PropNex Realty

PropNex directors acquire shares; Phillip Securities makes 'buy' call on sector

SINGAPORE (June 10): Top executives in PropNex Realty recently acquired a total of 709,400 shares at 48 cents each. Executive chairman and CEO Ismail Gafoore purchased a total of 609,400 shares on May 28 and June 4 and executive director Alan Lim Tow Huat bought 100,000 shares on June 4.

Their purchases come after shareholders approved a share buyback mandate at the most recent annual general meeting on April 10. PropNex can now buy up to 37 million shares from the market, but it has yet to do so.


PropNex 4Q earnings fall 58% to $1.8 mil on lower revenue, higher staff costs

SINGAPORE (Feb 26): Real estate agency PropNex saw its earnings fall 57.7% to $1.8 million for the 4Q18 ended December, from $4.3 million a year ago.

This bring full-year earnings for FY18 to a record $19.4 million, some 19.3% higher than a year ago.

Excluding a one-off initial public offering (IPO) expenses of $1.1 million in FY18, the group would have registered earnings of $23.1 million for the full year, representing an increase of 22.0% from FY17.

4Q18 revenue fell 16.4% to $83.0 million, from $99.3 million a year ago.

PropNex Realty enters into strategic collaboration with Century 21 franchise GAP

SINGAPORE (Feb 20): PropNex Realty has entered into a strategic collaboration with Global Alliance Property (GAP).

GAP is operated under the Century 21 franchise, a wholly-owned indirect subsidiary of China Real Estate Grp (CREG).

Under the collaboration, GAP’s salespersons will be transferred to PropNex Realty. GAP will discontinue its real estate agency business with the transfer of the salespersons to PropNex Realty. Meanwhile, CREG will continue its foray in real estate development in China.

PropNex says unlikely to be affected by cooling measures

SINGAPORE (Oct 22): PropNex expects rental, landed and HDB resale segments -- representing 40% of its total revenue -- to stay resilient in the face of cooling measures, says UOB KayHian after a meeting with management.

PropNex started at 'buy' by UOB on strong branding, regional expansion

SINGAPORE (Sept 12): UOB KayHian is starting coverage of real estate agency PropNex with a “buy” and target price of 65 cents or 10 times FY19 forecast earnings given negatives from the recent cooling measures have been priced in.

“We believe it is a low-risk proxy to Singapore property with a future-proof business model. Leveraging on its strong brand equity, PropNex has also expanded regionally,” says lead analyst Loke Peihao in a Wednesday report.

New launches to carry on unabated even as buyers mull options: PropNex

SINGAPORE (Aug 15): PropNex Realty, a subsidiary of PropNex Limited, anticipates the total volume of new homes transactions to hit 8,500-9,000 for 2018.

UOB partners top 4 property agencies to build fully digital home loan solution

SINGAPORE (Aug 7): United Overseas Bank (UOB) has teamed up with Singapore’s four top property agencies – ERA Realty, Huttons Asia, OrangeTee & Tie, and PropNex Realty – to launch a fully digital home loan solution.

UOB’s digital home loan solution will enable the agents from these agencies, which make up close to 90% of all property agents in Singapore, to provide a bank-backed property valuation tool, a banker and buyer matching service, and online instant home loan approval service.

PropNex clarifies away discrepancies to register IPO to raise $38 mil

SINGAPORE (June 25): PropNex Realty has launched its initial public offering to raise $38 million, becoming the second real estate brokerage to list on the Singapore Exchange after APAC Realty.

PropNex's prelim IPO prospectus attracts unwanted attention over discrepancies

PropNex's prelim IPO prospectus attracts unwanted attention over discrepancies

SINGAPORE (June 21): PropNex Realty’s upcoming initial public offer (IPO) has already attracted its fair share of attention, albeit for the wrong reasons.

After poring over the preliminary IPO prospectus document lodged last Thursday, eagle-eyed observers have spotted a number of discrepancies in the group's disclosures.

Real-estate agency PropNex lodges preliminary offer document

Real-estate agency PropNex lodges preliminary offer document

SINGAPORE (June 14): PropNex Realty, Singapore’s largest real estate agency, has lodged its preliminary offer document with the Monetary Authority of Singapore for its Mainboard listing on the Singapore Exchange.

PropNex plans to raise about $40 million from the initial public offering (IPO), according to a June 1 Bloomberg report, citing people with knowledge of the matter. The company is also targeting a market capitalisation of as much as $250 million, Bloomberg said, adding that the IPO shares could be priced at 62-68 cents each.

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