Kelvin Fong takes the helm of PropNex as CEO, Ismail Gafoor remains Executive Chairman
The tasks of deputy CEO will be shared among 6 key forerunners, specifically 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 currently.
Gafoor steps back after leading PropNex Real estate to end up being a leading property agency in Singapore. Throughout his period, he supervised the company’s listing on the Singapore Exchange in July 2018, in addition to the business’s local development over the last few years. Nowadays, PropNex has established a market existence in Indonesia, Malaysia, Vietnam, Cambodia and Australia. It has a mixed network of greater than 16,000 realty agents.
Fong joined PropNex in 2002 and was assigned an executive leader in June 2018 and subsequently promoted to deputy CEO in August 2023. “I’ve had the privilege of growing together with PropNex for over two decades, and I’m deeply committed to maintaining the society that has made us who we are,” claims Fong.
In a press event on July 15 introducing the management change and other firm efforts, Gafoor claimed that the splitting up of the roles of exec chairman and CEO improves the business’s general business administration by formalising the branch of oversight and administration.
The management shift comes as PropNex commemorates its 25th anniversary, marking the occasion with a number of area campaigns and the establishment of a $10 million endowment fund.
Finally, Gafoor introduced a self-enrichment book entitled I Am Not Good Enough, which depicts his personal life journey, building up PropNex and his management worths. Proceeds from the sale of the 27-chapter book will be donated to The Straits Times School Pocket Money Fund. The book will be marketed from July 16.
“PropNex has actually consistently demonstrated that even as we continue to expand our sales force in Singapore and in the area, we have actually prevented operational sluggishness and concentrated on improving the overall performance of our agents,” claims Gafoor, mentioning inner numbers that indicate deals by PropNex representatives made up approximately 64% of all resale HDB, private residential new release, and resale condo purchases in Singapore in 2024.
The recently established PropNex Foundation was formally 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.
Other leadership visits at PropNex were revealed in March. Dominic Lee who was supervising the luxury team for the past ten years, is head of investment sales. Concurrently, Jason Tan assumed the role of chief method officer. He was the consultatory partner branch district director at PropNex, leading a group of over 1,000 salesmans. Tan additionally worked as a technology consultant on PropNex’s proprietary apps: Investment Suite and Business Suite.
Mainboard-listed realty agency PropNex has already announced that Kelvin Fong will take the company as its brand-new chief executive officer, stepping up from his past job as deputy CEO. Outgoing CEO Ismail Gafoor, who co-founded the homegrown company 25 years ago, will continue to be as the business’s executive chairman. He is going to continue to be actively associated with guiding the company’s calculated direction, stakeholder involvement, and Board leadership.
PropNex also revealed a $6 million contribution to the Neighborhood Chest over a 12-month period, the largest single contribution to the charity in its history. The amount was raised through voluntary promises of a section of sales compensations by PropNex representatives, as well as team and administration. The local agency authorized a memorandum of understanding with Community Chest, vowing to donate $1.5 million every year from 2025 to 2027.
He adds that as CEO, his emphasis will be on encouraging PropNex’s more than 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.
The endowment fund will assist to anchor a PropNex Structure, collectively developed by Gafoor and PropNex co-founder Alan Lim, that prepare to expand the fund to $25 million over the next one decade. Returns from the structure’s investment will certainly go towards programmes that sustain underprivileged students and educational efforts.
