{"id":8190,"date":"2016-03-09T17:25:26","date_gmt":"2016-03-09T10:25:26","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/propnex-bucks-trend-with-200m-in-commissions\/"},"modified":"2016-03-16T21:08:53","modified_gmt":"2016-03-16T14:08:53","slug":"propnex-bucks-trend-with-200m-in-commissions","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/propnex-bucks-trend-with-200m-in-commissions\/","title":{"rendered":"PropNex bucks trend with $200m in commissions"},"content":{"rendered":"


\nMohamed Ismail, CEO of PropNex Realty. (Photo: PropNex)
\nDespite Singapore\u2019s sluggish property market, PropNex Realty saw gross commissions soar to a record high of $200 million in 2015, while transaction volume surpassed 40,000 for the first time.
\nIn a statement, the real estate agency said its strong financial results were achieved against a backdrop of rising interest rates, softer economic growth, falling prices and transaction volumes, oversupply worries and higher vacancy rates.
\nDevelopers also face hefty extension charges for unsold units, while the exodus of property agents continues. During the latest license-renewal period with the Council for Estate Agencies (CEA), the number of registered agents and real estate agencies fell by eight percent and four percent respectively from 2014\u2019s numbers. Only 1,299 new agents joined the industry in 2015, versus 3,006 in the previous year.
\nIn recent years, PropNex, which has a stable of over 6,000 agents, has been appointed as the marketing agency for more than 40 local projects.
\nOf these, there are still around 7,500 unsold units, which the company plans to help clear, including private condos, executive condominiums (ECs), landed homes, as well as commercial and industrial properties.
\nMeanwhile, PropNex has proposed a number of tweaks to the government\u2019s property cooling measures. These include easing the loan-to-value (LTV) limits, reducing the Additional Buyer\u2019s Stamp Duty (ABSD) for local and foreign buyers, and raising the mortgage servicing ratio (MSR) for EC buyers to 45 percent, from the current 30 percent.
\nThese recommendations are based on feedback and observations gathered from its 200,000-plus transactions since 2009.
\nPropNex believes that now is a good time to calibrate some of the cooling measures, as home prices have become more affordable, non-performing loans were at just 0.4 percent as at Q3 2015, and there is looming oversupply.
\nSpeculative activity has also lessened, with quarterly sub-sales at just three to four percent of last year\u2019s total volume. Furthermore, foreign demand has declined, with expatriates accounting for just eight percent of the overall volume in 2015, down from about 18 percent in 2011.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…PropNex bucks trend with 0m in commissions<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Mohamed Ismail, CEO of PropNex Realty. (Photo: PropNex) Despite Singapore\u2019s sluggish property market, PropNex Realty...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-8190","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-286","jetpack-related-posts":[{"id":104229,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/gap-to-transfer-its-property-agents-to-propnex-realty\/","url_meta":{"origin":8190,"position":0},"title":"GAP to transfer its property agents to PropNex Realty","date":"February 21, 2019","format":false,"excerpt":"\r PropNex further strengthens its position as Singapore\u2019s largest listed real estate agency with over 7,500 salespersons. Global Alliance Property (GAP), which operates under the Century 21 franchise, has signed a strategic collaboration with PropNex Realty, whereby GAP\u2019s property agents will be transferred to the latter. With the transfer of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":60360,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/80-of-dwg-agents-crossed-over-to-propnex\/","url_meta":{"origin":8190,"position":1},"title":"80% of DWG agents crossed over to PropNex","date":"July 11, 2017","format":false,"excerpt":"\r PropNex Realty is officially the largest real estate agency with 6,688 salespersons. (Photo: Jianwei Huang) Some 845 out of the 1,063 property agents (80 percent) from Dennis Wee Group (DWG) have signed an agreement to cross over to PropNex Realty following a merger announcement in June. This means that\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":48810,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/propnex-realty-ventures-into-indonesia-to-target-wealthy-buyers\/","url_meta":{"origin":8190,"position":2},"title":"PropNex Realty ventures into Indonesia to target wealthy buyers","date":"March 20, 2017","format":false,"excerpt":"\r Group photo of PropNex CEO Mohamed Ismail with some of the agents from Indonesia. Property agency PropNex Realty embarked on its first regional expansion into Indonesia in the second half of 2016 to access a larger pool of potential buyers, especially those interested in purchasing Singapore luxury properties. \u201cWe\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":107763,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/propnex-among-top-two-agencies-for-new-launches\/","url_meta":{"origin":8190,"position":3},"title":"PropNex among top two agencies for new launches","date":"June 4, 2019","format":false,"excerpt":"\r It is currently Singapore\u2019s biggest real estate agency, in terms of the number of agents. Although it has not been among the first port-of-calls among property developers for new launches, PropNex is recently gradually earning market share in this particular segment, revealed a Phillip Securities report. In fact, it\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":92594,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/propnex-clears-air-on-discrepancies-over-dennis-wee-realty-transaction\/","url_meta":{"origin":8190,"position":4},"title":"PropNex clears air on discrepancies over Dennis Wee Realty transaction","date":"June 27, 2018","format":false,"excerpt":"\r PropNex Realty\u2019s CEO, Ismail Gafoor. Real estate agency PropNex Realty has clarified certain matters cited in recent media reports that its transaction involving Dennis Wee Realty (DWR) was without monetary terms and that there were discrepancies between its audited revenue and profit for FY2016 to the figures in its\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":68628,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-agencies-merge-tap-into-tech-as-real-estate-market-goes-increasingly-online\/","url_meta":{"origin":8190,"position":5},"title":"Property agencies merge, tap into tech as real estate market goes increasingly online","date":"October 10, 2017","format":false,"excerpt":"\r Lower commissions, developers being less dependent on agents, and digital disruption are posing threats to Singapore agencies, says industry veteran. The property agency industry has been abuzz with recent mergers and how technology is disrupting the way agents do business. 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