Kelvin Fong takes the helm of PropNex as CEO, Ismail Gafoor remains Executive Chairman
The newly developed PropNex Foundation was formally started 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.
“PropNex has actually regularly displayed that even as we continue to expand our sales force in Singapore and in the region, we have avoided operational slowness and focused on boosting the overall performance of our brokers,” says Gafoor, mentioning inner figures that indicate purchases by PropNex agents made up about 64% of all resale HDB, private residential brand-new release, and resale condo purchases in Singapore in 2024.
Fong joined PropNex in 2002 and was designated an executive leader in June 2018 and eventually promoted to deputy CEO in August 2023. “I’ve had the privilege of growing alongside PropNex for over two decades, and I’m deeply dedicated to maintaining the society that has made us who we are,” states Fong.
Other leadership appointments at PropNex were revealed in March. Dominic Lee who was heading the luxury team for the previous decade, is head of investment sales. At the same time, Jason Tan represented chief method expert. He was the advisory partner branch district director at PropNex, leading a group of over 1,000 salespersons. Tan additionally served as a technology expert on PropNex’s proprietary apps: Investment Suite and Business Suite.
He adds that as CEO, his attention will be on encouraging PropNex’s more than 13,000 sales force in Singapore, innovating its services, and improving operational effectiveness. Its total salesperson headcount in Singapore translates to about 35% of the industry share.
The tasks of deputy chief executive officer will be shared amongst six vital heads, specifically Eddie Lim, senior vice-president and head firm officer; Marcus Luah, head of business growth; Bobby Sng, head of development leadership; Ken Ng, director 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 duty right now.
The leadership shift comes as PropNex commemorates its 25th anniversary, marking the occasion with several area campaigns and the building of a $10 million endowment fund.
In a press function on July 15 revealing the management shift and various other business efforts, Gafoor stated that the separation of the functions of executive chairman and CEO enhances the business’s general business governance by formalising the branch of control and management.
Ultimately, Gafoor introduced a self-enrichment book titled I Am Not Good Enough, that illustrates his personal life journey, accumulating PropNex and his management values. Proceeds 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 marketed from July 16.
PropNex also revealed a $6 million contribution to the Area 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 section of sales payments by PropNex representatives, as well as personnel and administration. The local agency authorized a memorandum of comprehending with Community Chest, vowing to contribute $1.5 million every year from 2025 to 2027.
Union Square Residences Singapore
The endowment fund will assist to anchor a PropNex Structure, collectively established by Gafoor and PropNex co-founder Alan Lim, who plan to grow the fund to $25 million over the next 10 years. Returns from the foundation’s investment will certainly go towards programmes that sustain underprivileged students and educational campaigns.
Gafoor steps back after top PropNex Real estate to end up being a dominant real estate company in Singapore. Throughout his period, he managed the business’s listing on the Singapore Exchange in July 2018, along with the company’s regional growth in recent times. Today, PropNex has already developed a market existence in Indonesia, Malaysia, Vietnam, Cambodia and Australia. It has a mixed network of more than 16,000 real estate agents.
Mainboard-listed real estate firm PropNex has already disclosed that Kelvin Fong is going to take the company as its brand-new chief executive officer, stepping up from his previous role as deputy chief executive officer. Outgoing Chief Executive Officer Ismail Gafoor, who co-founded the homegrown company 25 years earlier, will continue to be as the business’s executive chairperson. He will continue to be actively involved in assisting the firm’s tactical direction, stakeholder engagement, and Board management.
