PropNex CEO Kelvin Fong: We remain optimistic about this year as we expect the stability and sales momentum to carry into 2026. (Photo: Samuel Isaac Chua / EdgeProp Singapore)
Singapore’s largest real estate agency PropNex is optimistic about its financial performance in 2026, after having delivered its strongest full-year revenue, earning and dividend in the group’s 25-year history for 2025.
Net profit surged 72% y-o-y to $70.4 million last year, on the back of a 42.6% increase in revenue to $1.1 billion, PropNex announced in a bourse filing on Feb 27 morning.
Commission income from agency services grew 14.3% to $675.9 million, while project marketing services rebounded sharply by 133.9% to $434 million. This reflected the strong pick-up in private residential project launches and sales activity in Singapore’s property market in 2025, the agency said.
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The group’s achievements were “fuelled by a resurgence in the private residential market and a solid supply of new project launches, combined with lower interest rates and competitive pricing”, said executive chairman Ismail Gafoor.
Record financial performance on revenue surge:
PropNex had 13,945 salespersons as of Jan 1, 2026, representing about 37.9% of all real estate salespeople in Singapore.
The group remains positive as it expects the stability and sales momentum in the housing market to extend into 2026. This could be supported by factors such as a sustained environment of moderate interest rates that continues to enhance housing affordability, as well as fewer sub-sales transactions, which will signal that buying activity is increasingly driven by owner-occupiers and long-term purchasers instead of short-term investors.
“Our confidence is also backed by revenue that will be recognised from PropNex’s robust sales of new private homes in the fourth quarter of 2025, along with an expanded and well-trained salesforce that is increasingly adept at utilising proptech to seize opportunities in the market,” said CEO Kelvin Fong.
Market conditions remain healthy, with a relatively low level of unsold inventory of about 14,859 unsold, uncompleted private homes (excluding executive condominiums) at the end of 2025.
At the same time, upcoming supply of new private homes and ECs stand at an estimated 11,116 units across 27 new projects slated for launch this year, compared to 12,769 units across 27 projects last year. These trends are expected to support prices and sales activity in 2026, PropNex noted.
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In the HDB resale segment, transaction volumes are projected to range between 26,000 and 27,000 units this year, supported by a higher number of flats reaching their five-year minimum occupation period (MOP) and becoming eligible for resale. About 13,500 flats are likely to exit MOP in 2026, an increase of 68.8% from the 8,000 units in 2025. The group anticipates HDB resale flat prices to rise by a more sustainable 3% to 4% in 2026.
The group proposed a final cash dividend of 4.5 cents per share for the 2025 financial year. Together with the interim cash dividend of 5.0 cents per share distributed in 1H2025, total dividend for the year stands at a record high of 9.5 cents per share, compared to 7.75 cents a year ago. This represents a dividend yield of 5.1%1 and a payout ratio of 99.9%.
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