Kelvin Fong takes the helm of PropNex as CEO, Ismail Gafoor remains Executive Chairman
The newly developed PropNex Foundation was formally released at a company-wide event at Marina Bay Sands on July 15, graced by President Tharman Shanmugaratnam, that supervised the very first disbursement of $254,000 to 160 students.
The responsibilities of deputy CEO will be distributed within 6 essential 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 approach; and Cijay Tew, head of training and development. PropNex says that there are no strategies to fill the deputy CEO function right now.
Other leadership appointments at PropNex were introduced in March. Dominic Lee who was managing the high-end team for the previous decade, is head of financial investment sales. At the same time, Jason Tan assumed the role of chief strategy specialist. He was the consultatory affiliate branch district supervisor at PropNex, leading a team of over 1,000 salesmans. Tan also worked as a tech consultant on PropNex’s proprietary apps: Investment Suite and Business Suite.
He adds that as CEO, his attention will be on empowering PropNex’s more than 13,000 sales force in Singapore, innovating its services, and boosting operational effectiveness. Its total salesperson head count in Singapore translates to about 35% of the market share.
Mainboard-listed real estate agency PropNex has already announced that Kelvin Fong will take the business as its new CEO, stepping up from his prior duty as deputy CEO. Outgoing CEO Ismail Gafoor, who co-founded the homegrown company 25 years ago, will remain as the firm’s exec chairman. He is going to continue to be actively associated with leading the firm’s tactical direction, stakeholder engagement, and Board management.
PropNex also revealed a $6 million contribution to the Community Chest over a 12-month duration, the largest single donation to the charity in its history. The amount was raised through voluntary promises of a section of sales payments by PropNex representatives, in addition to staff and management. The local agency authorized a memorandum of understanding with Community Chest, vowing to contribute $1.5 million every year from 2025 to 2027.
Ultimately, Gafoor launched a self-enrichment book labelled I Am Not Good Enough, which depicts his personal life journey, developing PropNex and his leadership worths. Earnings from the sale of the 27-chapter book will be given away to The Straits Times School Pocket Money Fund. The book is going to be offered from July 16.
In a press event on July 15 introducing the leadership change and various other company efforts, Gafoor stated that the division of the functions of exec chairman and CEO boosts the business’s general company administration by formalising the division of control and monitoring.
“PropNex has actually consistently displayed that even as we remain to grow our sales force in Singapore and in the region, we have stayed clear of operational sluggishness and focused on boosting the total performance of our representatives,” claims Gafoor, citing internal figures that indicate transactions by PropNex representatives represented around 64% of all resale HDB, private residential new release, and resale condominium purchases in Singapore last year.
The leadership change comes as PropNex commemorates its 25th anniversary, marking the occasion with numerous area campaigns and the establishment of a $10 million endowment fund.
Gafoor moves back after leading PropNex Real estate to become a leading property firm in Singapore. During his tenure, he oversaw the firm’s listing on the Singapore Exchange in July 2018, along with the business’s regional development recently. Today, PropNex has already developed an industry visibility in Indonesia, Malaysia, Vietnam, Cambodia and Australia. It has a mixed network of more than 16,000 property agents.
Fong joined PropNex in 2002 and was assigned an executive leader 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 committed to preserving the culture that has actually made us who we are,” claims Fong.
The endowment fund will certainly aid to secure a PropNex Foundation, collectively established by Gafoor and PropNex co-founder Alan Lim, that intend to grow the fund to $25 million over the next one decade. Returns from the structure’s investment will go towards programmes that sustain indigent students and educational initiatives.
