of financial year | 71,042 | 54,727 | 27,644 |
Internally Developed Computer Software [Member] | Accumulated amortization, depreciation and impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning of financial year | 24,587 | 12,635 | |
Reclassification of intangible assets | 0 | (100) | |
Currency revaluation adjustments | (675) | (368) | |
Disposals during the year | (232) | 0 | |
Transfer from development cost in progress | 0 | 80 | |
Amortisation charge | 15,570 | 12,340 | |
Impairment | 721 | 0 | |
End of financial year | 39,971 | 24,587 | 12,635 |
Computer software [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill | 643 | 1,190 | |
Beginning of financial year | 1,190 | ||
End of financial year | 643 | 1,190 | |
Computer software [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning of financial year | 3,895 | 2,855 | |
Reclassification of indefinite useful life intangible assets | 0 | 426 | |
Additions | 133 | 689 | |
Currency revaluation adjustments | 40 | (35) | |
Disposals during the year | (11) | 40 | |
End of financial year | 3,977 | 3,895 | 2,855 |
Computer software [member] | Accumulated amortization, depreciation and impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning of financial year | 2,705 | 1,909 | |
Reclassification of indefinite useful life intangible assets | 0 | 100 | |
Currency revaluation adjustments | 23 | (14) | |
Disposals during the year | (11) | (17) | |
Amortisation charge | 663 | 727 | |
End of financial year | 3,334 | 2,705 | 1,909 |
Brand names [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill | 7,146 | 8,803 | |
Beginning of financial year | 8,803 | ||
End of financial year | 7,146 | 8,803 | |
Brand names [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning of financial year | 20,877 | 20,738 | |
Additions | 25 | 15 | |
Currency revaluation adjustments | (253) | (830) | |
Acquisition of subsidiaries | 0 | 962 | |
Disposals during the year | (4,674) | (8) | |
End of financial year | 15,975 | 20,877 | 20,738 |
Brand names [member] | Accumulated amortization, depreciation and impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning of financial year | 12,074 | 11,238 | |
Currency revaluation adjustments | 69 | (451) | |
Disposals during the year | (4,654) | (1) | |
Amortisation charge | 1,298 | 1,288 | |
Impairment | 42 | 0 | |
End of financial year | 8,829 | 12,074 | $ 11,238 |
Goodwill [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill | $ 325,411 | $ 347,144 |
Intangible Assets - Summary o_2
Intangible Assets - Summary of Reconciliation of Changes in Goodwill (Detail) - SGD ($) | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||||
Goodwill | $ 347,144,000 | $ 362,448,000 | ||||
Currency revaluation adjustments | (17,549,000) | (17,380,000) | ||||
Impairment of intangible assets | (5,463,000) | 0 | [1] | $ (8,000) | [1] | |
Impairment of Goodwill | (4,184,000) | 0 | ||||
Acquisition of a subsidiary | [2] | 0 | 2,076,000 | |||
Goodwill | $ 325,411,000 | $ 347,144,000 | $ 362,448,000 | |||
[1] Certain amounts in the prior year have been (i) reclassified to conform to the current year presentation (see Note 29) (2022 and 2021) and (ii) re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the acquisition of Sendtech in October 2022 (see Note 2) (2022 only). Certain amounts in the prior year have been re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the acquisition of Sendtech in October 2022. |
Intangible Assets - Summary o_3
Intangible Assets - Summary of The Goodwill Allocation At Segment Level (Detail) - SGD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Goodwill | $ 325,411 | $ 347,144 | $ 362,448 | |
Others [Member] | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Goodwill | [1] | 16,076 | 20,450 | |
Vietnam marketplace [Member] | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Goodwill | 107,561 | 112,080 | ||
Malaysia marketplace [Member] | ||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Goodwill | [2] | $ 201,774 | $ 214,614 | |
[1] Comprise of Singapore marketplace, Thailand marketplace, Indonesia marketplace, Data and Sendhelper CGUs. Comprises of iProperty.com Malaysia Sdn. Bhd., Brickz Research Sdn. Bhd., IPGA Management Services Sdn. Bhd. and PropertyGuru Malaysia International (Malaysia) Sdn Bhd. |
Intangible Assets - Summary o_4
Intangible Assets - Summary of Information For Cash-Generating Units (Detail) | 12 Months Ended | |
Dec. 31, 2022 | ||
Vietnam marketplace [Member] | ||
Disclosure of information for cash-generating units [line items] | ||
Growth rate | 6% | [1] |
Discount rate | 23% | [2] |
Malaysia marketplace [Member] | ||
Disclosure of information for cash-generating units [line items] | ||
Growth rate | 4% | [1] |
Discount rate | 16.20% | [2] |
Bottom of range [member] | Vietnam marketplace [Member] | ||
Disclosure of information for cash-generating units [line items] | ||
Revenue growth rate | 18% | [3] |
Bottom of range [member] | Others [Member] | ||
Disclosure of information for cash-generating units [line items] | ||
Revenue growth rate | 4% | [3] |
Growth rate | 3% | [1] |
Discount rate | 14.50% | [2] |
Bottom of range [member] | Malaysia marketplace [Member] | ||
Disclosure of information for cash-generating units [line items] | ||
Revenue growth rate | 20% | [3] |
Top of range [member] | Vietnam marketplace [Member] | ||
Disclosure of information for cash-generating units [line items] | ||
Revenue growth rate | 38% | [3] |
Top of range [member] | Others [Member] | ||
Disclosure of information for cash-generating units [line items] | ||
Revenue growth rate | 234% | [3] |
Growth rate | 5.50% | [1] |
Discount rate | 23.10% | [2] |
Top of range [member] | Malaysia marketplace [Member] | ||
Disclosure of information for cash-generating units [line items] | ||
Revenue growth rate | 36% | [3] |
[1] Weighted average growth rate used to extrapolate cash flows beyond the budget period Pre-tax discount rate applied to the pre-tax cash flow projections Budgeted revenue growth rate |
Intangible Assets - Summary o_5
Intangible Assets - Summary of Key Assumption Used for Fair Value less Cost to Sell Calculations (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 SGD ($) | |
Malaysia marketplace [Member] | |
Disclosure of information for cash-generating units [line items] | |
EV/S Multiple | 7.7x |
Headroom | $ 11,111 |
Vietnam marketplace [Member] | |
Disclosure of information for cash-generating units [line items] | |
EV/S Multiple | 7.7x |
