Mainboard-listed real estate agency PropNex has announced that Kelvin Fong will lead the company as its new CEO, stepping up from his previous role as deputy CEO. Eddie Lim, who is senior vice-president and PropNex’s chief agency officer, will be promoted to deputy CEO.
Outgoing CEO Ismail Gafoor, who co-founded the homegrown agency 25 years ago, will remain as the company’s executive chairman. He will continue to be actively involved in guiding the company’s strategic direction, stakeholder engagement, and Board leadership.
Fong joined PropNex in 2002 and was appointed an executive director in June 2018 and subsequently promoted to deputy CEO in August 2023. “I’ve had the privilege of growing alongside PropNex for over two decades, and I’m deeply committed to preserving the culture that has made us who we are,” says Fong.
He adds that as CEO, his focus will be on empowering PropNex’s more than 13,000 sales force in Singapore, innovating its services, and enhancing operational effectiveness. Its total salesperson headcount in Singapore translates to about 35% of the market share.
Other leadership appointments at PropNex were announced in March. Dominic Lee who was heading the luxury team for the past decade, is head of investment sales. At the same time, Jason Tan assumed the role of chief strategy officer. He was the advisory associate branch district director at PropNex, leading a team of over 1,000 salespersons. Tan also served as a tech consultant on PropNex’s proprietary apps: Investment Suite and Business Suite.
In a press event on July 15 announcing the leadership transition and other company initiatives, Gafoor said that the separation of the roles of executive chairman and CEO enhances the company’s overall corporate governance by formalising the division of oversight and management.
Gafoor steps back after leading PropNex Realty to become a dominant real estate agency in Singapore. During his tenure, he oversaw the company’s listing on the Singapore Exchange in July 2018, as well as the company’s regional expansion in recent years. Today, PropNex has established a market presence in Indonesia, Malaysia, Vietnam, Cambodia and Australia. It has a combined network of more than 16,000 real estate agents.
“PropNex has consistently demonstrated that even as we continue to grow our sales force in Singapore and in the region, we have avoided operational sluggishness and focused on boosting the overall productivity of our agents,” says Gafoor, citing internal figures that indicate transactions by PropNex agents accounted for approximately 64% of all resale HDB, private residential new launches, and resale condominium transactions in Singapore last year.
From left to right: Alan Lim Tow Huat, co-founder of PropNex; Chew Sutat, chairman of Community Chest; Ismail Gafoor, executive chairman of PropNex; Kelvin Fong, CEO of PropNex. (Picture: Albert Chua/The Edge Singapore)
The leadership transition comes as PropNex celebrates its 25th anniversary, marking the occasion with several community initiatives and the establishment of a $10 million endowment fund.
The endowment fund will help to anchor a PropNex Foundation, jointly established by Gafoor and PropNex co-founder Alan Lim, who plan to grow the fund to $25 million over the next 10 years. Returns from the foundation’s investment will go towards programmes that support underprivileged students and educational initiatives.
The newly established PropNex Foundation was formally launched 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.
PropNex also announced a $6 million contribution to the Community Chest over a 12-month period, the largest single donation to the charity in its history. The amount was raised through voluntary pledges of a portion of sales commissions by PropNex agents, as well as staff and management. The local agency signed a memorandum of understanding with Community Chest, pledging to donate $1.5 million annually from 2025 to 2027.
Finally, Gafoor launched a self-enrichment book titled I Am Not Good Enough, which depicts his personal life journey, building up PropNex and his leadership 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 sold from July 16.
