PropNex FY2020 earnings up 47.8% to $31.2 million

PropNex, Singapore’s largest listed real estate agency, has reported earnings of $31.2 million for FY2020, up 47.8% y-o-y. Revenue in the same period was up 22.8% to $515.6 million, with a bigger volume of transactions handled for both private and public housing eve amid the Covid-19 pandemic.

“The various cooling measures introduced had effectively reduced speculators in the real estate market. The current resilience in the market was fuelled by ample liquidity and low interest rates,” says Ismail Gafoor, co-founder, executive chairman and CEO of PropNex, referring to the growth in activities in the second half of 2020.

As a result, the property market returned with relatively more activities in the second half of 2020. For the whole of 2020, private home prices climbed 2.2%, following the 2.7% rise in 2019. Meanwhile, HDB resale prices rose by 5%, thereby underpinning the overall resilience of the real estate market in Singapore.” 

---

---

Related Stories

• Market takes Fed’s 3-2-3 and property curbs in its stride
• Analysts raise estimates on PropNex after 3QFY21 earnings meet and, or surpass expectations
• PropNex’s 3Q21 earnings more than doubles to $14.4 mil

---