Singapore’s largest listed real estate agency, PropNex, has hit a record high of S$1.03 billion for its full-year revenue in 2022. The group’s full-year revenue increased by 7.5%, up from S$957.5 million in 2021.
PropNex also reported a net profit of S$65.4 million for 2022, as well as S$18.9 million for the last quarter of FY2022. Its revenue of S$298.4 million in 4QFY2022 set a new record for its quarterly revenue, a 23.3% increase from S$242 million in the previous year.
PropNex’s strong growth is bolstered by the booming residential resale and rental market in Singapore.
The strong growth was attributed to the increase in full-year commission income, which grew by 23.4% from S$519.2 million to S$640.6 million, thanks to the booming residential resale and rental market.
“We have wrapped up the year with a record full-year revenue posted in PropNex’s history. Despite limited new project launches and a decline in home price growth in the fourth quarter of 2022, we managed to turn in a healthy set of results following improvements in both the Covid-19 situation and the overall economy. Looking forward, we believe that buying interest will continue to remain resilient, as seen by the successful launch of Sceneca Residences early this year and with a healthy pipeline of new launches expected in 2023,” says Mr Ismail Gafoor, co-founder, Executive Chairman and CEO of PropNex, in a press statement.
PropNex is proposing a one-for-one bonus issue where one bonus share will be credited as fully paid for every existing PropNex share held. This is the first bonus share issue that PropNex has undertaken and under this proposal, 370 million new ordinary shares will be issued to their shareholders. According to Mr Gafoor, this strategy will “broaden the distribution of PropNex’s shares to more investors” and “encourage trading liquidity”.
The group is also proposing a final dividend of 8 Singapore cents per share, which will bring the total dividend for FY2022 to 13.5 cents per share. This represents a yield of 8% based on the price of S$1.68 per share on 20 February 2023.
With 11,902 sales professionals (as of 17 February 2023), PropNex is the largest real estate agency in Singapore. The group had grown the number of its sales professionals by 8% from 2022 to 2023.
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Why More Singaporeans Are Eyeing Malaysian Properties in 2024 — And Where They're Buying
If you’ve ever looked across the border for more space, better value, or a second home, you’re not alone.
In 2024, a growing number of Singaporeans are actively exploring Malaysian properties, particularly in Johor Bahru. With home prices rising at home, many are looking to Malaysia for larger living spaces, retirement planning, weekend homes, or investment opportunities.
What’s changed? A combination of improving connectivity, favourable exchange rates, and real lifestyle perks has made Malaysian developments more appealing than ever. And thanks to data from top property portal in Malaysia: PropertyGuru and iProperty, we now know exactly which developments are catching the most attention from Singapore-based users.
Introducing the Consumer Demand Awards – Backed by Real Search Data
To spotlight the most sought-after Malaysian developments, PropertyGuru Asia Property Awards Malaysia launched the Consumer Demand Awards — the first awards in the region powered entirely by user demand data.
Unlike traditional industry awards, these winners were chosen based on actual listing views and enquiries from real users, including Singapore-based seekers, throughout the 2024 calendar year.
And the data is telling a clear story: Singaporeans are actively exploring Malaysian properties that deliver a blend of lifestyle, location, and long-term value.
R&F Princess Cove by R&F Development, a landmark integrated development on the Johor Bahru waterfront, stood out as the most searched Malaysian high-rise among Singaporean users—and for good reason. Located just minutes from the Causeway and future RTS Link, its stunning sea views, lifestyle amenities, and prime accessibility have made it a clear favourite for both homebuyers and investors. With consistently high rental demand, Princess Cove also offers investors strong income stability, knowing their units are unlikely to stay vacant in this strategic location.
But interest wasn’t limited to high-rise urban living. Leisure Farm by Mulpha International, a prestigious landed enclave in Iskandar Puteri, also emerged as a top performer—especially among affluent Singaporeans seeking privacy, space, and status. Known for its serene surroundings, gated security, and luxury lifestyle offerings, Leisure Farm drew high engagement as the most searched Malaysian bungalow development by Singaporeans in 2024. Often likened to Sentosa Cove or Bukit Tunku, its reputation as a discreet, high-net-worth retreat adds to its enduring cross-border appeal.
From sea-facing condos with proven rental upside to lush, landed estates that double as lifestyle statements, the 2024 Consumer Demand Awards reveal where Singaporeans are clicking most—and what defines a truly desirable home across the Causeway.
Singaporeans are drawn to resort-style homes near the Causeway. R&F Princess Cove stands out with its sea views, urban convenience, and high-rise gated living—ideal for both investors and residents. Meanwhile, demand for exclusive landed estates like Leisure Farm shows a rising preference for green space, privacy, and prestige.
2. Cross-Border Convenience
Easy access to the Causeway and future RTS Link remains a top priority. R&FPrincess Cove offers unmatched proximity, while Leisure Farm appeals to those seeking highway connectivity for retirement or weekend living.
3. Space & Elevated Living
Condo buyers want premium facilities, modern layouts, and lifestyle perks—needs met by developments like R&FPrincess Cove. Those wanting more privacy are turning to gated bungalows in townships like Leisure Farm, where luxury and space are central.
4. Strong Investment Logic
R&FPrincess Cove’s strategic location and strong rental demand make it a stable choice for investors. At the same time, exclusive bungalows like Leisure Farm are gaining traction as lifestyle-led investments that reflect both wealth and long-term vision.
Should You Be Looking Across the Border Too?
If you’ve been considering buying in Malaysia—whether for lifestyle, retirement, or investment—now is the time to take a closer look. The data shows a clear trend: Singaporeans are searching, shortlisting, and acting on the right developments across the Causeway.
Start your journey by exploring the top-searched, consumer-approved developments on PropertyGuru Malaysia. With the right property, your next move could be just one bridge away.
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