Kelvin Fong takes the helm of PropNex as CEO, Ismail Gafoor remains Executive Chairman
Mainboard-listed realty agency PropNex has declared that Kelvin Fong is going to take the company as its brand-new chief executive officer, stepping up from his previous duty as deputy chief executive officer. Outgoing Chief Executive Officer Ismail Gafoor, who co-founded the homegrown agency 25 years ago, will continue to be as the company’s executive chairman. He is going to continue to be actively involved in directing the firm’s calculated path, stakeholder engagement, and Board leadership.
The endowment fund will help to secure a PropNex Structure, collectively developed by Gafoor and PropNex co-founder Alan Lim, who plan to grow the fund to $25 million over the following one decade. Returns from the foundation’s investment will certainly go towards programmes that sustain underprivileged students and educational initiatives.
Gafoor steps back after leading PropNex Realty to come to be a leading property company in Singapore. During his tenure, he looked after the business’s listing on the Singapore Exchange in July 2018, in addition to the business’s regional expansion over the last few years. At present, PropNex has actually developed an industry presence in Indonesia, Malaysia, Vietnam, Cambodia and Australia. It has a combined network of greater than 16,000 property agents.
Fong signed up with PropNex in 2002 and was designated an executive leader in June 2018 and subsequently promoted to deputy CEO in August 2023. “I’ve had the opportunity of growing alongside PropNex for over twenty years, and I’m deeply dedicated to maintaining the society that has made us who we are,” claims Fong.
The responsibilities of deputy chief executive officer will be shared among six key forerunners, particularly Eddie Lim, senior vice-president and chief agency officer; Marcus Luah, head of business growth; Bobby Sng, head of development leadership; Ken Ng, director of development business; Benjamin Tan, head of business method; and Cijay Tew, head of training and development. PropNex says that there are no strategies to fill the deputy CEO role right now.
The newly established PropNex Foundation was officially released at a company-wide event at Marina Bay Sands on July 15, graced by President Tharman Shanmugaratnam, who managed the very first disbursement of $254,000 to 160 students.
In a press function on July 15 announcing the management shift and other firm efforts, Gafoor claimed that the separation of the functions of exec chairman and CEO boosts the company’s general business administration by formalising the division of oversight and monitoring.
The leadership transition comes as PropNex commemorates its 25th anniversary, noting the occasion with several area efforts and the establishment of a $10 million endowment fund.
PropNex also revealed a $6 million payment to the Area 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 part of sales compensations by PropNex agents, along with team and administration. The local agency authorized a memorandum of comprehending with Community Chest, vowing to contribute $1.5 million every year from 2025 to 2027.
He adds that as CEO, his focus will be on encouraging PropNex’s beyond 13,000 sales force in Singapore, innovating its solutions, and improving operational effectiveness. Its total salesperson headcount in Singapore translates to about 35% of the market share.
“PropNex has actually consistently shown that still as we continue to grow our sales force in Singapore and in the region, we have stayed clear of operational sluggishness and concentrated on enhancing the overall performance of our representatives,” claims Gafoor, citing inner numbers that indicate transactions by PropNex representatives represented about 64% of all resale HDB, private residential brand-new release, and resale condo purchases in Singapore in 2024.
Other leadership appointments at PropNex were announced in March. Dominic Lee who was heading the deluxe team for the past decade, is head of investment sales. At the same time, Jason Tan assumed the role of principal strategy specialist. He was the advising partner branch district director at PropNex, leading a group of over 1,000 sales representatives. Tan also functioned as a technology consultant on PropNex’s proprietary apps: Investment Suite and Business Suite.
Finally, Gafoor launched a self-enrichment book entitled I Am Not Good Enough, that depicts his personal life journey, developing PropNex and his management values. Profits from the sale of the 27-chapter book will be contributed to The Straits Times School Pocket Money Fund. The book is going to be offered from July 16.
