Kelvin Fong takes the helm of PropNex as CEO, Ismail Gafoor remains Executive Chairman
The duties of deputy CEO will be shared within six essential leaders, particularly Eddie Lim, senior vice-president and head agency officer; Marcus Luah, head 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 strategies to fill the deputy CEO role at this time.
Mainboard-listed property company PropNex has already announced that Kelvin Fong will lead the business as its new chief executive officer, stepping up from his prior role as deputy chief executive officer. Outgoing Chief Executive Officer Ismail Gafoor, who co-founded the homegrown agency 25 years back, will stay as the business’s executive chairperson. He is going to proceed to be actively associated with leading the business’s calculated path, stakeholder involvement, and Board leadership.
The recently developed PropNex Foundation was officially launched at a company-wide event at Marina Bay Sands on July 15, graced by President Tharman Shanmugaratnam, who oversaw the very first disbursement of $254,000 to 160 students.
“PropNex has actually continually demonstrated that still as we remain to grow our sales force in Singapore and in the area, we have prevented operational sluggishness and focused on boosting the total performance of our agents,” says Gafoor, citing internal figures that indicate purchases by PropNex representatives represented approximately 64% of all resale HDB, private residential brand-new launches, and resale condo purchases in Singapore in 2024.
Finally, Gafoor released a self-enrichment book labelled I Am Not Good Enough, which illustrates his personal life journey, building up PropNex and his management values. Profits from the sale of the 27-chapter book will be contributed to The Straits Times School Pocket Money Fund. The book will be offered from July 16.
He adds that as CEO, his emphasis will be on encouraging PropNex’s beyond 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.
Gafoor steps back after leading PropNex Realty to become a leading property firm in Singapore. During his tenure, he oversaw the business’s listing on the Singapore Exchange in July 2018, in addition to the company’s regional growth in the last few years. At present, PropNex has actually established a market existence in Indonesia, Malaysia, Vietnam, Cambodia and Australia. It has a mixed network of greater than 16,000 property agents.
In a press function on July 15 introducing the leadership transition and other company efforts, Gafoor claimed that the splitting up of the functions of executive chairman and chief executive officer enhances the business’s total corporate administration by formalising the department of oversight and monitoring.
Fong signed up with PropNex in 2002 and was appointed an executive head in June 2018 and eventually promoted to deputy CEO in August 2023. “I’ve had the opportunity of growing alongside PropNex for over two decades, and I’m deeply committed to preserving the culture that has actually made us who we are,” claims Fong.
Other leadership visits at PropNex were introduced in March. Dominic Lee who was managing the deluxe team for the previous years, is head of financial investment sales. Simultaneously, Jason Tan represented chief method expert. He was the consultatory associate branch district supervisor at PropNex, leading a team of over 1,000 salesmans. Tan also acted as a tech expert on PropNex’s proprietary apps: Investment Suite and Business Suite.
The management shift comes as PropNex celebrates its 25th anniversary, noting the occasion with several community efforts and the building of a $10 million endowment fund.
The endowment fund will certainly help to secure a PropNex Structure, jointly developed by Gafoor and PropNex co-founder Alan Lim, that plan to increase the fund to $25 million over the next one decade. Returns from the foundation’s investment will certainly go towards programmes that sustain underprivileged students and educational initiatives.
PropNex also introduced a $6 million contribution to the Neighborhood Chest over a 12-month duration, the largest single donation to the charity in its history. The amount was raised through voluntary promises of a part of sales compensations by PropNex representatives, along with staff and administration. The local agency authorized a memorandum of recognizing with Community Chest, vowing to give away $1.5 million yearly from 2025 to 2027.
