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Market share gains give PropNex ringside seat in buoyant home sales market

Real estate agency's boss Ismail Gafoor credits its sales people as main reason for firm's performance

Published Mon, Sep 21, 2020 · 09:50 PM

Singapore

AS NEW private home sales rebound sharply, PropNex, Singapore's largest real estate agency is sitting pretty given its ringside seat in the property market which has shown remarkable resilience amid the pandemic crisis.

The agency force of 8,748 agents lets the company enjoy economies of scale without the expensive cost of salaries as agents are paid only commissions, said Ismail Gafoor, PropNex co-founder, executive chairman and CEO. The group's agency force has grown organically, 18 per cent from a year ago, he noted. In January 2019, PropNex had 7,400 agents.

The group has increased its market share in all segments, he told The Business Times. It has taken a lion share of 68.7 per cent in Q2 2020 in the…