Headroom | $ 28,938 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - SGD ($) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Statements [Line Items] | |||||
Impairment of intangible assets | $ (5,463,000) | $ 0 | [1] | $ (8,000) | [1] |
Capitalization Of Share Based Payments | $ 819,000 | $ 0 | $ 0 | ||
Vietnam marketplace [Member] | |||||
Statements [Line Items] | |||||
Decrease in the growth rate | 5.10% | ||||
Decrease in EV/S | 1.6x | ||||
Malaysia marketplace CGU [Member] | |||||
Statements [Line Items] | |||||
Decrease in the growth rate | 5.70% | ||||
Decrease in EV/S | 0.3x | ||||
[1] Certain amounts in the prior year have been (i) reclassified to conform to the current year presentation (see Note 29) (2022 and 2021) and (ii) re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the acquisition of Sendtech in October 2022 (see Note 2) (2022 only). |
Plant and Equipment - Summary o
Plant and Equipment - Summary of Property, Plant And Equipment (Detail) - SGD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning of financial year | $ 2,535 | |
End of financial year | 1,691 | $ 2,535 |
Leasehold improvements [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning of financial year | 663 | |
End of financial year | 247 | 663 |
Computer equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning of financial year | 1,640 | |
End of financial year | 1,288 | 1,640 |
Fixtures and fittings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning of financial year | 232 | |
End of financial year | 156 | 232 |
Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning of financial year | 9,979 | 9,826 |
Additions | 783 | 1,431 |
Reclassification | 0 | |
Disposals during the year | (691) | (960) |
Currency revaluation adjustments | (201) | (318) |
End of financial year | 9,870 | 9,979 |
Gross carrying amount [member] | Leasehold improvements [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning of financial year | 3,972 | 4,395 |
Additions | 36 | 221 |
Reclassification | (82) | |
Disposals during the year | (247) | (437) |
Currency revaluation adjustments | (59) | (125) |
End of financial year | 3,702 | 3,972 |
Gross carrying amount [member] | Computer equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning of financial year | 5,124 | 4,589 |
Additions | 701 | 1,131 |
Reclassification | 0 | |
Disposals during the year | (307) | (433) |
Currency revaluation adjustments | (125) | (163) |
End of financial year | 5,393 | 5,124 |
Gross carrying amount [member] | Fixtures and fittings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning of financial year | 883 | 842 |
Additions | 46 | 79 |
Reclassification | 82 | |
Disposals during the year | (137) | (90) |
Currency revaluation adjustments | (17) | (30) |
End of financial year | 775 | 883 |
Accumulated amortization and depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning of financial year | 7,444 | 6,497 |
Depreciation charge | 1,508 | 2,119 |
Impairment charge | 55 | |
Disposals during the year | (623) | (942) |
Impairment written off during the year | (55) | |
Currency revaluation adjustments | (150) | (230) |
End of financial year | 8,179 | 7,444 |
Accumulated amortization and depreciation [Member] | Leasehold improvements [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning of financial year | 3,309 | 2,866 |
Depreciation charge | 429 | 964 |
Impairment charge | 0 | |
Disposals during the year | (242) | (437) |
Impairment written off during the year | 0 | |
Currency revaluation adjustments | (41) | (84) |
End of financial year | 3,455 | 3,309 |
Accumulated amortization and depreciation [Member] | Computer equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning of financial year | 3,484 | 3,050 |
Depreciation charge | 973 | 984 |
Impairment charge | 48 | |
Disposals during the year | (257) | (429) |
Impairment written off during the year | (48) | |
Currency revaluation adjustments | (95) | (121) |
End of financial year | 4,105 | 3,484 |
Accumulated amortization and depreciation [Member] | Fixtures and fittings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning of financial year | 651 | 581 |
Depreciation charge | 106 | 171 |
Impairment charge | 7 | |
Disposals during the year | (124) | (76) |
Impairment written off during the year | (7) | |
Currency revaluation adjustments | (14) | (25) |
End of financial year | $ 619 | $ 651 |
Leases - The Group as a Lesse_2
Leases - The Group as a Lessee - Additional Information (Detail) - SGD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statements [Line Items] | |||
Cash outflow for leases | $ 4,948,000 | $ 5,136,000 | $ 4,960,000 |
Leases - The Group as a Lesse_3
Leases - The Group as a Lessee - Summary of Quantitative Information About Right-Of-Use Assets (Detail) - SGD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning of financial year | $ 11,475 | ||
End of financial year | 8,414 | $ 11,475 | |
Current | 4,222 | 4,104 | |
Non-current | 5,352 | 8,339 | |
Lease liabilities | 9,574 | 12,443 | |
Interest expense on lease liabilities | 546 | 648 | $ 742 |
Short-term lease expense | 49 | 112 | 94 |
Low-value lease expense | 47 | 52 | 61 |
Total | 96 | 164 | 155 |
Gross carrying amount [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning of financial year | 24,390 | 24,858 | |
Additions | 33 | 813 | |
Expiration of leases | 0 | 702 | |
Shortening of leases | 660 | (198) | |
Renewal and modification of leases | 1,554 | 0 | |
Currency revaluation adjustments | (232) | (381) | |
End of financial year | 25,085 | 24,390 | 24,858 |
Accumulated amortization and depreciation [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning of financial year | 12,915 | 9,439 | |
Depreciation charge | 4,595 | 4,556 | |
Impairment charge | 18 | 0 | |
Expiration of leases | (642) | (702) | |
Shortening of leases | 0 | 153 | |
Impairment written off during the year | (18) | 0 | |
Currency revaluation adjustments | (197) | (225) | |
End of financial year | $ 16,671 | $ 12,915 | $ 9,439 |
Trade and Other Payables - Summ
Trade and Other Payables - Summary of Trade And Other Payables (Detail) - SGD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Trade And Other Payables [Abstract] | ||
Trade payables - non-related parties | $ 3,012 | $ 5,070 |
Accrued operating expenses | 6,600 | 7,399 |
Accrued employee expenses | 12,767 | 14,395 |
Other payables | 4,258 | 2,873 |
Trade and other current payables | 26,637 | 29,737 |
Trade payables - non-related parties | 0 | 3 |
Accrued employee expenses | 518 | 293 |
Trade and other non-current payables | $ 518 | $ 296 |
