Kelvin Fong takes the helm of PropNex as CEO, Ismail Gafoor remains Executive Chairman
In a press activity on July 15 revealing the management change and various other business initiatives, Gafoor stated that the splitting up of the functions of executive chairman and chief executive officer improves the firm’s overall company governance by formalising the department of oversight and management.
PropNex also revealed a $6 million payment 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 portion of sales commissions by PropNex representatives, in addition to staff and administration. The local agency authorized a memorandum of recognizing with Community Chest, promising to donate $1.5 million each year from 2025 to 2027.
The newly established PropNex Foundation was formally started at a company-wide event at Marina Bay Sands on July 15, graced by President Tharman Shanmugaratnam, who oversaw the first disbursement of $254,000 to 160 students.
The endowment fund will certainly assist to secure a PropNex Foundation, collectively developed by Gafoor and PropNex co-founder Alan Lim, who intend to expand the fund to $25 million over the next one decade. Returns from the foundation’s investment will go towards programmes that sustain indigent students and educational efforts.
The tasks of deputy chief executive officer will be shared amongst 6 key leaders, particularly Eddie Lim, senior vice-president and chief agency 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 says that there are no plans to fill the deputy CEO duty at this time.
Lastly, Gafoor released a self-enrichment book labelled I Am Not Good Enough, which portrays his personal life journey, building up PropNex and his management values. Proceeds from the sale of the 27-chapter book will be donated to The Straits Times School Pocket Money Fund. The book will be marketed from July 16.
“PropNex has consistently demonstrated that even as we continue to expand our sales force in Singapore and in the area, we have avoided functional slowness and concentrated on increasing the general productivity of our agents,” states Gafoor, pointing out inner figures that show transactions by PropNex representatives accounted for around 64% of all resale HDB, private residential new launches, and resale condominium purchases in Singapore last year.
Gafoor steps back after leading PropNex Real estate to become a leading realty agency in Singapore. Throughout his period, he looked after the business’s listing on the Singapore Exchange in July 2018, in addition to the business’s local growth in recent years. Nowadays, PropNex has already established a market presence in Indonesia, Malaysia, Vietnam, Cambodia and Australia. It has a combined network of greater than 16,000 realty agents.
Fong joined PropNex in 2002 and was appointed an executive leader in June 2018 and subsequently promoted to deputy CEO in August 2023. “I’ve had the opportunity of growing together with PropNex for over two decades, and I’m deeply dedicated to maintaining the culture that has actually made us who we are,” states Fong.
Mainboard-listed property agency PropNex has disclosed that Kelvin Fong will lead the business as its new chief executive officer, stepping up from his prior duty as deputy CEO. Outgoing CEO Ismail Gafoor, who co-founded the homegrown agency 25 years earlier, will remain as the company’s executive director. He will continue to be actively involved in guiding the business’s tactical direction, stakeholder engagement, and Board leadership.
Other leadership visits at PropNex were revealed in March. Dominic Lee who was supervising the luxury team for the previous years, is head of financial investment sales. At the same time, Jason Tan assumed the role of principal technique expert. He was the advising partner branch district director at PropNex, leading a team of over 1,000 sales representatives. Tan even served as a tech consultant on PropNex’s proprietary apps: Investment Suite and Business Suite.
He adds that as CEO, his emphasis will be on empowering PropNex’s more than 13,000 sales force in Singapore, innovating its services, and enhancing operational effectiveness. Its total salesperson head count in Singapore translates to about 35% of the market share.
The management transition comes as PropNex celebrates its 25th anniversary, marking the occasion with numerous community campaigns and the establishment of a $10 million endowment fund.
