Pegaxis Pte Ltd has a plan to improve the way property managers and contractors procure services in the industry, by making it more efficient, accountable and affordable.
The first of its kind in Singapore, Pegaxis is an online e-procurement platform that allows managers and owners of condos and commercial properties to procure repair, maintenance and small work contractors with the emphasis on transparency and accountability.
Its CEO Ted Poh, who knows property management said he has this vision to seriously upgrade the procurement procedures by going in that direction.
The idea is for the procurement practices to be completely transparent, said Ted.
Seeing its huge potential this drew the attention of Savills Singapore which immediately took a 15% stake in Pegaxsis, their first early stage investment in the world ever.
Ted grew up the son of a property manager and believes the industry needs modernising.
Here’s how it works – a property manager needs a contractor to redesign the gardens or a security company to deploy security guards in the condo.
They have to use the Pegaxis.com website to submit a request.
From the biggest vendor database in Singapore, they receive a number of quotes which are locked during the tender process to eliminate undercutting.
Additional services include templates to ensure correct and transparent governance and tools to help managers and owners keep track of contracts, improve efficiency, accountability and transparency in all areas to deliver significant cost savings.
Pegaxis was launched in June 2016.
Christopher J Marriott, CEO of Savills South East Asia, said:
‘Savills investment is in line with our focus on the digital transformation of many of the property management industry’s internal processes.
“We look forward to supporting Pegaxis in their quest to revolutionize the marketplace’ Pegaxis currently services more than 500 residential and commercial properties and is already working on plans to expand into Indonesia, Vietnam and Hong Kong.”