Preference shares - Summary of
Preference shares - Summary of Preference Shares That Are Wholly Classified As Financial Liabilities Are Recognized (Detail) - Preference shares [member] $ in Thousands | 12 Months Ended |
Dec. 31, 2021 SGD ($) shares | |
Financial liability [member] | |
Statements [Line Items] | |
Beginning of financial year | $ 199,481 |
Accretion cost on Series B, D1, E and F redeemable convertible preference shares | 11,549 |
Conversion of redeemable convertible preference shares to ordinary shares | (211,030) |
End of financial year | 0 |
Equities [member] | |
Statements [Line Items] | |
Beginning of financial year | 59,339 |
Conversion of non-redeemable convertible preference shares to ordinary shares | (59,339) |
End of financial year | 0 |
Series B preference shares [member] | Financial liability [member] | |
Statements [Line Items] | |
Beginning of financial year | $ 59,412 |
Number of ordinary shares, beginning | shares | 258,363 |
Accretion cost on Series B, D1, E and F redeemable convertible preference shares | $ 3,375 |
Accretion cost on Series B, D1, E and F redeemable convertible preference shares (Note 10), shares | shares | 0 |
Conversion of redeemable convertible preference shares to ordinary shares | $ (62,787) |
Conversion of redeemable convertible preference shares to ordinary shares (Shares) | shares | (258,363) |
End of financial year | $ 0 |
End of financial year (Shares) | shares | 0 |
Series D1 preferred stock [member] | Financial liability [member] | |
Statements [Line Items] | |
Beginning of financial year | $ 48,965 |
Number of ordinary shares, beginning | shares | 152,224 |
Accretion cost on Series B, D1, E and F redeemable convertible preference shares | $ 2,759 |
Accretion cost on Series B, D1, E and F redeemable convertible preference shares (Note 10), shares | shares | 0 |
Conversion of redeemable convertible preference shares to ordinary shares | $ (51,724) |
Conversion of redeemable convertible preference shares to ordinary shares (Shares) | shares | (152,224) |
End of financial year | $ 0 |
End of financial year (Shares) | shares | 0 |
Series E preference shares [member] | Financial liability [member] | |
Statements [Line Items] | |
Beginning of financial year | $ 29,303 |
Number of ordinary shares, beginning | shares | 84,705 |
Accretion cost on Series B, D1, E and F redeemable convertible preference shares | $ 1,800 |
Accretion cost on Series B, D1, E and F redeemable convertible preference shares (Note 10), shares | shares | 0 |
Conversion of redeemable convertible preference shares to ordinary shares | $ (31,103) |
Conversion of redeemable convertible preference shares to ordinary shares (Shares) | shares | (84,705) |
End of financial year | $ 0 |
End of financial year (Shares) | shares | 0 |
Series F preference shares [Member] | Financial liability [member] | |
Statements [Line Items] | |
Beginning of financial year | $ 61,801 |
Number of ordinary shares, beginning | shares | 210,526 |
Accretion cost on Series B, D1, E and F redeemable convertible preference shares | $ 3,615 |
Accretion cost on Series B, D1, E and F redeemable convertible preference shares (Note 10), shares | shares | 0 |
Conversion of redeemable convertible preference shares to ordinary shares | $ (65,416) |
Conversion of redeemable convertible preference shares to ordinary shares (Shares) | shares | (210,526) |
End of financial year | $ 0 |
End of financial year (Shares) | shares | 0 |
Series C preference shares [member] | Equities [member] | |
Statements [Line Items] | |
Beginning of financial year | $ 10,000 |
Number of ordinary shares, beginning | shares | 70,303 |
Conversion of non-redeemable convertible preference shares to ordinary shares | $ (10,000) |
Conversion of non-redeemable convertible preference shares to ordinary shares (Shares) | shares | (70,303) |
End of financial year | $ 0 |
End of financial year (Shares) | shares | 0 |
Series D2 preferred stock [member] | Equities [member] | |
Statements [Line Items] | |
Beginning of financial year | $ 49,339 |
Number of ordinary shares, beginning | shares | 564,126 |
Conversion of non-redeemable convertible preference shares to ordinary shares | $ (49,339) |
Conversion of non-redeemable convertible preference shares to ordinary shares (Shares) | shares | (564,126) |
End of financial year | $ 0 |
End of financial year (Shares) | shares | 0 |
Preference Shares - Additional
Preference Shares - Additional Information (Detail) | Aug. 03, 2021 |
Panama [member] | |
Statements [Line Items] | |
Proportion of ownership interest in associate | 100% |
Borrowings - Summary of Borrowi
Borrowings - Summary of Borrowings (Detail) - SGD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about borrowings [abstract] | ||
Total | $ 0 | $ 0 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - SGD ($) | 12 Months Ended | ||||
Dec. 23, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings | $ 0 | $ 0 | |||
Bottom of range [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Cash | 10,000,000 | ||||
Top of range [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings | $ 25,000,000 | ||||
Later than one year and not later than two years [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings Interest Rate | 6% | ||||
Later than three months and not later than six months [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings Interest Rate | 2% | ||||
Loan Facility Agreement [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Loan facility from key management personnel | $ 600,000 | ||||
Borrowings maturity | January 2023 | ||||
Advances Received As Borrowings | $ 5,000,000 | ||||
Borrowings Interest Rate | 8.16% | ||||
Borrowings | $ 11,000,000 | ||||
Loan Facility Agreement [Member] | Later than one year and not later than two years [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Notional amount | $ 16,000,000 | ||||
Borrowings maturity | 2-year |
Warrant liabilities (Additional
Warrant liabilities (Additional Information) (Details) | 12 Months Ended | |||||||
Mar. 17, 2022 $ / shares | Dec. 31, 2023 SGD ($) shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 SGD ($) | Dec. 31, 2022 SGD ($) $ / shares | Dec. 31, 2021 SGD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Business Acquisition 1 [Line Items] | ||||||||
Exercise price/warrant | $ / shares | $ 11.5 | $ 11.5 | $ 11.5 | |||||
Changes in fair value of preferred shares and embedded derivatives | $ 4,122,000 | $ 3,070,000 | $ 23,341,000 | $ (124,146,000) | ||||
Private Placement Member | ||||||||
