Kelvin Fong takes the helm of PropNex as CEO, Ismail Gafoor remains Executive Chairman
Mainboard-listed property company PropNex has already declared that Kelvin Fong will lead the business as its new CEO, stepping up from his previous role as deputy CEO. Outgoing CEO Ismail Gafoor, who co-founded the homegrown agency 25 years back, will stay as the company’s exec chairperson. He will continue to be actively involved in assisting the firm’s tactical direction, stakeholder involvement, and Board management.
The management change comes as PropNex commemorates its 25th anniversary, marking the occasion with several area campaigns and the establishment of a $10 million endowment fund.
In a press activity on July 15 introducing the leadership transition and various other business efforts, Gafoor stated that the division of the duties of exec chairman and chief executive officer improves the business’s total corporate governance by formalising the department of control and monitoring.
Gafoor steps back after leading PropNex Realty to become a leading real estate company in Singapore. During his tenure, he looked after the company’s listing on the Singapore Exchange in July 2018, in addition to the company’s regional development over the last few years. Today, PropNex has actually established an industry visibility in Indonesia, Malaysia, Vietnam, Cambodia and Australia. It has a consolidated network of greater than 16,000 realty agents.
The tasks of deputy CEO will be distributed within 6 vital forerunners, specifically Eddie Lim, senior vice-president and head agency officer; Marcus Luah, director of business growth; Bobby Sng, head of development leadership; Ken Ng, director 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 duty right now.
The newly established PropNex Foundation was officially launched at a company-wide event at Marina Bay Sands on July 15, graced by President Tharman Shanmugaratnam, who looked after the first disbursement of $254,000 to 160 students.
Fong signed up with PropNex in 2002 and was designated an executive head in June 2018 and subsequently 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 committed to preserving the society that has actually made us who we are,” claims Fong.
He adds that as CEO, his emphasis will be on encouraging PropNex’s more than 13,000 sales force in Singapore, innovating its services, 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, jointly developed by Gafoor and PropNex co-founder Alan Lim, that prepare to grow the fund to $25 million over the next ten years. Returns from the structure’s investment will certainly go towards programmes that sustain indigent students and educational initiatives.
Other leadership appointments at PropNex were introduced in March. Dominic Lee who was heading the high-end team for the previous ten years, is head of financial investment sales. Simultaneously, Jason Tan represented chief technique specialist. He was the advisory associate branch district supervisor at PropNex, leading a group of over 1,000 sales representatives. Tan additionally served as a tech expert on PropNex’s proprietary apps: Investment Suite and Business Suite.
PropNex also introduced a $6 million contribution to the Area 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 portion of sales payments by PropNex representatives, in addition to staff and management. The local agency signed a memorandum of comprehending with Community Chest, promising to give away $1.5 million yearly from 2025 to 2027.
“PropNex has consistently displayed that still as we remain to grow our sales force in Singapore and in the region, we have actually prevented operational slowness and concentrated on increasing the general productivity of our representatives,” says Gafoor, pointing out inner numbers that show deals by PropNex representatives made up about 64% of all resale HDB, private residential new launches, and resale condominium purchases in Singapore in 2024.
Lastly, Gafoor released a self-enrichment book titled I Am Not Good Enough, which illustrates his personal life journey, developing PropNex and his leadership values. Profits from the sale of the 27-chapter book will be donated to The Straits Times School Pocket Money Fund. The book is going to be offered from July 16.
