PNG (Powerful Negotiators Group) at PropNex

PropNex, like Singapore's other large agencies, is organised around agent-leaders. A salesperson is licensed with the agency but recruited, trained and supervised inside a leader's team, and teams sit inside larger groups. PropNex's 2018 prospectus counted about 200 such teams, ranging from about 10 to 500 salespersons each. PNG is one of these groups: Kelvin Fong's team and the divisions that grew out of it.^[5]

The name has changed with the business. Fong told 99.co in 2018 that the team first made its name in HDB resale as Mega Force. Once it built a private resale arm it rebranded as Powerful Negotiators, advertising four times a week in The Straits Times, and the name was later shortened to PNG. Members still use it on their own pages: Matt Lam's site calls him a "PropNex PNG Millionaire".^[3],[6]

Because PNG is a group and not a company, it has no licence, no register entry and no published accounts of its own. CEA's register lists every PNG agent under PropNex Realty, so the only figures about PNG itself are the ones its leaders, its members and PropNex have chosen to publish.

Every figure for PNG's size has come from PNG or its leaders, and each has been larger than the last. The Straits Times reported in July 2012 that Fong headed a PropNex team of more than 1,100 agents. In April 2018 he told 99.co the group had over 3,300 agents and 92 leaders, and that its goal for the year was to pass 4,000.^[3],[7]

Two figures don't sit easily beside those. Fong's own website says he had built a 5,000-strong team by 2016, two years before the 3,300 he gave 99.co. And PropNex's June 2018 prospectus, which names none of its teams, says its largest team, counting the teams under it, had about 500 salespersons. The counts may measure different things, such as a leader's own line against a whole group, but PropKaki has not found a source that reconciles them.^[5],[8]

The latest figure, about 8,000, appears only on websites run by PNG members, with no date. For scale, PropNex as a whole said it had over 14,333 salespersons on CEA's records in May 2026.^[1],[2],[9]

Sizes are the group's own claims. CEA's register records the agency an agent is licensed with, not the group, and divisions inside a group are counted again in its total.

Fong started out in HDB resale. The Straits Times reported in 2012 that he began at Dennis Wee Realty, selling HDB flats, before building his team at PropNex; PropNex's prospectus dates his joining PropNex as a salesperson to 2003. His own website gives both 2002 and 2003 as his start.^[5],[7],[8]

The Straits Times described the early team as a few friends and relatives that grew to nearly 300 people and became one of PropNex's top teams within a year. The members' websites date PNG's founding to 2005 and credit Fong "and his team of leaders". The team moved from HDB resale into private property in 2006, by Fong's account to 99.co, or 2007, by The Straits Times'.^[1],[3],[7]

Alongside the team, Fong co-founded Zest Academy, a training firm for property investors and agents, around 2010. PropNex's prospectus lists Zest Academy Group as 45% owned by him.^[5],[7],[8]

Fong moved from running a team into PropNex's management on 9 March 2016, when he became an executive director of PropNex Realty. The prospectus put him in charge of training, salespersons' skills and the firm's IT strategy. He still spoke of "92 leaders under my charge" when 99.co interviewed him in 2018. His website says he became Deputy CEO in 2023, and PropNex announced on SGX that he became CEO on 15 July 2025, with Ismail Gafoor staying on as Executive Chairman.^{[3],[4],[5],[8]}

Under him, PNG is run through its division leaders. Marcus Luah joined PNG in 2012 and leads Marcus Luah Advisory. PropNex made him one of its first five Agency Vice Presidents, under a framework introduced in 2023, and in April 2026 its Chief Growth Officer, working with Chief Agency Officer Eddie Lim and Fong on recruitment, retention and leadership development.^[10],[11]

Ray Teo leads Ray Teo Advisory and is PropNex's chief trainer for landed homes, EdgeProp reported in December 2022, when his title was Advisory Associate Branch District Director. Kelvin Thong told 99.co around 2018 that he led about 130 people within PNG.^[12],[13]

• Kelvin Fong^[4],[5]Founder

  CEO, PropNex, since 15 Jul 2025 · what this title means

  Executive director of PropNex Realty from 9 March 2016 (2018 prospectus); Deputy CEO from 2023 (his website).

  CEA profile R009384C · 0 deals on CEA's record. A leader's own count can be low, because the title reflects building a team.

• Marcus Luah^[10],[11]Leads Marcus Luah Advisory

  Chief Growth Officer, PropNex, since 17 Apr 2026 · what this title means

  Joined PNG in 2012; one of PropNex's first five Agency Vice Presidents.

