PropNex's 25th anniversary celebration with President Tharman Shanmugaratnam as Guest of Honour (centre)

PropNex crosses $1.86-bil market cap as it celebrates 25 years and record earnings

Singapore's largest real estate agency, PropNex, has marked several major milestones this year as it celebrates its 25th anniversary.

In July, founder Ismail Gafoor handed over the CEO role to Kelvin Fong but stayed on as executive chairman. That leadership change came just before a record 1H2025 (ended June 30). PropNex's revenue surged 73.3% y-o-y to $598.9 million. Net propfit jumoed 122.4% to $42.3 million.

Executive Chairman Ismail Gafoor and CEO Kelvin Fong with their respective books published this year

To commemorate the strong performance, the company declared an interim cash dividend of 5.0 cents per share - representing a payout ratio of 87.6% and a dividend yield of 4.6% based on its June 30 share price.

PropNex continued its winning streak at The Edge Singapore's Billion Dollar Club 2025. It clinched the Weighted ROE over Three Years (Centurion Club) award for the fourth straight year. This award recognises listed companies with market capitalisation between $100 million and $999 million.

Following the stellar results announcement on Aug 12, PropNex's share price soared to close at $2.52 as of Oct 13, propelling its market capitalisation past the billion-dollar threshold.

Building leadership

Despite global market uncertainty, Fong remains optimistic about Singapore's residential market. With a healthy pipeline and strong take-up at recent launches, he believes PropNex's momentum will continue.

At the start of the year, PropNex had 12,636 agents in Singapore. By Oct 13, the number grew to 13,822. The company targets 15,000 agents by next year, and 16,000 after that. Fong notes that a larger sales force will bring greater market share and higher transaction volumes in both new project sales and the resale market.

But it's not just about size. "Equally important," says Fong, "is investing in training, technology and tools to empower our agents."

Mission-driven leader

Fong has spent over 20 years as a real estate agent. He and his wife joined PropNex in 2003 and built one of its largest teams by 2018. His success led to his invitation to join the management as executive director when PropNex listed on the Singapore Exchange in July that year.

Formerly with the Republic of Singapore Air Force for six years, Fong attributes his rise to being mission-and goal-driven. "The reason I decided to step forward and join the management team was because I had already achieved all the goals I'd set for myself as an agent and team leader," says Fong. "I'm someone who can't stand still or be content with the status quo. I need a purpose - I'm always asking, 'What's next?'"

What also set him apart was his constant drive for self-improvement. He attended numerous business courses, which he says helped shape his mindset and management approach. From executive director in 2018, he was promoted to deputy CEO in 2023, before assuming the top post this July.

Until recently, Fong considered himself "a back-end person" - focusing on training agents and conducting seminars for both agents and consumers. "I'm on the ground with the agents," he says. "I understand what they want."

His early focus on technology has been instrumental in driving PropNex's digital transformation. Today, he leads a dynamic team alongside chief technology officer Michael Koh and chief strategy officer Jason Tan, developing a suite of PropTech tools and AI-driven insights that empower PropNex agents. Through this innovation, PropNex consumers enjoy the best of both worlds, education and empowerment, powered by data and delivered with a human touch.

Taking PropNex to the next level

Now, as CEO, Fong takes on a more public-facing role, working with stakeholders and developers on marketing campaigns for new project launches. He also works closely with Alvin Tan, managing director of PropNex International, the firm's project marketing arm.

Project marketing drives much of the company's growth. It contributed 43% of total revenue in 1H2025, up from 27% a year ago. New projects launched between March and August this year show PropNex commanding a market share of over 50% on average.

"Our value lies not just in buying and selling property, but in educating consumers and helping them grow their net worth," says Fong. "We want to teach people to manage their wealth wisely."

Kelvin Fong, who was appointed CEO of PropNex in July, speaking at an event

Training tomorrow's investors

Fong's passion for financial education extends beyond the agency. His first book, Property Wealth System, has been developed into a two-day masterclass conducted twice a year.

Similar workshops often cost several thousand dollars. PropNex charges just $197 per participant. "We believe the two-day workshop will definitely add value to people's lives," Fong says. "We have attendees from all walks of life - from 18-year-old students to aspiring realtors, doctors and lawyers."

He believes property investment should be viewed as a form of long-term savings, not speculation. "Education helps people overcome their fears about investing," he adds. "It's about helping them build financial confidence."

While Fong leads PropNex's day-to-day business and strategy execution, which includes advancing technological innovation across its core and adjacent services, he will also continue to expand its market leadership locally and in the region.

Gafoor, as executive chairman, will remain actively involved in guiding PropNex's strategic direction, stakeholder engagement and board leadership.

PropNex has 24 offices across five countries: Indonesia, Malaysia, Vietnam, Cambodia and Australia. Its total sales force now stands at 16,000 agents regionally.

Despite their differing responsibilities, Fong, Gafoor and the rest of the management team remain aligned on one goal: to grow PropNex's business, deepen its market leadership and shape the future of real estate in Singapore and beyond.

From left: Key Executive Officer Lim Yong Hock, Executive Chairman Ismail Gafoor, CEO Kelvin Fong and Chief Agency Officer Eddie Lim, at the Property Wealth System Masterclass, May 2025

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