Kelvin Fong takes the helm of PropNex as CEO, Ismail Gafoor remains Executive Chairman
PropNex also announced a $6 million contribution 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 section of sales commissions by PropNex representatives, along with team and administration. The local agency signed a memorandum of recognizing with Community Chest, pledging to give away $1.5 million annually from 2025 to 2027.
The freshly established PropNex Foundation was formally launched at a company-wide event at Marina Bay Sands on July 15, graced by President Tharman Shanmugaratnam, who managed the initial disbursement of $254,000 to 160 students.
In a press function on July 15 introducing the management transition and other firm efforts, Gafoor said that the division of the functions of executive chairman and CEO enhances the business’s overall company governance by formalising the branch of oversight and monitoring.
Fong joined PropNex in 2002 and was appointed an executive leader in June 2018 and subsequently promoted to deputy CEO in August 2023. “I’ve had the opportunity of growing alongside PropNex for over two decades, and I’m deeply dedicated to preserving the society that has made us who we are,” claims Fong.
Other leadership appointments at PropNex were introduced in March. Dominic Lee who was heading the deluxe team for the previous decade, is head of financial investment sales. Simultaneously, Jason Tan represented principal method specialist. He was the advising partner branch district supervisor at PropNex, leading a group of over 1,000 sales representatives. Tan additionally worked as a tech consultant on PropNex’s proprietary apps: Investment Suite and Business Suite.
The duties of deputy CEO will be distributed among six crucial forerunners, namely Eddie Lim, senior vice-president and head firm officer; Marcus Luah, director of business growth; Bobby Sng, head of development leadership; Ken Ng, head of development business; Benjamin Tan, head of business approach; and Cijay Tew, head of training and development. PropNex says that there are no strategies to fill the deputy CEO role currently.
Gafoor moves back after leading PropNex Real estate to come to be a leading realty firm in Singapore. Throughout his tenure, he oversaw the firm’s listing on the Singapore Exchange in July 2018, along with the business’s regional growth over the last few years. At present, PropNex has already established 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 realty agency PropNex has announced that Kelvin Fong will lead the business as its new CEO, stepping up from his previous duty as deputy chief executive officer. Outgoing Chief Executive Officer Ismail Gafoor, who co-founded the homegrown agency 25 years ago, will continue to be as the company’s exec chairperson. He will proceed to be actively involved in assisting the company’s tactical path, stakeholder engagement, and Board management.
The endowment fund will aid to secure a PropNex Foundation, collectively developed by Gafoor and PropNex co-founder Alan Lim, that intend to grow the fund to $25 million over the following ten years. Returns from the structure’s investment will go towards programmes that sustain indigent students and educational efforts.
“PropNex has actually continually shown that still as we continue to grow our sales force in Singapore and in the area, we have actually avoided functional sluggishness and focused on improving the general performance of our agents,” says Gafoor, citing internal numbers that show purchases by PropNex representatives accounted for approximately 64% of all resale HDB, private residential brand-new release, and resale condo deals in Singapore in 2024.
He adds that as CEO, his focus is going to be on empowering PropNex’s more than 13,000 sales force in Singapore, innovating its services, and boosting operational effectiveness. Its total salesperson head count in Singapore translates to about 35% of the market share.
The management change comes as PropNex celebrates its 25th anniversary, noting the occasion with several area efforts and the establishment of a $10 million endowment fund.
Finally, Gafoor introduced a self-enrichment book entitled I Am Not Good Enough, which shows his personal life journey, building up PropNex and his management values. Earnings 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 marketed from July 16.