  CEA profile R018463F · 52 deals on CEA's record. A leader's own count can be low, because the title reflects building a team.

• Ray Teo^[12],[14]Leads Ray Teo Advisory

  Advisory Associate Branch District Director, in 2022 · what this title means

  PropNex's chief trainer for landed homes (EdgeProp, Dec 2022).

  CEA profile R010198F · 6 deals on CEA's record. A leader's own count can be low, because the title reflects building a team.

• Matt Lam^[15],[16]Leads MattLamAdvisory

  Senior Advisory Branch District Director, in May 2026 · what this title means

  Came into PNG through Marcus Luah (99.co, 2018).

  CEA profile R013756E · 367 deals on CEA's record. A leader's own count can be low, because the title reflects building a team.

• Aaron Wan^[17],[18]Leads AaronWanDivision

  Senior Group District Director, in Jan 2022 · what this title means

  At ERA from 2013; PropNex from October 2017 (EdgeProp, 2018).

  CEA profile R051812G · 162 deals on CEA's record. A leader's own count can be low, because the title reflects building a team.

• Kelvin Thong^[13]Leads Kelvin Thong's team

  CEA profile R016001Z · 339 deals on CEA's record. A leader's own count can be low, because the title reflects building a team.

A division is a leader's own team plus the teams of the leaders they have brought up. Divisions keep their own names, websites and recruiting, and some contain divisions of their own: a PNG member's website places Vincent Woon's division inside Marcus Luah's, which it says had 13 leaders.^[1]

Because each level counts everyone below it, the sizes overlap. Marcus Luah's group, put at over 5,000 salespersons by PropNex in April 2026, is counted inside PNG's own total, not added to it. Marcus Luah Advisory's own website gives three different sizes on one page, from 5,100 to 6,200.^[11],[19]

Ray Teo's division runs a smaller hand-picked team, Eminence Landed, trained to serve high-net-worth buyers of landed homes, EdgeProp reported. PropKaki lists a division here when a source places it in PNG, and gives it a page of its own once it has claimed 100 or more agents.^[12]

Two more divisions are placed in PNG by their leaders' own accounts. Matt Lam told 99.co in 2018 that he came into PNG through Marcus Luah, and his website still calls him a "PropNex PNG Millionaire"; Aaron Wan joined PropNex through PNG after leaving ERA, Carousell reported in 2019.^{[6],[16],[20]}

Most of PNG's history is told by its own leaders, in interviews and on members' websites. Two outside records fix points along the way: The Straits Times' profile of Fong in 2012, and PropNex's IPO prospectus in 2018. The timeline below gives each event with who reported it.^[5],[7]

The group's commercial weight became public around PropNex's 2018 listing. Fong told 99.co the team's revenue was S$116 million in 2016 and at least S$216 million in 2017, close to a 90% rise. The Fifth Person put Powerful Negotiators' 2017 brokerage income at S$218.0 million of PropNex's S$355.8 million, or 61.3%, and pointed to the risk for PropNex if the group's leader left with his agents.^[3],[21]

PropKaki could not find those figures in the prospectus itself. What the prospectus does say is that teams often leave together when their leader leaves, and it lists Fong, already a director, as holding shares in the listed company, which The Fifth Person read as PropNex's answer to that risk.^[5],[21]

1. 2003

   Kelvin Fong joins PropNex as a salesperson, according to PropNex's 2018 prospectus. The Straits Times reported in 2012 that he began at Dennis Wee Realty, selling HDB flats; his own website gives both 2002 and 2003.^[5],[7]

2. 2005

   PNG is founded by Kelvin Fong and his team of leaders, say websites run by PNG members. Fong told 99.co it first made its name in HDB resale as Mega Force.^[1],[2],[3]

3. 2006

   Fong moves into private property and the team builds a private resale arm, he told 99.co; it is renamed Powerful Negotiators, later shortened to PNG. The Straits Times dated the switch to private property to 2007.^[3],[7]

4. 2012

   Marcus Luah moves to PNG, then called Powerful Negotiators, he told 99.co in 2017. Fong said in 2026 that he had recruited Luah himself.^[10],[11]

5. Jul 2012

   The Straits Times reports that Fong heads a PropNex team of more than 1,100 agents.^[7]

6. 9 Mar 2016

   PropNex appoints Fong an executive director of PropNex Realty, moving him from team leader into management, its 2018 prospectus says. His own website says the appointment followed his building a 5,000-strong team.^[5],[8]

7. 2017

   Fong told 99.co the team's revenue was S$116 million in 2016 and at least S$216 million in 2017. The Fifth Person wrote in July 2018 that Powerful Negotiators earned S$218.0 million in 2017, 61.3% of PropNex's revenue that year.^[3],[21]

