With Singapore property entering a “goldilocks” phase, local property agency PropNex has reported a record $1.12 billion in revenue for FY2025 ended Dec 31, a 42.6% y-o-y jump from FY2024.
Correspondingly, net profit attributable to shareholders surged 72% y-o-y to $70.4 million. The strong performance was attributed to the strong pick-up in private residential project launches and sales activity in Singapore’s property market in 2025.
The company is proposing a final cash dividend of 4.5 cents per share, bringing full-year dividend to 9.5 cents per share, an increase from FY2024’s 7.75 cents per share. FY2025’s dividend also represents a dividend payout ratio of 99.9%, exceeding the company’s dividend policy to recommend and distribute dividends of 75% to 80% of its profit attributable to shareholders.
Based on PropNex’s share closing price in FY2025, the dividend yield is 5.1%.
PropNex won the Centurion Award for achieving the Highest Weighted Return on Equity Over Three Years in the Real Estate Sector at The Edge Singapore's Billion Dollar Club Awards 2025.
Executive chairman Ismail Gafoor says: “Our 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.
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“Our efforts were also amplified from our sustained investments in technology and training, which further empowered us to enhance productivity, execution capabilities, and service quality,” he adds.
On a segmental basis, revenue from agency services rose 14.3% y-o-y to $675.9 million, while project marketing services “rebounded sharply” with revenue soaring 133.9% y-o-y to $434 million.
As at Dec 31, 2025, PropNex’s net asset value was 15.69 cents, a decrease from FY2024’s 16.68 cents. It had no borrowings, with cash and cash equivalents increasing from around $112 million to $149 million during 2025.
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Review and outlook
Reviewing 2025, PropNex says that the private homes market activity increased “substantially”, reflecting a release of pent-up supply and demand following a more subdued launch environment in 2024. During the year, a total of 11,482 new units, excluding executive condominiums (ECs), were launched in 2025, representing a 72.7% y-o-y increase from 2024. Out of these, sales hit a four-year high with 10,815 new private homes (excluding ECs) sold in 2025, up 67.2% y-o-y from 2024.
In the private home resale market, volume rose 4% y-o-y to 14,622 units in 2025, from 14,053 units resold in 2024, marking the highest resale volume since 2021, when 19,962 homes were sold.
Noting trends in the HDB resale market which indicate that the market has normalised after several years of healthy gains, PropNex noted that resale price growth eased to 2.9% in 2025, compared with 9.7% in 2024, marking the slowest annual growth since 2019. Resale volume softened by 9.7% y-o-y to 26,169 flats in 2025.
PropNex says that it remains positive as it anticipates that the stability and sales momentum observed in Singapore’s housing market in 2025 will extend into 2026 on the back of several factors. These include sustained moderate interest rates and a decline in sub-sales transactions, suggesting that buying activity is increasingly driven by owner-occupiers and long-term purchasers rather than short-term investors.
It notes that market conditions remain “healthy”, characterised by a relatively low level of unsold inventory with around 14,859 unsold, uncompleted private homes (excluding ECs) at the end of 2025, the lowest level seen in the last 15 quarters. It estimates that the upcoming supply of new private homes and ECs remain "strong” with an estimated 11,116 units across 27 new projects slated for launch in 2026, compared to 12,769 units across 27 projects in 2025. These trends are expected to provide support for prices and sales activity in 2026.
CEO Kelvin Fong says: “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.”
The number of PropNex’s salesperson grew from 12,636 as at Jan 1, 2025 to approximately 14,202 as at Feb 20, 2026. The company became a constituent in the iEdge Singapore Next 50 Index, which was launched on 22 September 2025. The Index tracks the performance of the next 50 largest companies listed on the Singapore Exchange Mainboard, beyond the 30 largest companies by market capitalisation.
Shares in PropNex closed 5 cents, or 2.2% lower, at $2.23 on Feb 26.
