Kelvin Fong Takes Helm Propnex Ceo Ismail Gafoor Remains Executive Chairman
PropNex, a leading real estate agency listed on the Mainboard, has announced that Kelvin Fong will take the reins as its new CEO, succeeding co-founder Ismail Gafoor, who assumes the role of executive chairman. In a press event on July 15, Gafoor said that the separation of the roles of executive chairman and CEO strengthens the company’s corporate governance by clearly dividing oversight and management responsibilities.
Fong’s ascension to CEO marks the latest chapter in his two-decade-long journey with PropNex. He joined the company in 2002 and was appointed as an executive director in June 2018 before being promoted to deputy CEO in August 2023. In his new role, Fong will focus on empowering PropNex’s more than 13,000 salespeople in Singapore, driving innovation in services, and enhancing operational efficiency. This accounts for about 35% of the market share in terms of total salesperson headcount in Singapore.
Other leadership appointments at PropNex were announced earlier in March, including Dominic Lee as head of investment sales and Jason Tan as chief strategy officer. Lee, who helmed the luxury team for the past decade, brings with him a wealth of experience and expertise in the investment sales sector. Meanwhile, Tan, who previously led a team of over 1,000 salespersons, played a pivotal role in the development of PropNex’s proprietary apps: the Investment Suite and Business Suite.
At the same press event, Gafoor mentioned that the duties of the deputy CEO would be split among six key leaders, namely Eddie Lim, senior vice-president and chief agency officer; Marcus Luah, head of business growth; Bobby Sng, head of development leadership; Ken Ng, head of development business; Benjamin Tan, head of business strategy; and Cijay Tew, head of training and development. PropNex has clarified that there are no plans to fill the deputy CEO role at this time.
This leadership transition comes as PropNex celebrates its 25th anniversary, marked by several community initiatives, and the establishment of a $10 million endowment fund. The fund will aid in the formation of the PropNex Foundation, which was jointly established by Gafoor and co-founder Alan Lim. Over the next 10 years, the two plan to grow the fund to $25 million. The returns from the foundation’s investment will support programmes that assist underprivileged students and educational initiatives.
The newly established PropNex Foundation was officially launched at a company-wide event at Marina Bay Sands on July 15 by President Tharman Shanmugaratnam, who oversaw the first disbursement of $254,000 to 160 students. PropNex also pledged a $6 million contribution to the Community Chest, making it the largest single donation to the charity in its history. This sum was raised through voluntary pledges from a portion of sales commissions made by PropNex agents, staff, and management. The agency also signed a memorandum of understanding with the Community Chest, committing to annual donations of $1.5 million from 2025 to 2027.
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Lastly, Gafoor launched a self-enrichment book titled “I Am Not Good Enough”, which shares his personal journey, the growth of PropNex, and his leadership values. The book’s 27 chapters will be sold from July 16, with all proceeds being donated to The Straits Times School Pocket Money Fund.