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 donation to the charity in its history. The amount was raised through voluntary pledges of a part of sales commissions by PropNex representatives, along with team and management. The local agency signed a memorandum of comprehending with Community Chest, pledging to donate $1.5 million each year from 2025 to 2027.
Other leadership visits at PropNex were announced in March. Dominic Lee who was managing the luxury team for the past decade, is head of financial investment sales. Simultaneously, Jason Tan represented chief technique officer. He was the consultatory partner branch district director at PropNex, leading a team of over 1,000 sales representatives. Tan even acted as a technology consultant on PropNex’s proprietary apps: Investment Suite and Business Suite.
The leadership shift comes as PropNex celebrates its 25th anniversary, marking the occasion with several community efforts and the building of a $10 million endowment fund.
“PropNex has actually consistently shown that still as we remain to grow our sales force in Singapore and in the region, we have actually avoided operational sluggishness and concentrated on increasing the general productivity of our brokers,” says Gafoor, mentioning inner figures that suggest deals by PropNex agents made up approximately 64% of all resale HDB, private residential brand-new launches, and resale condo purchases in Singapore last year.
The tasks of deputy chief executive officer will be distributed within 6 crucial heads, namely Eddie Lim, senior vice-president and head agency officer; Marcus Luah, director 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 states that there are no plans to fill the deputy CEO role right now.
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Mainboard-listed realty company PropNex has announced that Kelvin Fong is going to take the company as its brand-new CEO, stepping up from his previous job as deputy CEO. Outgoing CEO Ismail Gafoor, who co-founded the homegrown agency 25 years back, will stay as the company’s executive director. He will continue to be actively associated with assisting the firm’s calculated path, stakeholder engagement, and Board management.
Gafoor moves back after top PropNex Realty to become a leading property agency in Singapore. During his tenure, he looked after the business’s listing on the Singapore Exchange in July 2018, along with the business’s regional growth in recent years. At present, PropNex has actually developed a market existence in Indonesia, Malaysia, Vietnam, Cambodia and Australia. It has a mixed network of more than 16,000 property agents.
He adds that as CEO, his emphasis is going to be on encouraging PropNex’s beyond 13,000 sales force in Singapore, innovating its services, and improving operational effectiveness. Its total salesperson head count in Singapore translates to about 35% of the industry share.
Finally, Gafoor introduced a self-enrichment book titled I Am Not Good Enough, which shows his personal life journey, developing 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 will be marketed from July 16.
In a press event on July 15 introducing the leadership transition and various other company initiatives, Gafoor claimed that the splitting up of the functions of executive chairman and chief executive officer boosts the company’s total corporate administration by formalising the branch of oversight and management.
The endowment fund will certainly help to secure a PropNex Foundation, jointly developed by Gafoor and PropNex co-founder Alan Lim, that plan to grow the fund to $25 million over the next 10 years. Returns from the structure’s investment will go towards programmes that sustain indigent students and educational initiatives.
The recently developed PropNex Foundation was officially released at a company-wide event at Marina Bay Sands on July 15, graced by President Tharman Shanmugaratnam, who managed the first disbursement of $254,000 to 160 students.
Fong joined PropNex in 2002 and was assigned an executive director in June 2018 and consequently promoted to deputy CEO in August 2023. “I’ve had the opportunity of growing together with PropNex for over twenty years, and I’m deeply committed to safeguarding the culture that has actually made us who we are,” says Fong.
