Kelvin Fong takes the helm of PropNex as CEO, Ismail Gafoor remains Executive Chairman
Ultimately, Gafoor released a self-enrichment book entitled I Am Not Good Enough, that depicts his personal life journey, accumulating PropNex and his management values. 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 sold from July 16.
Fong joined PropNex in 2002 and was assigned an executive director in June 2018 and eventually promoted to deputy CEO in August 2023. “I’ve had the opportunity of growing alongside PropNex for over two decades, and I’m deeply committed to preserving the culture that has made us who we are,” states Fong.
The tasks of deputy CEO will be shared within 6 essential heads, specifically Eddie Lim, senior vice-president and head company officer; Marcus Luah, head 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 strategies to fill the deputy CEO role at this time.
“PropNex has actually regularly demonstrated that still as we continue to grow our sales force in Singapore and in the region, we have stayed clear of operational slowness and concentrated on enhancing the total efficiency of our representatives,” claims Gafoor, citing internal numbers that suggest transactions by PropNex agents made up roughly 64% of all resale HDB, private residential brand-new launches, and resale condo purchases in Singapore in 2024.
Gafoor moves back after top PropNex Real estate to become a dominant real estate agency in Singapore. During his period, he looked after the company’s listing on the Singapore Exchange in July 2018, along with the firm’s regional development over the last few years. At present, PropNex has actually developed a market existence in Indonesia, Malaysia, Vietnam, Cambodia and Australia. It has a combined network of greater than 16,000 property agents.
He adds that as CEO, his attention will be on encouraging PropNex’s beyond 13,000 sales force in Singapore, innovating its solutions, and boosting operational effectiveness. Its total salesperson headcount in Singapore translates to about 35% of the industry share.
The endowment fund will aid to secure a PropNex Foundation, collectively established by Gafoor and PropNex co-founder Alan Lim, that intend to expand the fund to $25 million over the next ten years. Returns from the foundation’s investment will go towards programmes that sustain underprivileged students and educational campaigns.
The newly developed PropNex Foundation was officially released at a company-wide event at Marina Bay Sands on July 15, graced by President Tharman Shanmugaratnam, that managed the first disbursement of $254,000 to 160 students.
The management transition comes as PropNex commemorates its 25th anniversary, noting the occasion with a number of community efforts and the establishment of a $10 million endowment fund.
In a press function on July 15 introducing the leadership change and other company initiatives, Gafoor said that the splitting up of the roles of exec chairman and chief executive officer enhances the company’s overall business administration by formalising the division of oversight and management.
PropNex also revealed a $6 million contribution to the Community Chest over a 12-month period, the largest single contribution to the charity in its history. The amount was raised through voluntary pledges of a part of sales payments by PropNex representatives, as well as personnel and management. The local agency authorized a memorandum of comprehending with Community Chest, pledging to contribute $1.5 million each year from 2025 to 2027.
Mainboard-listed property company PropNex has already announced that Kelvin Fong is going to lead the business as its new chief executive officer, stepping up from his previous duty as deputy CEO. Outgoing Chief Executive Officer Ismail Gafoor, who co-founded the homegrown company 25 years earlier, will stay as the business’s executive chairman. He is going to proceed to be actively involved in leading the firm’s calculated direction, stakeholder involvement, and Board leadership.
Other leadership visits at PropNex were announced in March. Dominic Lee who was heading the deluxe team for the last years, is head of financial investment sales. Concurrently, Jason Tan assumed the role of principal technique specialist. He was the advisory partner branch district director at PropNex, leading a group of over 1,000 sales representatives. Tan additionally functioned as a technology consultant on PropNex’s proprietary apps: Investment Suite and Business Suite.
