Kelvin Fong takes the helm of PropNex as CEO, Ismail Gafoor remains Executive Chairman
Mainboard-listed real estate company PropNex has already disclosed that Kelvin Fong will take the company as its brand-new CEO, stepping up from his former duty as deputy CEO. Outgoing Chief Executive Officer Ismail Gafoor, who co-founded the homegrown company 25 years earlier, will remain as the firm’s executive chairman. He will proceed to be actively involved in leading the company’s strategic path, stakeholder engagement, and Board leadership.
The leadership shift comes as PropNex commemorates its 25th anniversary, marking the occasion with a number of community campaigns and the building of a $10 million endowment fund.
The endowment fund will assist to secure a PropNex Structure, jointly developed by Gafoor and PropNex co-founder Alan Lim, who intend to increase the fund to $25 million over the following one decade. Returns from the foundation’s investment will certainly go towards programmes that support indigent students and educational initiatives.
“PropNex has actually continually displayed that still as we continue to grow our sales force in Singapore and in the area, we have actually stayed clear of operational sluggishness and concentrated on improving the general efficiency of our representatives,” states Gafoor, citing inner figures that indicate purchases by PropNex agents represented about 64% of all resale HDB, private residential brand-new release, and resale condo purchases in Singapore last year.
Other leadership visits at PropNex were revealed in March. Dominic Lee who was heading the luxury team for the previous ten years, is head of investment sales. Simultaneously, Jason Tan assumed the role of principal strategy specialist. He was the consultatory associate branch district director at PropNex, leading a team of over 1,000 salesmans. Tan additionally worked as a tech consultant on PropNex’s proprietary apps: Investment Suite and Business Suite.
Ultimately, Gafoor launched a self-enrichment book labelled I Am Not Good Enough, which depicts his personal life journey, accumulating PropNex and his management values. 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 sold from July 16.
The tasks of deputy CEO will be shared within six essential heads, particularly Eddie Lim, senior vice-president and head 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 plans to fill the deputy CEO function currently.
Fong joined PropNex in 2002 and was appointed an executive director in June 2018 and eventually 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 preserving the culture that has made us who we are,” says Fong.
Gafoor moves back after top PropNex Realty to end up being a leading realty agency in Singapore. During his period, he looked after the firm’s listing on the Singapore Exchange in July 2018, along with the firm’s local development over the last few years. At present, PropNex has established an industry presence in Indonesia, Malaysia, Vietnam, Cambodia and Australia. It has a combined network of greater than 16,000 real estate agents.
The freshly established PropNex Foundation was formally released 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.
In a press function on July 15 announcing the management change and various other company initiatives, Gafoor said that the division of the roles of exec chairman and chief executive officer improves the business’s overall company administration by formalising the department of control and monitoring.
PropNex also revealed a $6 million payment to the Neighborhood Chest over a 12-month duration, the largest single contribution to the charity in its history. The amount was raised through voluntary pledges of a section of sales commissions by PropNex representatives, as well as personnel and management. The local agency authorized a memorandum of comprehending with Community Chest, vowing to contribute $1.5 million annually from 2025 to 2027.
He adds that as CEO, his focus will be on empowering PropNex’s beyond 13,000 sales force in Singapore, innovating its services, and improving operational effectiveness. Its total salesperson head count in Singapore translates to about 35% of the industry share.
