Kelvin Fong appointed PropNex CEO; Ismail Gafoor remains as executive chairman
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'.
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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.
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