Kelvin Fong takes the helm of PropNex as CEO, Ismail Gafoor remains Executive Chairman
The responsibilities of deputy CEO will be shared within 6 crucial leaders, namely Eddie Lim, senior vice-president and head 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 approach; and Cijay Tew, head of training and development. PropNex states that there are no plans to fill the deputy CEO function at this time.
Gafoor steps back after leading PropNex Real estate to end up being a leading realty agency in Singapore. During his period, he supervised the business’s listing on the Singapore Exchange in July 2018, as well as the business’s regional growth in recent times. Nowadays, PropNex has developed an industry visibility in Indonesia, Malaysia, Vietnam, Cambodia and Australia. It has a combined network of greater than 16,000 realty agents.
“PropNex has consistently demonstrated that even as we continue to grow our sales force in Singapore and in the region, we have prevented operational sluggishness and concentrated on improving the general performance of our brokers,” says Gafoor, pointing out internal numbers that show deals by PropNex agents made up around 64% of all resale HDB, private residential brand-new launches, and resale condominium purchases in Singapore last year.
In a press activity on July 15 introducing the management transition and various other firm efforts, Gafoor stated that the splitting up of the duties of executive chairman and chief executive officer enhances the firm’s overall company administration by formalising the branch of control and administration.
Mainboard-listed realty firm PropNex has announced that Kelvin Fong will lead the company as its brand-new chief executive officer, stepping up from his prior duty as deputy CEO. Outgoing CEO Ismail Gafoor, who co-founded the homegrown company 25 years back, will stay as the company’s executive chairman. He is going to continue to be actively involved in guiding the firm’s calculated path, stakeholder involvement, and Board leadership.
He adds that as CEO, his focus is going to be on encouraging PropNex’s beyond 13,000 sales force in Singapore, innovating its services, and enhancing operational effectiveness. Its total salesperson headcount in Singapore translates to about 35% of the industry share.
Ultimately, Gafoor released a self-enrichment book entitled I Am Not Good Enough, that shows his personal life journey, accumulating PropNex and his management values. Profits from the sale of the 27-chapter book are going to be given away to The Straits Times School Pocket Money Fund. The book is going to be marketed from July 16.
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, that managed the very first disbursement of $254,000 to 160 students.
The endowment fund will aid to anchor a PropNex Foundation, collectively established by Gafoor and PropNex co-founder Alan Lim, who plan to increase the fund to $25 million over the following 10 years. Returns from the structure’s investment will go towards programmes that sustain underprivileged students and educational campaigns.
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 pledges of a portion of sales commissions by PropNex agents, in addition to team and management. The local agency authorized a memorandum of comprehending with Community Chest, vowing to give away $1.5 million annually from 2025 to 2027.
Fong signed up with PropNex in 2002 and was assigned an executive head in June 2018 and consequently promoted to deputy CEO in August 2023. “I’ve had the opportunity of growing alongside PropNex for over twenty years, and I’m deeply dedicated to maintaining the society that has actually made us who we are,” says Fong.
The leadership change comes as PropNex celebrates its 25th anniversary, marking the occasion with a number of community initiatives and the building of a $10 million endowment fund.
Other leadership appointments at PropNex were introduced in March. Dominic Lee who was heading the luxury team for the last ten years, is head of investment sales. At the same time, Jason Tan assumed the role of principal method specialist. He was the advising associate branch district director at PropNex, leading a team of over 1,000 salespersons. Tan additionally functioned as a tech consultant on PropNex’s proprietary apps: Investment Suite and Business Suite.