Business Acquisition 1 [Line Items] | ||||||||
Warrant liabilities | 12,960,000 | 12,960,000 | ||||||
Conversion Of Warrant Stock Shares Converted | 12,960,000 | 12,960,000 | ||||||
Exercise price/warrant | $ / shares | $ 11.5 | |||||||
Conversion of Warrant Stock, Shares Issued | 12,960,000 | 12,960,000 | ||||||
Fair Value Of Warrants Decreased | $ 649,000 | $ 4,775,000 | $ 4,775,000 | $ 492,000 | $ 3,562,000 |
Warrant liabilities - Schedule
Warrant liabilities - Schedule of Pricing Model to Estimate the Fair Value (Details) - $ / shares | 12 Months Ended | ||
Mar. 17, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Text Block 1 [Abstract] | |||
Share price | $ 8.33 | $ 3.34 | $ 4.31 |
Exercise price/warrant | $ 11.5 | $ 11.5 | $ 11.5 |
Expected volatility | 41.36% | 32.80% | 34.40% |
Dividend yield | 0% | 0% | 0% |
Expected term (years) | 5 years | 3 years 2 months 15 days | 4 years 2 months 15 days |
Annual risk-free interest rate | 2.23% | 4% | 4.11% |
Deferred Income Taxes - Summary
Deferred Income Taxes - Summary of Deferred Income Tax Assets And Liabilities After Offsetting (Details) - SGD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Text Block 1 [Abstract] | |||
Deferred tax assets | $ (2,669) | $ (7,034) | |
Deferred tax liabilities | 7,650 | 9,072 | $ 6,948 |
Net deferred tax liabilities | $ 4,981 | $ 2,038 |
Deferred Income Taxes - Summa_2
Deferred Income Taxes - Summary of Movement in Deferred Income Tax Accounts (Detail) - SGD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Movement In Deferred Income Tax Accounts [line items] | |||
Beginning of financial year | $ 2,038 | ||
Beginning of financial year | 9,072 | $ 6,948 | |
Credited to profit or loss | (1,344) | 2,101 | |
Overprovision of deferred income tax in prior financial year 1 | 1,264 | (7) | $ 0 |
End of financial year | 7,650 | 9,072 | 6,948 |
End of financial year | 4,981 | 2,038 | |
Noncurrent Deferred Income Liabilities [member] | |||
Disclosure Of Movement In Deferred Income Tax Accounts [line items] | |||
Beginning of financial year | 2,038 | 2,375 | |
Currency revaluation adjustments | (96) | (101) | |
Acquisition of subsidiaries | 0 | 163 | |
Credited to profit or loss | 1,775 | (392) | |
Overprovision of deferred income tax in prior financial year 1 | 1,264 | (7) | |
End of financial year | $ 4,981 | $ 2,038 | $ 2,375 |
Deferred Income Taxes - Summa_3
Deferred Income Taxes - Summary of Information About Tax Losses Expiry Dates (Detail) - SGD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Tax Losses Expiry Dates [Line Items] | ||
Unused tax losses for which no deferred tax asset recognised | $ 95,464 | $ 86,884 |
Expiring in one year | ||
Disclosure Of Tax Losses Expiry Dates [Line Items] | ||
Unused tax losses for which no deferred tax asset recognised | 4,556 | 5,365 |
Expiring in two years | ||
Disclosure Of Tax Losses Expiry Dates [Line Items] | ||
Unused tax losses for which no deferred tax asset recognised | 3,261 | 4,669 |
Expiring in three years | ||
Disclosure Of Tax Losses Expiry Dates [Line Items] | ||
Unused tax losses for which no deferred tax asset recognised | 6,668 | 3,899 |
Expiring in four years | ||
Disclosure Of Tax Losses Expiry Dates [Line Items] | ||
Unused tax losses for which no deferred tax asset recognised | 11,410 | 7,496 |
Expiring beyond four years | ||
Disclosure Of Tax Losses Expiry Dates [Line Items] | ||
Unused tax losses for which no deferred tax asset recognised | $ 69,569 | $ 65,455 |
Deferred Income Taxes - Additio
Deferred Income Taxes - Additional Information (Detail) - SGD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Text Block 1 [Abstract] | ||
Unrecognised tax losses | $ 95,464,000 | $ 86,884,000 |
Deferred income tax unrecognised tax losses | 96,129,000 | 86,918,000 |
Capital allowance | $ 5,892,000 | $ 3,490,000 |
Deferred Income Taxes - Summa_4
Deferred Income Taxes - Summary of Movement of Deferred Income Tax Asset and Liabilities (Detail) - SGD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Movement Of Deferred Income Tax Assets And Liabilities Prior To Offsetting Of Balances [Line Items] | ||
Beginning of financial year | $ 9,072 | $ 6,948 |
Currency translation adjustments | (78) | (140) |
Charged/(credited) to profit or loss | 1,344 | (2,101) |
Acquisition of business | 163 | |
Charged/(credited) to profit or loss | 4,383 | (2,500) |
End of financial year | 7,650 | 9,072 |
Beginning of financial year | (7,034) | (4,573) |
Currency translation adjustments | 18 | 39 |
Charged/(credited) to profit or loss | (1,344) | 2,101 |
End of financial year | (2,669) | (7,034) |
Lease liabilities | ||
Disclosure Of Movement Of Deferred Income Tax Assets And Liabilities Prior To Offsetting Of Balances [Line Items] | ||
Charged/(credited) to profit or loss | 492 | 698 |
Beginning of financial year | (2,196) | (2,933) |
Currency translation adjustments | 19 | 39 |
End of financial year | (1,723) | (2,196) |
Provisions | ||
Disclosure Of Movement Of Deferred Income Tax Assets And Liabilities Prior To Offsetting Of Balances [Line Items] | ||
Charged/(credited) to profit or loss | (91) | 4 |
Beginning of financial year | (153) | (157) |
Currency translation adjustments | 8 | 0 |
End of financial year | (252) | (153) |
Tax loss | ||
Disclosure Of Movement Of Deferred Income Tax Assets And Liabilities Prior To Offsetting Of Balances [Line Items] | ||
Charged/(credited) to profit or loss | 928 | 0 |
Beginning of financial year | (937) | (937) |
Currency translation adjustments | (9) | 0 |
End of financial year | 0 | (937) |
Unutilised capital allowance | ||
Disclosure Of Movement Of Deferred Income Tax Assets And Liabilities Prior To Offsetting Of Balances [Line Items] | ||
Charged/(credited) to profit or loss | 3,054 | (3,202) |
Beginning of financial year | (3,748) | (546) |
Currency translation adjustments | 0 | 0 |
End of financial year | (694) | (3,748) |
Accelerated tax depreciation | ||
Disclosure Of Movement Of Deferred Income Tax Assets And Liabilities Prior To Offsetting Of Balances [Line Items] | ||
Beginning of financial year | 5,221 | 2,127 |
Currency translation adjustments | (6) | (15) |
Charged/(credited) to profit or loss | 402 | (3,109) |
Acquisition of business | 0 | |
End of financial year | 4,825 | 5,221 |
Charged/(credited) to profit or loss | (402) | 3,109 |
Fair value Gains - net | ||
Disclosure Of Movement Of Deferred Income Tax Assets And Liabilities Prior To Offsetting Of Balances [Line Items] | ||
Beginning of financial year | 1,796 | 1,975 |
