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Business Times
6 days ago
- Business
- Business Times
Kelvin Fong appointed PropNex CEO; Ismail Gafoor remains as executive chairman
[SINGAPORE] Real estate agency PropNex on Tuesday (Jul 15) announced that Ismail Gafoor will be stepping down as chief executive officer, effective immediately, with deputy CEO Kelvin Fong taking on the role. Ismail, 61, will remain in the company as executive chairman and continue to be involved in guiding PropNex's strategic direction, stakeholder engagement and board leadership. 'Stepping down as CEO is a deeply personal and meaningful milestone after 25 years of building PropNex from the ground up… As executive chairman, I will continue to guide the company strategically and support Kelvin and the leadership team with the same energy and focus I've always had,' he said. Fong, 50, has more than 20 years of experience in the real estate industry. He joined PropNex in 2002 and was appointed executive director in 2018, before being promoted to deputy CEO in August 2023. In his new role, Fong will oversee the company's day-to-day operations and expansion efforts locally and regionally. 'As CEO, I will continue to empower our salesforce, innovate our services, and deepen our engagement with consumers, to enhance operational effectiveness,' he said, adding that PropNex has a 'strong foundation' and is 'well-positioned for its next era of growth'. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up At a press conference on Tuesday, Fong added that he hopes the number of agents in PropNex increases under his leadership, and he aims to continue advancing the company's technologies. The company said: 'The separation of these roles enhances corporate governance by formalising the division between oversight and management, thereby ensuring an appropriate balance of power, increased accountability, and enhanced capacity of the company's board for independent decision-making.' This leadership transition was one of the announcements made at the press conference at Marina Bay Sands, which was also held to commemorate PropNex's 25th anniversary. Ismail also launched his self-enrichment book titled I Am Not Good Enough on the same day, which reflects on his entrepreneurial journey. PropNex was started by Ismail, along with his co-founders, through the merger of several smaller real estate agencies in 2000. It is listed on the Singapore Exchange and has a market capitalisation of almost S$900 million. The company's salesforce today exceeds 10,000.
Straits Times
06-07-2025
- Business
- Straits Times
Morning Briefing: Top stories from The Straits Times on July 6, 2025
Mr Ismail Gafoor is the co-founder of PropNex, Singapore's largest property agency. To celebrate its 25th anniversary, he's releasing an autobiography, I Am Not Good Enough. Over lunch, he shares some insider tips on buying and selling property.
Straits Times
05-07-2025
- Business
- Straits Times
Don't view your first property as a dream home, get a foothold in the market instead: PropNex's Ismail Gafoor
Sign up now: Get ST's newsletters delivered to your inbox The co-founder of PropNex, Singapore's largest property agency, is celebrating its 25th anniversary with an autobiography titled I Am Not Good Enough. He tells Sumiko Tan why he chose that title. Mr Ismail Gafoor, 61, is the co-founder, executive chairman and CEO of real estate firm PropNex. M r Ismail Gafoor found out what it means to fail when he was a young student. He was born in 1963, and by the time he was finishing secondary school, his cohort had been hit by a policy change: They had to pass the second-language O-level exams to qualify for junior college and pre-university.
