Kelvin Fong takes the helm of PropNex as CEO, Ismail Gafoor remains Executive Chairman
PropNex also announced a $6 million payment to the Area Chest over a 12-month period, the largest single contribution to the charity in its history. The amount was raised through voluntary promises of a part of sales commissions by PropNex agents, in addition to personnel and administration. The local agency signed a memorandum of understanding with Community Chest, pledging to donate $1.5 million yearly from 2025 to 2027.
Lastly, Gafoor introduced a self-enrichment book titled I Am Not Good Enough, which portrays his personal life journey, accumulating PropNex and his leadership worths. Profits from the sale of the 27-chapter book are going to be given away to The Straits Times School Pocket Money Fund. The book will be offered from July 16.
“PropNex has consistently demonstrated that even as we continue to expand our sales force in Singapore and in the region, we have prevented operational sluggishness and concentrated on enhancing the total performance of our brokers,” claims Gafoor, citing inner figures that indicate transactions by PropNex agents made up approximately 64% of all resale HDB, private residential brand-new release, and resale condominium purchases in Singapore last year.
The recently developed PropNex Foundation was officially started at a company-wide event at Marina Bay Sands on July 15, graced by President Tharman Shanmugaratnam, that oversaw the very first disbursement of $254,000 to 160 students.
He adds that as CEO, his focus will be on empowering PropNex’s beyond 13,000 sales force in Singapore, innovating its services, and enhancing operational effectiveness. Its total salesperson head count in Singapore translates to about 35% of the market share.
The leadership transition comes as PropNex celebrates its 25th anniversary, noting the occasion with several neighborhood campaigns and the building of a $10 million endowment fund.
The responsibilities of deputy chief executive officer will be shared amongst 6 vital forerunners, particularly Eddie Lim, senior vice-president and chief company officer; Marcus Luah, head of business growth; Bobby Sng, head of development leadership; Ken Ng, head of development business; Benjamin Tan, head of business approach; and Cijay Tew, head of training and development. PropNex says that there are no plans to fill the deputy CEO role at this time.
Other leadership appointments at PropNex were announced in March. Dominic Lee who was heading the high-end team for the previous ten years, is head of financial investment sales. Concurrently, Jason Tan assumed the role of principal strategy officer. He was the advisory associate branch district supervisor at PropNex, leading a team of over 1,000 sales representatives. Tan additionally functioned as a tech specialist on PropNex’s proprietary apps: Investment Suite and Business Suite.
In a press event on July 15 introducing the management transition and other business initiatives, Gafoor claimed that the separation of the duties of exec chairman and CEO boosts the firm’s general corporate governance by formalising the branch of control and monitoring.
Mainboard-listed realty agency PropNex has declared that Kelvin Fong will lead the business as its new chief executive officer, stepping up from his former role as deputy chief executive officer. Outgoing CEO Ismail Gafoor, who co-founded the homegrown firm 25 years earlier, will stay as the business’s exec chairman. He is going to proceed to be actively associated with leading the firm’s strategic course, stakeholder involvement, and Board management.
Gafoor moves back after top PropNex Real estate to become a leading property agency in Singapore. During his period, he looked after the company’s listing on the Singapore Exchange in July 2018, in addition to the firm’s local expansion in recent years. Nowadays, PropNex has already developed an industry visibility in Indonesia, Malaysia, Vietnam, Cambodia and Australia. It has a combined network of greater than 16,000 realty agents.
Fong signed up with PropNex in 2002 and was appointed an executive head in June 2018 and subsequently promoted to deputy CEO in August 2023. “I’ve had the opportunity of growing together with PropNex for over two decades, and I’m deeply committed to maintaining the society that has made us who we are,” says Fong.
The endowment fund will aid to anchor a PropNex Structure, jointly established by Gafoor and PropNex co-founder Alan Lim, that prepare to increase the fund to $25 million over the next 10 years. Returns from the structure’s investment will certainly go towards programmes that support underprivileged students and educational efforts.