Currency translation adjustments | (74) | (86) |
Charged/(credited) to profit or loss | 255 | 256 |
Acquisition of business | 163 | |
End of financial year | 1,467 | 1,796 |
Charged/(credited) to profit or loss | (255) | (256) |
ROU assets | ||
Disclosure Of Movement Of Deferred Income Tax Assets And Liabilities Prior To Offsetting Of Balances [Line Items] | ||
Beginning of financial year | 2,074 | 2,817 |
Currency translation adjustments | (19) | (39) |
Charged/(credited) to profit or loss | 505 | 704 |
Acquisition of business | 0 | |
End of financial year | 1,550 | 2,074 |
Charged/(credited) to profit or loss | (505) | (704) |
Others | ||
Disclosure Of Movement Of Deferred Income Tax Assets And Liabilities Prior To Offsetting Of Balances [Line Items] | ||
Beginning of financial year | 19 | 29 |
Currency translation adjustments | 9 | 0 |
Charged/(credited) to profit or loss | 182 | 48 |
Acquisition of business | 0 | |
End of financial year | 192 | 19 |
Charged/(credited) to profit or loss | $ (182) | $ (48) |
Provision - Summary of Provisio
Provision - Summary of Provision for Reinstatement Cost (Detail) - SGD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Provision For Reinstatement Cost [Line Items] | ||
Beginning of financial year | $ 952 | $ 605 |
Currency revaluation adjustment | (19) | (20) |
Additions | 15 | 438 |
Accretion cost | 32 | 20 |
Reversal during the year | (40) | (14) |
Provision utilised during the year | (28) | (77) |
Current | 148 | 280 |
Non-current | 764 | 672 |
End of financial year | $ 912 | $ 952 |
Share Capital - Summary of Shar
Share Capital - Summary of Share Issued Capital (Details) - shares | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Issued share capital [line items] | ||||
Issuance of shares | 1,971,083 | 749,802 | 23,469,947 | |
Shares issued to holders of Class A and Class B ordinary shares of Bridgetown 2, ordinary shares | [1],[2] | 0 | 0 | 0 |
Issued capital [member] | ||||
Issued share capital [line items] | ||||
Number of ordinary shares, beginning | 161,960,362 | 127,838,995 | 55,983,598 | |
Number of ordinary shares, beginning | 0 | |||
Shares issued to PIPE investors, ordinary shares | 13,193,068 | |||
Share exchange, ordinary shares (see Note 2) | 128,376,418 | |||
Shares issued to holders of Class A and Class B ordinary shares of Bridgetown 2, ordinary shares | 19,641,074 | |||
Conversion of preference shares to ordinary shares, ordinary shares | 48,385,450 | |||
Number of ordinary shares, ending | 163,931,445 | 161,960,362 | 127,838,995 | |
[1] Potential ordinary shares outstanding consist of restricted stock units, stock options, warrants, convertible notes and convertible preference shares and are excluded if their effect is anti-dilutive. Preference shares were converted on 3 August 2021 and the effect of potential conversion was excluded (for periods prior to the actual conversion) as it was anti-dilutive. |
Share Capital - Summary of Reco
Share Capital - Summary of Reconciliation of Share Capital (Detail) - SGD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Reconciliation Of Share Capital And Treasury Shares [Line Items] | |||
Beginning balance | $ 634,287 | $ 387,191 | $ (26,515) |
Issuance of shares | 527 | 1,733 | 248,716 |
Shares issued to PIPE investors, amount | 178,653 | ||
Reorganisation, amount | 217,581 | ||
Ending balance | 604,812 | 634,287 | 387,191 |
Issued capital [member] | |||
Disclosure Of Reconciliation Of Share Capital And Treasury Shares [Line Items] | |||
Beginning balance | 1,081,320 | 684,347 | 36,553 |
Issuance of shares | 13,223 | 8,403 | 252,338 |
Shares issued to PIPE investors, amount | 178,653 | ||
Transaction cost in relation to issuance of PIPE shares, amount | (7,664) | ||
Reorganisation, amount | 217,581 | ||
Conversion of preference shares to ordinary shares, amount | 395,456 | ||
Ending balance | $ 1,094,543 | $ 1,081,320 | $ 684,347 |
Share Capital - Additional Info
Share Capital - Additional Information (Detail) - SGD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 17, 2022 | Dec. 31, 2021 | |
Statements [Line Items] | |||
Issue of equity | $ 178,653 | ||
Capital reserve [member] | |||
Statements [Line Items] | |||
Issue of equity | $ 0 | ||
Ordinary shares [Member] | |||
Statements [Line Items] | |||
Number of shares outstanding1 | 3,555,946 | ||
Number Of Share Exchange | 128,376,418 | ||
Per Share Value | $ 0.0001 | ||
Ordinary shares [Member] | Property Guru Outstanding [Member] | |||
Statements [Line Items] | |||
Number of shares outstanding1 | 127,838,995 |
Share reserve - Summary of Shar
Share reserve - Summary of Share And Capital Reserve Under Options Schemes (Detail) - SGD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Share And Capital Reserve Under Options Schemes [Line Items] | ||
Beginning of financial year | $ 17,692 | $ 18,658 |
End of financial year | 11,215 | 17,692 |
Employee Share Grant And Options Schemes [Member] | ||
Disclosure Of Share And Capital Reserve Under Options Schemes [Line Items] | ||
Value of employee services | 5,678 | 3,856 |
Shares issued | (9,704) | (6,490) |
Non Executive Director Share Grant And Options Schemes [Member] | ||
Disclosure Of Share And Capital Reserve Under Options Schemes [Line Items] | ||
Value of employee services | 541 | 1,848 |
Shares issued | $ (2,992) | $ (180) |
Share reserve - Summary of Inpu
Share reserve - Summary of Inputs Into Black Scholes Option Pricing Model (Detail) | 12 Months Ended |
Dec. 31, 2023 yr $ / shares | |
Disclosure Of Inputs Into Black Scholes Option Pricing Model [Line Items] | |
Dividend yield | 0% |
Option life | yr | 10 |
Bottom of range [member] | |
Disclosure Of Inputs Into Black Scholes Option Pricing Model [Line Items] | |
Share prices | $ 5.78 |
Exercise price | $ 3.45 |
Expected volatilities | 32% |
Annual risk-free interest rates | 1.61% |
Top of range [member] | |
Disclosure Of Inputs Into Black Scholes Option Pricing Model [Line Items] | |
Share prices | $ 8.32 |
Exercise price | $ 8.81 |
Expected volatilities | 42% |
Annual risk-free interest rates | 2.18% |
Share reserve - Summary of Numb
Share reserve - Summary of Number And Weighted Average Remaining Contractual Life Of Outstanding Share Options (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Stock options outstanding | 3,295,652 | 3,584,882 | 4,040,128 |
$3.45 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Stock options outstanding | 1,074,273 | 1,119,917 | 1,375,699 |
Weighted average remaining contractual life (years) | 2 years 3 months 29 days | 3 years 3 months 29 days | 4 years 4 months 6 days |
