Kelvin Fong appointed PropNex CEO; Ismail Gafoor remains as executive chairman
Fong, previously deputy CEO, has more than 20 years of experience in the industry
[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.
Gafoor, 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.
The company said the separation of roles (executive chairman and CEO) will enhance corporate governance by ensuring an appropriate balance of power, and increasing the board’s accountability and capacity for independent decision-making.
“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.
A NEWSLETTER FOR YOU
Tuesday, 12 pm
Property Insights
Get an exclusive analysis of real estate and property news in Singapore and beyond.
“As CEO, I will continue to empower our sales force, 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”.
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.
This leadership transition was one of the announcements made at PropNex’s 25th anniversary celebration held at Marina Bay Sands.
Gafoor 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 Gafoor, 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 sales force today exceeds 10,000.
Copyright SPH Media. All rights reserved.
