Propnex says lawsuit against unit for alleged salesperson misconduct withdrawn

SINGAPORE - The lawsuit against PropNex subsidiary PropNex Realty and two co-defendants for alleged misconduct has been dropped, the real estate services group said in a bourse filing on Jan 2.

On Feb 11, 2025, PropNex said a claimant had filed a suit in the High Court of Singapore, seeking to claim damages against PropNex Realty for liability arising from the alleged misconduct of one of its salesmen and his purported advice.

It said then that it intended to defend the lawsuit and had filed a notice of intention to contest with the court.

In its latest update, PropNex said the claimant has “discontinued and withdrawn” the lawsuit, without providing more details on the case.

There is no material impact on its financial position and the performance of the group for its financial year ended Dec 31, 2025, it added.

In October 2025, a

$849,287 lawsuit against PropNex Realty

was also dropped. The lawsuit alleged a “99-to-1 arrangement”, used to avoid paying additional buyer’s stamp duty, and named PropNex Realty and a salesperson as defendants.

Shares of PropNex closed at $1.90, up 1.1 per cent, or two cents, on Jan 2, before the announcement.

THE BUSINESS TIMES