$3.93 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Stock options outstanding | 345,856 | 436,905 | 471,491 |
Weighted average remaining contractual life (years) | 3 years 9 months | 4 years 9 months 18 days | 5 years 9 months 25 days |
$4.54 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Stock options outstanding | 295,887 | 316,722 | 423,620 |
Weighted average remaining contractual life (years) | 4 years 4 months 20 days | 5 years 4 months 20 days | 6 years 4 months 24 days |
$7.28 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Stock options outstanding | 1,463,785 | 1,595,487 | 1,653,467 |
Weighted average remaining contractual life (years) | 5 years 3 months 3 days | 6 years 3 months 3 days | 7 years 3 months 10 days |
$8.81 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Stock options outstanding | 115,851 | 115,851 | 115,851 |
Weighted average remaining contractual life (years) | 8 months 4 days | 1 year 8 months 4 days | 2 years 8 months 4 days |
Share reserve - Summary ofTSR m
Share reserve - Summary ofTSR market performance target condition granted under the plans (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Bottom of range [member] | |
Disclosure Of Inputs Into TSR market performance target condition granted under the plans Model [Line Items] | |
Period between grant date and performance end date | 1 year 6 months |
Time interval | 1 day |
Expected volatilities (PG) | 0.457 |
Expected volatilities (Russell Index) | 0.208 |
Average correlation coefficient to Russell Index | 0.119 |
Annual risk-free interest rates | 0.0467 |
Top of range [member] | |
Disclosure Of Inputs Into TSR market performance target condition granted under the plans Model [Line Items] | |
Period between grant date and performance end date | 2 years 6 months |
Time interval | 30 days |
Expected volatilities (PG) | 0.623 |
Expected volatilities (Russell Index) | 0.233 |
Average correlation coefficient to Russell Index | 0.139 |
Annual risk-free interest rates | 0.0514 |
Share reserve - Summary of Nu_2
Share reserve - Summary of Number And Weighted Average Exercise Prices Of Share Options (Detail) | 12 Months Ended | ||
Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
Statements [Line Items] | |||
Number of stock options - Beginning of financial year | 3,584,882 | 4,040,128 | |
Number of stock options - End of financial year | 3,295,652 | 3,584,882 | 4,040,128 |
Employee Stock Option Plan [Member] | |||
Statements [Line Items] | |||
Weighted average exercise price - Beginning of financial year | $ / shares | $ 5.37 | $ 5.24 | $ 5.23 |
Weighted average exercise price - Exercised during the year | $ / shares | 3.81 | 4.01 | 4.01 |
Weighted average exercise price - Forfeited during the year | $ / shares | 6.95 | 7.28 | 4.85 |
Weighted average exercise price - End of financial year | $ / shares | 5.37 | 5.37 | 5.24 |
Weighted average exercise price - Vested and exercisable at 31 December | $ / shares | $ 5.49 | $ 5.22 | $ 4.83 |
Number of stock options - Beginning of financial year | 3,469,030 | 3,924,275 | 4,000,595 |
Number of stock options - Exercised during financial year | (140,706) | (423,836) | (20,000) |
Number of stock options - Forfeited during financial year | (148,523) | (31,409) | (56,320) |
Number of stock options - End of financial year | 3,179,801 | 3,469,030 | 3,924,275 |
Number of stock options - Vested and exercisable at 31 December | 2,763,166 | 2,401,281 | 1,883,544 |
Non Executive Directors Plan [Member] | |||
Statements [Line Items] | |||
Weighted average exercise price - Beginning of financial year | $ / shares | $ 8.81 | $ 8.81 | $ 8.81 |
Weighted average exercise price - End of financial year | $ / shares | 8.81 | 8.81 | 8.81 |
Weighted average exercise price - Vested and exercisable at 31 December | $ / shares | $ 8.81 | $ 8.81 | $ 8.81 |
Number of stock options - Beginning of financial year | 115,851 | 115,851 | 115,851 |
Number of stock options - End of financial year | 115,851 | 115,851 | 115,851 |
Number of stock options - Vested and exercisable at 31 December | 115,851 | 115,851 | 86,753 |
Share reserve - Summary of Nu_3
Share reserve - Summary of Number And Weighted Average Exercise Prices Of Other Equity Instruments (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Omnibus Equity Incentive Plan [Member] | RSU [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Beginning of financial year | 2,467,274 | 1,839,608 | 2,335,973 |
Granted during financial year | 2,145,018 | 1,400,502 | 22,889 |
Vested during financial year | (1,406,623) | (704,784) | (497,556) |
Share award forfeited | (497,830) | (68,052) | (21,698) |
End of financial year | 2,707,839 | 2,467,274 | 1,839,608 |
Non Executive Directors Plan [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Beginning of financial year | 129,281 | 258,562 | 0 |
Granted during financial year | 0 | 0 | 373,510 |
Vested during financial year | (129,281) | (129,281) | (114,948) |
Share award forfeited | 0 | 0 | 0 |
End of financial year | 0 | 129,281 | 258,562 |
Share reserve - Summary of Capi
Share reserve - Summary of Capital Reserve (Detail) - SGD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Capital Reserve [Abstract] | ||
Total capital reserve | $ 785 | $ 785 |
Share reserve - Additional Info
Share reserve - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2023 shares yr $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Options vesting description | All employee stock options shall expire on the 10th anniversary of their award date unless otherwise provided in the participant’s option grant agreement. | ||
Number of share options expired | 0 | 0 | 0 |
Number of share options outstanding in share-based payment arrangement | 3,295,652 | 3,584,882 | 4,040,128 |
Option life, share options granted | yr | 10 | ||
Omnibus Equity Incentive Plan [Member] | RSU [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Grant date fair value | $ / shares | $ 5.7 | $ 5.88 | $ 6.2 |
Number of other equity instruments granted in share-based payment arrangement | 2,145,018 | 1,400,502 | 22,889 |
Warrant Reserve - Additional In
Warrant Reserve - Additional Information (Detail) | Oct. 12, 2018 $ / shares shares | Dec. 31, 2023 $ / shares | Oct. 12, 2018 $ / shares shares |
Class Of Warrant Reserve [Line Items] | |||
Warrant issued during period | 112,000 | ||
Warrant term | 60 months | ||
Warrant exercise price | $ / shares | $ 341.6 | ||
Ordinary Shares [Member] | |||
Class Of Warrant Reserve [Line Items] | |||
