PropNex Ltd (SGX: OYY) is the largest real estate brokerage firm Singapore by the number of salespersons. It went public in July 2018 and had since grown its businesses strongly.
In this article, we will take a look at its operations, earnings, business profile, and growth prospects.
Business Segments
Propnex operates five business segments namely Agency Services, Project Marketing Services, Administrative Support, Property Management, and Training Services.
Agency Services group its brokerage services under property sales or lease transactions segment. Project Marketing covers managing and marketing new launches by property developers. The two segments are the largest revenue contributor for PropNex, taking up 95% of total revenue in FY 2020.
As of end-2018, PropNex has 7,400 sales professionals. The salesforce has grown bigger to 8,324 as of 1 Jan 2020.
PropNex number of sales representatives. Source: FY2018 Annual Report
PropNex has a presence in Malaysia, Vietnam, and Indonesia. Malaysia’s operations grew from 60 salespersons in 2018 to 500 salespersons today....