Kelvin Fong takes the helm of PropNex as CEO, Ismail Gafoor remains Executive Chairman
PropNex also revealed a $6 million payment to the Neighborhood Chest over a 12-month duration, the largest single contribution to the charity in its history. The amount was raised through voluntary pledges of a part of sales compensations by PropNex representatives, as well as staff and management. The local agency authorized a memorandum of recognizing with Community Chest, pledging to contribute $1.5 million annually from 2025 to 2027.
“PropNex has continually shown that even as we continue to expand our sales force in Singapore and in the area, we have actually prevented functional slowness and focused on increasing the total productivity of our agents,” says Gafoor, citing internal figures that suggest deals by PropNex representatives made up around 64% of all resale HDB, private residential brand-new release, and resale condominium deals in Singapore in 2024.
The endowment fund will assist to anchor a PropNex Foundation, jointly developed by Gafoor and PropNex co-founder Alan Lim, that plan to expand the fund to $25 million over the following 10 years. Returns from the structure’s investment will go towards programmes that support underprivileged students and educational efforts.
The leadership shift comes as PropNex commemorates its 25th anniversary, marking the occasion with a number of area efforts and the establishment of a $10 million endowment fund.
Mainboard-listed realty company PropNex has declared that Kelvin Fong is going to take the firm as its new chief executive officer, stepping up from his previous job as deputy CEO. Outgoing CEO Ismail Gafoor, who co-founded the homegrown agency 25 years earlier, will stay as the company’s executive chairman. He is going to proceed to be actively involved in assisting the business’s tactical direction, stakeholder involvement, and Board management.
Finally, Gafoor launched a self-enrichment book entitled I Am Not Good Enough, which shows his personal life journey, building up PropNex and his leadership worths. Earnings from the sale of the 27-chapter book are going to be contributed to The Straits Times School Pocket Money Fund. The book is going to be offered from July 16.
The duties of deputy chief executive officer will be distributed among 6 essential heads, specifically Eddie Lim, senior vice-president and head 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 strategies to fill the deputy CEO role currently.
Other leadership appointments at PropNex were revealed in March. Dominic Lee who was managing the luxury team for the last ten years, is head of investment sales. Concurrently, Jason Tan represented principal approach officer. He was the advising associate branch district director at PropNex, leading a team of over 1,000 salesmans. Tan even acted as a technology specialist on PropNex’s proprietary apps: Investment Suite and Business Suite.
He adds that as CEO, his emphasis will be on encouraging PropNex’s more than 13,000 sales force in Singapore, innovating its services, and enhancing operational effectiveness. Its total salesperson headcount in Singapore translates to about 35% of the industry share.
In a press activity on July 15 introducing the management transition and other firm initiatives, Gafoor stated that the splitting up of the functions of executive chairman and chief executive officer enhances the business’s overall business governance by formalising the branch of control and management.
Gafoor moves back after top PropNex Real estate to come to be a dominant real estate firm in Singapore. Throughout his period, he managed the firm’s listing on the Singapore Exchange in July 2018, along with the business’s local growth over the last few years. Today, PropNex has already developed an industry visibility in Indonesia, Malaysia, Vietnam, Cambodia and Australia. It has a consolidated network of greater than 16,000 real estate agents.
Fong joined PropNex in 2002 and was appointed an executive leader in June 2018 and consequently promoted to deputy CEO in August 2023. “I’ve had the opportunity of growing alongside PropNex for over two decades, and I’m deeply dedicated to preserving the society that has made us who we are,” says Fong.
The freshly established PropNex Foundation was officially launched at a company-wide event at Marina Bay Sands on July 15, graced by President Tharman Shanmugaratnam, who looked after the very first disbursement of $254,000 to 160 students.
