Kelvin Fong takes the helm of PropNex as CEO, Ismail Gafoor remains Executive Chairman
The freshly established PropNex Foundation was formally started 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.
Gafoor steps back after top PropNex Realty to become a leading real estate agency in Singapore. During his tenure, he managed the company’s listing on the Singapore Exchange in July 2018, as well as the firm’s local expansion in recent years. Today, PropNex has established a market presence in Indonesia, Malaysia, Vietnam, Cambodia and Australia. It has a consolidated network of more than 16,000 realty agents.
The duties of deputy CEO will be shared among six key heads, namely Eddie Lim, senior vice-president and chief 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 claims that there are no plans to fill the deputy CEO function at this time.
Other leadership appointments at PropNex were introduced in March. Dominic Lee who was managing the luxury team for the last decade, is head of financial investment sales. Concurrently, Jason Tan assumed the role of chief technique officer. He was the advisory partner branch district director at PropNex, leading a group of over 1,000 sales representatives. Tan additionally served as a tech specialist on PropNex’s proprietary apps: Investment Suite and Business Suite.
Fong signed up with PropNex in 2002 and was designated 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 two decades, and I’m deeply dedicated to maintaining the society that has actually made us who we are,” says Fong.
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 portion of sales commissions by PropNex representatives, along with personnel and management. The local agency authorized a memorandum of comprehending with Community Chest, pledging to contribute $1.5 million annually from 2025 to 2027.
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 solutions, and improving operational effectiveness. Its total salesperson head count in Singapore translates to about 35% of the industry share.
In a press activity on July 15 revealing the leadership transition and other business efforts, Gafoor claimed that the splitting up of the functions of executive chairman and chief executive officer enhances the company’s general corporate governance by formalising the division of oversight and administration.
“PropNex has actually regularly displayed that still as we continue to expand our sales force in Singapore and in the area, we have actually prevented functional slowness and focused on enhancing the general efficiency of our brokers,” claims Gafoor, mentioning inner figures that suggest deals by PropNex representatives made up approximately 64% of all resale HDB, private residential brand-new launches, and resale condominium purchases in Singapore last year.
Mainboard-listed realty agency PropNex has already declared that Kelvin Fong is going to lead the firm as its new chief executive officer, stepping up from his former role as deputy chief executive officer. Outgoing CEO Ismail Gafoor, who co-founded the homegrown company 25 years earlier, will stay as the business’s exec director. He will continue to be actively involved in guiding the firm’s strategic direction, stakeholder involvement, and Board leadership.
The management shift comes as PropNex commemorates its 25th anniversary, noting the occasion with several community efforts and the building of a $10 million endowment fund.
The endowment fund will certainly assist to secure a PropNex Foundation, jointly developed by Gafoor and PropNex co-founder Alan Lim, that plan to expand the fund to $25 million over the following 10 years. Returns from the structure’s investment will certainly go towards programmes that sustain underprivileged students and educational initiatives.
Lastly, Gafoor released a self-enrichment book labelled I Am Not Good Enough, which illustrates his personal life journey, accumulating PropNex and his leadership values. Profits 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 offered from July 16.
