Kelvin Fong takes the helm of PropNex as CEO, Ismail Gafoor remains Executive Chairman
The freshly established PropNex Foundation was officially started at a company-wide event at Marina Bay Sands on July 15, graced by President Tharman Shanmugaratnam, that looked after the very first disbursement of $254,000 to 160 students.
“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 focused on boosting the overall efficiency of our representatives,” states Gafoor, citing internal numbers that indicate purchases by PropNex representatives represented approximately 64% of all resale HDB, private residential brand-new release, and resale condo deals in Singapore in 2024.
In a press function on July 15 revealing the leadership change and other company efforts, Gafoor claimed that the division of the functions of executive chairman and CEO improves the company’s overall corporate governance by formalising the department of control and monitoring.
The leadership transition comes as PropNex celebrates its 25th anniversary, marking the occasion with a number of area initiatives and the establishment of a $10 million endowment fund.
The endowment fund will assist to anchor a PropNex Structure, jointly developed by Gafoor and PropNex co-founder Alan Lim, who prepare to expand the fund to $25 million over the following one decade. Returns from the structure’s investment will certainly go towards programmes that sustain underprivileged students and educational efforts.
Gafoor moves back after leading PropNex Real estate to end up being a leading property firm in Singapore. During his tenure, he looked after the company’s listing on the Singapore Exchange in July 2018, in addition to the business’s regional growth over the last few years. At present, PropNex has established a market existence in Indonesia, Malaysia, Vietnam, Cambodia and Australia. It has a combined network of more than 16,000 real estate agents.
Mainboard-listed property company PropNex has announced that Kelvin Fong is going to take the business as its new CEO, stepping up from his past job as deputy chief executive officer. Outgoing CEO Ismail Gafoor, who co-founded the homegrown agency 25 years back, will remain as the business’s exec chairman. He is going to continue to be actively associated with guiding the firm’s calculated direction, stakeholder involvement, and Board leadership.
Lastly, Gafoor released a self-enrichment book labelled I Am Not Good Enough, which portrays his personal life journey, developing PropNex and his leadership 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.
He adds that as CEO, his focus will be on empowering PropNex’s more than 13,000 sales force in Singapore, innovating its solutions, and enhancing operational effectiveness. Its total salesperson headcount in Singapore translates to about 35% of the market share.
PropNex also revealed a $6 million payment to the Area Chest over a 12-month period, the largest single donation to the charity in its history. The amount was raised through voluntary promises of a part of sales commissions by PropNex representatives, along with personnel and administration. The local agency signed a memorandum of understanding with Community Chest, promising to contribute $1.5 million every year from 2025 to 2027.
The responsibilities of deputy chief executive officer will be distributed within six crucial leaders, specifically Eddie Lim, senior vice-president and head firm officer; Marcus Luah, head of business growth; Bobby Sng, head of development leadership; Ken Ng, director of development business; Benjamin Tan, head of business strategy; and Cijay Tew, head of training and development. PropNex claims that there are no strategies to fill the deputy CEO function at this time.
Other leadership visits at PropNex were introduced in March. Dominic Lee who was managing the luxury team for the previous years, is head of financial investment sales. Concurrently, Jason Tan assumed the role of chief approach officer. He was the advising partner branch district supervisor at PropNex, leading a team of over 1,000 sales representatives. Tan additionally served as a technology specialist on PropNex’s proprietary apps: Investment Suite and Business Suite.
Fong joined 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 together with PropNex for over twenty years, and I’m deeply dedicated to maintaining the society that has actually made us who we are,” states Fong.
