Propnex to roll out S$7.3m career enhancement package for agents

PROPNEX Realty, a subsidiary of mainboard-listed real estate agency Propnex Limited, will roll out a S$7.3 million career enhancement package to equip its 8,700 sales agents with skills to perform "in the new norms of the real estate industry", it said in a bourse filing on Wednesday.

The package includes S$3.05 million spending on digital transformation tools, S$2.95 million in training subsidies, and S$1.3 million to support agents' expenses in upgrading their real estate skills and activities.

PropNex Realty will also subsidise S$50 for professional indemnity insurance renewals in 2021 to agents with insurance coverage of S$300,000, it added.

In its filing, the company also announced a partnership with local broadcaster Mediacorp and property portal to hold the Singapore Property Show 2020 virtually.

The online event will showcase close to 20 new launch projects, and include features such as narrated 4D virtual tours embedded into each project listing, it added.

PropNex Realty said it will support the event by helming weekly webinars on Singapore's property market and property investment strategies.

PropNex Realty chief executive Ismail Gafoor said the initiative is part of the company's move "for a more entrenched footprint in chartering towards embracing technology, as consumers are now more open and willing to learn from webinars in making decisions to invest or upgrade to the next property".

Last month, PropNex Limited posted a net profit of S$7.26 million for its second quarter ended June 30 - nearly double the S$3.7 million from the year-ago period - on higher revenue and an increase in contribution from project marketing services.

Earlier in April, it announced a S$30 million support plan to help its sales agents tide over Singapore's Covid-19 "circuit-breaker" period.

Shares of Propnex Limited were trading at 59 Singapore cents as at 9.42am on Wednesday, up 0.5 cent or 0.9 per cent.