Exercise of warrants issued during period | 4,043,411 | ||
Warrant exercise price | (per share) | $ 9.46 | $ 6.92 | |
Warrant exchanged | 112,000 | 112,000 |
Financial Risk Management - Sum
Financial Risk Management - Summary of Allowance Account for Credit Loss Trade Receivables (Detail) - SGD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Discloure of Detailed Information About Allowance Account For Credit Losses of Trade Receivables [Line Items] | ||
Beginning of financial year | $ 5,081 | $ 4,953 |
End of financial year | 4,120 | 5,081 |
Trade receivables [member] | ||
Discloure of Detailed Information About Allowance Account For Credit Losses of Trade Receivables [Line Items] | ||
Beginning of financial year | 5,081 | 4,953 |
Allowance made | 2,728 | 3,661 |
Allowance written back | (2,870) | (2,504) |
Allowance written off | (758) | (901) |
Currency revaluation adjustment | (61) | (128) |
End of financial year | $ 4,120 | $ 5,081 |
Financial Risk Management - S_2
Financial Risk Management - Summary of Impairment of Specified Trade Receivables (Detail) - SGD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Discloure of Detailed Information About Impairment of Specified Trade Receivables [Line Items] | |||
Less: Allowance for impairment | $ (4,120) | $ (5,081) | $ (4,953) |
Specified Trade Receivables [Member] | |||
Discloure of Detailed Information About Impairment of Specified Trade Receivables [Line Items] | |||
Gross amount | 3,742 | 4,573 | |
Less: Allowance for impairment | (3,742) | (4,573) | |
Total | $ 0 | $ 0 |
Financial Risk Management - S_3
Financial Risk Management - Summary of Contractual Undiscounted Cash Flows Nonderivative Financial Liabilities (Detail) - SGD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Less than 1 year | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Trade and other payables | $ 26,637 | $ 29,737 |
Lease liabilities | 4,222 | 4,104 |
More than 1 year | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Trade and other payables | 518 | 296 |
Lease liabilities | $ 5,575 | $ 8,668 |
Financial Risk Management - Add
Financial Risk Management - Additional Information (Detail) - SGD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Financial Risk Management [Line Items] | |||
Allowance for impairment | $ 4,120,000 | $ 5,081,000 | $ 4,953,000 |
Specified Trade Receivables [member] | |||
Financial Risk Management [Line Items] | |||
Allowance for impairment | 3,742,000 | 4,573,000 | |
Specified Trade Receivables [member] | Lifetime expected credit losses [member] | |||
Financial Risk Management [Line Items] | |||
Allowance for impairment | $ 3,742,000 | $ 4,573,000 |
Financial Risk Management - S_4
Financial Risk Management - Summary of Total Capital (Detail) - SGD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Capital Risk Management [Abstract] | ||||
Total equity | $ 604,812 | $ 634,287 | $ 387,191 | $ (26,515) |
Total capital | $ 604,812 | $ 634,287 |
Financial Risk Management - S_5
Financial Risk Management - Summary of Changes in Level 3 Instruments Liabilities (Detail) - Derivative financial liabilities -Series B,D1, E and F conversion option - Level 3 of fair value hierarchy [member] $ in Thousands | 12 Months Ended |
Dec. 31, 2021 SGD ($) | |
Disclosure of fair value measurement of liabilities [line items] | |
Beginning of financial year | $ 940 |
Fair value adjustment | |
- profit or loss | 124,146 |
Conversion to ordinary shares | (125,086) |
End of financial year | 0 |
Total (gains)/losses for the period included in profit or loss for assets and liabilities held at the end of the financial year | $ 0 |
Financial Risk Management - S_6
Financial Risk Management - Summary of Carrying Amount of the Different Categories of Financial Instruments (Detail) - SGD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [abstract] | |||
Financial assets, at amortised cost | $ 317,781 | $ 324,856 | $ 85,190 |
Financial liabilities, at FVTPL | 649 | 4,775 | 0 |
Financial liabilities, at amortised cost | $ 36,729 | $ 42,476 | $ 66,098 |
Related Party Transactions - Su
Related Party Transactions - Summary of Key Management Personnel Compensation (Detail) - SGD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Information About Key Management Personnel [Abstract] | |||
Wages and salaries | $ 4,380 | $ 4,085 | $ 3,482 |
Employer's contribution to defined contribution plans | 17 | 35 | 35 |
Benefits in kind | 0 | 0 | 266 |
- Share grants and options | 2,189 | 3,673 | 4,033 |
Non-executive directors' remuneration by way of: | |||
- Cash | 752 | 450 | 336 |
Key management personnel compensation | $ 7,338 | $ 8,243 | $ 8,152 |
Reclassifications within Cons_3
Reclassifications within Consolidated Statements of Comprehensive (Loss) / Income - Summaty of Reclassifications within Consolidated Statements of Comprehensive (Loss) / Income (Details) - SGD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Awards and events costs | $ (3,957) | $ (3,255) | [1] | $ (2,703) | [1] |
Referral fees | (2,286) | (2,201) | [1] | (1,376) | [1] |
Merchant fees | (3,294) | (2,444) | [1] | (1,869) | [1] |
Salary and staff costs | (72,971) | (71,170) | [1] | (59,002) | [1] |
Marketing expenses | (15,446) | (16,760) | [1] | (23,073) | [1] |
Technology expenses | (13,163) | (11,398) | [1] | (7,940) | [1] |
Total expenses | $ (171,803) | (288,679) | [1] | (165,219) | [1] |
Venue cost [member] | |||||
Venue costs | 6,864 | 5,859 | |||
Sales and marketing cost | 0 | 0 | |||
IT and internet expenses | 0 | 0 | |||
Employee compensation | 0 | 0 | |||
Non-executive directors' remuneration | 0 | 0 | |||
Staff cost | 0 | 0 | |||
Office rental | 0 | 0 | |||
Awards and events costs | (3,255) | (2,703) | |||
Advertising and platform fees | (2,808) | (2,810) | |||
Referral fees | 0 | 0 | |||
Merchant fees | 0 | 0 | |||
Salary and staff costs | 0 | 0 | |||
Marketing expenses | (801) | (346) | |||
Technology expenses | 0 | 0 | |||
Share grant and option expenses | 0 | 0 | |||
Other expenses | 0 | 0 | |||
Total expenses | 0 | 0 | |||
Sales and marketing cost [member] | |||||
Venue costs | 0 | 0 | |||
Sales and marketing cost | 20,955 | 26,297 | |||
IT and internet expenses | 0 | 0 | |||
Employee compensation | 0 | 0 | |||
Non-executive directors' remuneration | 0 | 0 | |||
Staff cost | 0 | 0 | |||
Office rental | 0 | 0 | |||
Awards and events costs | 0 | 0 | |||
Advertising and platform fees | (196) | (229) | |||
Referral fees | (2,201) | (1,376) | |||
Merchant fees | (2,444) | (1,869) | |||
Salary and staff costs | 0 | 0 | |||