8. Apr 2018

   Fong tells 99.co that PNG has over 3,300 agents and 92 leaders, and aims to pass 4,000 that year.^[3]

9. Jun 2018

   PropNex lists on SGX. Its prospectus does not name its teams; it says PropNex has about 200 teams of about 10 to 500 salespersons, and that its largest team, counting the teams under it, has about 500.^[5]

10. 2023

    Fong becomes PropNex's Deputy CEO, his website says.^[8]

11. 15 Jul 2025

    Fong becomes PropNex's CEO. Ismail Gafoor steps down as CEO and stays on as Executive Chairman, PropNex announced on SGX.^[4]

12. 17 Apr 2026

    PropNex names Marcus Luah, who leads a division inside PNG, its Chief Growth Officer, a new role, and says his advisory group has over 200 team leaders and over 5,000 salespersons.^[11]

13. Undated (read Nov 2026)

    Websites run by PNG members describe PNG as a team of about 8,000 agents; neither page gives a date.^[1],[2]

PropNex runs its own yearly awards for agents, leaders and teams, and PNG's members cite them often. The claim of champion team every year since 2006 appears in the same words on two members' websites. The Straits Times reported in 2012 that Fong had won PropNex's Champion Team Leader title for several years.^[1],[2],[7]

Within PNG, Marcus Luah's group lists PropNex's Champion Overall Team from 2018 to 2024, and PropNex said in 2026 that Luah had held its Millionaire title every year from 2021 to 2025. Ray Teo received PropNex's Meritorious Award, which PropNex Picks called its highest recognition for leadership and contribution.^{[11],[14],[19]}

These are awards PropNex gives its own agents, not independent rankings. To compare individual agents, use their CEA-recorded deals, linked from each leader above.

Whole groups do move in Singapore. PropNex's prospectus notes that salespersons and team leaders often leave together when their leader leaves, and PropNex itself took in most of Dennis Wee Group's agents in 2017. PropKaki has found no report of PNG, or a named division of it, leaving PropNex.^[5],[22]

The moves on record are of people. Marcus Luah moved to PNG in 2012, by his own account to 99.co, and Fong said in 2026 that he had recruited him himself. Fong moved from team leader to PropNex's management in 2016. If a leader or division is reported leaving PNG, it will be added here, dated and sourced.^{[5],[10],[11]}

• 2012: Marcus Luah moves to PNG, then called Powerful Negotiators, he told 99.co in 2017. Fong said in 2026 that he had recruited Luah himself.^[10],[11]

There is no application to PNG as such. A new agent joins PropNex through a leader, and that leader's place in PNG decides which group they belong to. Under PropNex's "Dual Career Path", set out in its prospectus, a salesperson who completes certain training and reaches commission targets can become a Team Manager and then a Team Leader, who recruits, trains and supervises their own salespersons.^[5]

Commission is set by PropNex, not by the group. The prospectus says salespersons generally keep between 70% and 90% of the commission on each completed deal, rising as they reach targets, and that team managers and leaders take overrides of up to 5% of PropNex's commission income.^[5]

PNG's leaders describe training as what they offer. Kelvin Fong told 99.co in 2018 that PNG runs a sales programme and a three-day leadership bootcamp for 200 to 250 attendees at a time, supported by about 60 volunteers. Divisions recruit for themselves: Marcus Luah Advisory and Jeron Lee District, both in PNG, run their own recruiting sites.^{[3],[19],[23]}

Before you join any group, read what to ask when joining a property agency, and check the leader's own record on their CEA profile.

Each of the big agencies has groups of this size, each led by the leader who built it. Rex Tan founded Rex Tan Division after joining Huttons in 2010 and became Huttons' chief agency officer in January 2026, when EdgeProp reported the division's headcount as 2,650. ERA's Preeminent Group is led by Kevin Lim and says on its website it has over 3,100 agents.^[24],[25]

The figures are each group's own count, taken in different years, so this is a list of similar groups, not a ranking. CEA's records compare agents and agencies, not groups; each agency's page on PropKaki shows its agents and deals on record.

1. [1]vincentwoon.net, Vincent Woon, PropNex (a PNG member's website), Undated (read Nov 2026). Checked 6 November 2026.
2. [2]jasontan.sg, Jason Tan, PropNex (a PropNex member's website), Undated (read Nov 2026). Checked 6 November 2026.
3. [3]99.co, 99.co's property agent success stories: Kelvin Fong and PNG rise to new heights, 13 Apr 2018. