$7.3m career boost for PropNex agents

A unit of mainboard-listed Propnex is rolling out a $7.3 million package to equip its 8,700 sales agents with skills to perform "in the new norms of the real estate industry", it said yesterday.

The package includes $3.05 million for digital transformation tools, $2.95 million in training subsidies and $1.3 million to support agents' expenses in upgrading capabilities.

The unit PropNex Realty will also subsidise $50 for professional indemnity insurance renewals next year to agents with coverage of $300,000.

It also announced a partnership with local broadcaster Mediacorp and property portal 99.co to hold the Singapore Property Show 2020 virtually.

The online event will showcase 20 or so new launches and include features such as 4D virtual tours embedded into each project listing.

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

PropNex Realty chief executive Ismail Gafoor said "consumers are now more open and willing to learn from webinars in making decisions to invest or upgrade to the next property".

Parent company PropNex reported net profit of $7.26 million last month for the second quarter ended June 30 - nearly double the $3.7 million from the same period last year - on higher revenue and an increase in contribution from project marketing services.

In April, PropNex announced a $30 million support plan to help agents through the circuit breaker period.


A version of this article appeared in the print edition of The Straits Times on September 17, 2020, with the headline '$7.3m career boost for PropNex agents'. Print Edition | Subscribe