Marketing expenses | (15,959) | (22,727) | |||
Technology expenses | 0 | 0 | |||
Share grant and option expenses | 0 | 0 | |||
Other expenses | (155) | (96) | |||
Total expenses | 0 | 0 | |||
IT and Internet expenses [member] | |||||
Venue costs | 0 | 0 | |||
Sales and marketing cost | 0 | 0 | |||
IT and internet expenses | 11,313 | 7,882 | |||
Employee compensation | 0 | 0 | |||
Non-executive directors' remuneration | 0 | 0 | |||
Staff cost | 0 | 0 | |||
Office rental | 0 | 0 | |||
Awards and events costs | 0 | 0 | |||
Advertising and platform fees | 0 | 0 | |||
Referral fees | 0 | 0 | |||
Merchant fees | 0 | 0 | |||
Salary and staff costs | 0 | 0 | |||
Marketing expenses | 0 | 0 | |||
Technology expenses | (11,313) | (7,882) | |||
Share grant and option expenses | 0 | 0 | |||
Other expenses | 0 | 0 | |||
Total expenses | 0 | 0 | |||
Employee compensation [member] | |||||
Venue costs | 0 | 0 | |||
Sales and marketing cost | 0 | 0 | |||
IT and internet expenses | 0 | 0 | |||
Employee compensation | 69,977 | 65,184 | |||
Non-executive directors' remuneration | 0 | 0 | |||
Staff cost | 0 | 0 | |||
Office rental | 0 | 0 | |||
Awards and events costs | 0 | 0 | |||
Advertising and platform fees | 0 | 0 | |||
Referral fees | 0 | 0 | |||
Merchant fees | 0 | 0 | |||
Salary and staff costs | (66,121) | (56,642) | |||
Marketing expenses | 0 | 0 | |||
Technology expenses | 0 | 0 | |||
Share grant and option expenses | (3,856) | (8,542) | |||
Other expenses | 0 | 0 | |||
Total expenses | 0 | 0 | |||
Non-executive directors' remuneration [member] | |||||
Venue costs | 0 | 0 | |||
Sales and marketing cost | 0 | 0 | |||
IT and internet expenses | 0 | 0 | |||
Employee compensation | 0 | 0 | |||
Non-executive directors' remuneration | 2,356 | 2,503 | |||
Staff cost | 0 | 0 | |||
Office rental | 0 | 0 | |||
Awards and events costs | 0 | 0 | |||
Advertising and platform fees | 0 | 0 | |||
Referral fees | 0 | 0 | |||
Merchant fees | 0 | 0 | |||
Salary and staff costs | (688) | (575) | |||
Marketing expenses | 0 | 0 | |||
Technology expenses | 0 | 0 | |||
Share grant and option expenses | (1,668) | (1,928) | |||
Other expenses | 0 | 0 | |||
Total expenses | 0 | 0 | |||
Staff cost [member] | |||||
Venue costs | 0 | 0 | |||
Sales and marketing cost | 0 | 0 | |||
IT and internet expenses | 0 | 0 | |||
Employee compensation | 0 | 0 | |||
Non-executive directors' remuneration | 0 | 0 | |||
Staff cost | 2,166 | 1,290 | |||
Office rental | 0 | 0 | |||
Awards and events costs | 0 | 0 | |||
Advertising and platform fees | 0 | 0 | |||
Referral fees | 0 | 0 | |||
Merchant fees | 0 | 0 | |||
Salary and staff costs | (2,166) | (1,290) | |||
Marketing expenses | 0 | 0 | |||
Technology expenses | 0 | 0 | |||
Share grant and option expenses | 0 | 0 | |||
Other expenses | 0 | 0 | |||
Total expenses | 0 | 0 | |||
Office rental [member] | |||||
Venue costs | 0 | 0 | |||
Sales and marketing cost | 0 | 0 | |||
IT and internet expenses | 0 | 0 | |||
Employee compensation | 0 | 0 | |||
Non-executive directors' remuneration | 0 | 0 | |||
Staff cost | 0 | 0 | |||
Office rental | 71 | 91 | |||
Awards and events costs | 0 | 0 | |||
Advertising and platform fees | 0 | 0 | |||
Referral fees | 0 | 0 | |||
Merchant fees | 0 | 0 | |||
Salary and staff costs | 0 | 0 | |||
Marketing expenses | 0 | 0 | |||
Technology expenses | 0 | 0 | |||
Share grant and option expenses | 0 | 0 | |||
Other expenses | (71) | (91) | |||
Total expenses | 0 | 0 | |||
Other expenses [member] | |||||
Venue costs | 0 | 0 | |||
Sales and marketing cost | 0 | 0 | |||
IT and internet expenses | 0 | 0 | |||
Employee compensation | 0 | 0 | |||
Non-executive directors' remuneration | 0 | 0 | |||
Staff cost | 0 | 0 | |||
Office rental | 0 | 0 | |||
Awards and events costs | 0 | 0 | |||
Advertising and platform fees | 0 | 0 | |||
Referral fees | 0 | 0 | |||
Merchant fees | 0 | 0 | |||
Salary and staff costs | (2,195) | (495) | |||
Marketing expenses | 0 | 0 | |||
Technology expenses | (85) | (58) | |||
Share grant and option expenses | 0 | 0 | |||
Other expenses | 2,280 | 553 | |||
Total expenses | 0 | 0 | |||
As previously reported [member] | |||||
Venue costs | (6,864) | (5,859) | |||
Sales and marketing cost | (20,955) | (26,297) | |||
IT and internet expenses | (11,313) | (7,882) | |||
Employee compensation | (69,977) | (65,184) | |||
Non-executive directors' remuneration | (2,356) | (2,503) | |||
Staff cost | (2,166) | (1,290) | |||
Office rental | (71) | (91) | |||
Awards and events costs | 0 | 0 | |||
Advertising and platform fees | 0 | 0 | |||
Referral fees | 0 | 0 | |||
Merchant fees | 0 | 0 | |||
Salary and staff costs | 0 | 0 | |||
Marketing expenses | 0 | 0 | |||
Technology expenses | 0 | 0 | |||
Share grant and option expenses | 0 | 0 | |||
Other expenses | (9,973) | (2,269) | |||
Total expenses | (123,675) | (111,375) | |||
As reclassified [member] | |||||
Venue costs | 0 | 0 | |||
Sales and marketing cost | 0 | 0 | |||
IT and internet expenses | 0 | 0 | |||
Employee compensation | 0 | 0 | |||
Non-executive directors' remuneration | 0 | 0 | |||
Staff cost | 0 | 0 | |||
Office rental | 0 | 0 | |||
Awards and events costs | (3,255) | (2,703) | |||
Advertising and platform fees | (3,004) | (3,039) | |||
Referral fees | (2,201) | (1,376) | |||
Merchant fees | (2,444) | (1,869) | |||
Salary and staff costs | (71,170) | (59,002) | |||
Marketing expenses | (16,760) | (23,073) | |||
Technology expenses | (11,398) | (7,940) | |||
Share grant and option expenses | (5,524) | (10,470) | |||
Other expenses | (7,919) | (1,903) | |||
Total expenses | $ (123,675) | $ (111,375) | |||
[1] Certain amounts in the prior year have been (i) reclassified to conform to the current year presentation (see Note 29) (2022 and 2021) and (ii) re-presented to reflect the remeasurement period adjustments, as required by IFRS 3, in respect of updates to the accounting for the acquisition of Sendtech in October 2022 (see Note 2) (2022 only). |
Subsequent event (Additional In
Subsequent event (Additional Information) (Details) $ in Millions | 1 Months Ended |
Feb. 29, 2024 SGD ($) | |
Events After Reporting Period [Member] | |
Disclosure of non-adjusting events after reporting period [line items] | |
Cost of reorganisation | $ 5 |
Revisions on Consolidated State
Revisions on Consolidated Statement of Cashflows (Additional Information) (Details) - SGD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revisions on Consolidated Statement of Cashflows [Line Items] | |||
Effects of currency translation on cash and cash equivalents | $ (4,745) | $ (3,813) | $ 0 |