Long before real estate titan Ismail Gafoor, 63, built his career selling homes, he grew up in one where there was barely enough room for his family.
Five brothers shared a one-room rental flat with their parents at Block 54 Lengkok Bahru. Mr Ismail recalls that there wasn’t even a proper bedroom for his parents, with only a curtain separating their space.
In the more than four decades since, he upgraded to a Normanton Park apartment during his time with the army and home is now a landed property in the east.
Perceiving himself to be weak academically after failing his O-Level Tamil, he signed on with the army and rose to become a colonel. He gave up a pensionable career at the age of 32 to strike out on his own in the property sector, which eventually became PropNex.
His tenure as PropNex’s chief executive officer (CEO) oversaw the company’s listing in July 2018, as well as the company’s regional expansion in recent years.
The property agency’s earnings are steady given the usual lag between transactions and revenue recognition. It reported a 3.1 per cent year-on-year decline in first half net profit to $40.9 million while revenue grew 0.7 per cent to $603 million.
From Army to CEO to Chairman
The founder of PropNex is now dealing with a different challenge - ensuring the company can keep growing without him as the CEO.
“If you look at my passion and energy, I think I can run as CEO for another good 10 years. But it is not right for me to hold on to that title. My successor is none other than Kelvin Fong, who has been with me for 24 years. He has been groomed.”
Mr Ismail stressed that PropNex should run as an institution with a board, independent directors and clearly assigned C-suite responsibilities rather than as a founder-controlled family business.
Stepping down as CEO, however, doesn’t mean retirement. Far from it, his new role as Executive Chairman will give more time to focus on regional growth, strategic partnerships, brand presence and the next generation of PropNex leaders.
“We are very much in an ASEAN focus. But we don’t rule out India or the Middle East. I am ready to go to any part of the world. We bring our technology, the know-how and the training and human psychology of sales and adapt to the country’s culture.
PropNex already has a regional presence. It operates from Surabaya, Jakarta, Bali and Batam in Indonesia; from Sabah, Sarawak, Johor Bahru, Kuala Lumpur and Penang in Malaysia; from Ho Chi Minh City in Vietnam; in Cambodia; and from Melbourne in Australia.
Risk and opportunity
Moving into new markets comes with risk but Mr Ismail has the habit of seeing the opportunity.
At the age of 32 and after 13 years in the army, he gave up a pensionable career that could have produced a gratuity of more than $1 million and instead “walked out with zero dollars” to pursue real estate.
And when his Nooris Consultants became the largest Malay-Muslim property agency in Singapore with about 250 salespeople, he questioned the value of being number one in a small market. His thinking about scale led to the creation of PropNex.
Even after forming PropNex, there were obstacles to overcome.Two years after the formation, a major partner publicly announced a split in 2002 which caught him by surprise. But he was quick to dispel any doubt about whether he was good enough as a leader.
He told his staff and his partners, “For the rest of us, as a leader, I promise you that we will move faster.” He carried the day and hasn’t looked back.
The decisive streak was also evident later in 2008 in his decision to let go of 2,800 agents. They had resisted getting professional indemnity insurance, which was to protect them against civil liability claims, negligence, errors, omissions, and breaches of professional duty.
The commitment to quality and accountability instead has seen his staff strength grow to more than 800 currently and is expected to grow further. Including regional operations, staff strength is around 18,000.
Giving Back To Society
His humble beginnings remain very much in his mind and the desire to help the less fortunate came to the fore during PropNex’s 25th anniversary with several community initiatives and the establishment of a $10 million endowment fund.
The endowment fund will help to anchor a PropNex Foundation, jointly established by Mr Ismail and PropNex co-founder Alan Lim, who plan to grow the fund to $25 million over the next 10 years. Returns from the foundation’s investment will go towards programmes that support underprivileged students and educational initiatives.
PropNex also gave a $6 million contribution to the Community Chest in 2025 – the largest single donation to the charity in its history.
Near the end of the interview, Mr Ismail shared his life philosophy.
“Most of the time we are clouded in our minds or we are chasing success or have high expectations that lead to disappointment. “You don’t need to be the best. Your past doesn’t define you. Have the belief that I am good enough.”
And his practical tip?
“Not every couple can afford to buy a second property so that they stay in one and rent the other for passive income. We ask people to buy a bigger property within their means, or buy industrial or commercial property which are not subjected to additional stamp duty. And if possible, invest in freehold landed property.”
