Kelvin Fong takes the helm of PropNex as CEO, Ismail Gafoor remains Executive Chairman
PropNex also revealed a $6 million payment to the Community 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 portion of sales compensations by PropNex agents, along with personnel and administration. The local agency authorized a memorandum of recognizing with Community Chest, vowing to give away $1.5 million each year from 2025 to 2027.
Fong signed up with PropNex in 2002 and was designated an executive head in June 2018 and eventually 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 dedicated to maintaining the culture that has actually made us who we are,” states Fong.
The management shift comes as PropNex celebrates its 25th anniversary, marking the occasion with several community efforts and the building of a $10 million endowment fund.
The endowment fund will aid to secure a PropNex Structure, jointly established by Gafoor and PropNex co-founder Alan Lim, who intend to increase the fund to $25 million over the following ten years. Returns from the foundation’s investment will certainly go towards programmes that sustain indigent students and educational initiatives.
He adds that as CEO, his emphasis is going to be on empowering PropNex’s beyond 13,000 sales force in Singapore, innovating its solutions, and enhancing operational effectiveness. Its total salesperson head count in Singapore translates to about 35% of the market share.
Other leadership visits at PropNex were introduced in March. Dominic Lee who was supervising the luxury team for the previous years, is head of investment sales. At the same time, Jason Tan assumed the role of chief approach expert. He was the advisory associate branch district supervisor at PropNex, leading a team of over 1,000 sales representatives. Tan additionally worked as a tech expert on PropNex’s proprietary apps: Investment Suite and Business Suite.
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Gafoor moves back after leading PropNex Real estate to come to be a dominant real estate agency in Singapore. During his period, he supervised the company’s listing on the Singapore Exchange in July 2018, along with the company’s regional expansion in recent years. Nowadays, PropNex has developed an industry existence in Indonesia, Malaysia, Vietnam, Cambodia and Australia. It has a combined network of more than 16,000 real estate agents.
The freshly developed PropNex Foundation was officially released at a company-wide event at Marina Bay Sands on July 15, graced by President Tharman Shanmugaratnam, that supervised the first disbursement of $254,000 to 160 students.
The duties of deputy chief executive officer will be shared within six key leaders, namely Eddie Lim, senior vice-president and chief company officer; Marcus Luah, director of business growth; Bobby Sng, head of development leadership; Ken Ng, head of development business; Benjamin Tan, head of business strategy; and Cijay Tew, head of training and development. PropNex says that there are no plans to fill the deputy CEO duty at this time.
In a press event on July 15 revealing the leadership shift and other firm efforts, Gafoor stated that the separation of the roles of executive chairman and chief executive officer boosts the business’s general business administration by formalising the department of control and administration.
“PropNex has consistently displayed that still as we continue to grow our sales force in Singapore and in the area, we have actually prevented functional slowness and concentrated on boosting the overall efficiency of our agents,” states Gafoor, pointing out internal figures that show transactions by PropNex agents made up approximately 64% of all resale HDB, private residential new release, and resale condo transactions in Singapore in 2024.
Mainboard-listed property firm PropNex has declared that Kelvin Fong will lead the firm as its brand-new CEO, stepping up from his former duty as deputy CEO. Outgoing CEO Ismail Gafoor, who co-founded the homegrown firm 25 years ago, will continue to be as the firm’s executive chairman. He will proceed to be actively associated with guiding the business’s strategic course, stakeholder involvement, and Board leadership.
Lastly, Gafoor released a self-enrichment book titled I Am Not Good Enough, which depicts his personal life journey, building up PropNex and his management values. Proceeds from the sale of the 27-chapter book are going to be donated to The Straits Times School Pocket Money Fund. The book is going to be sold from July 16.
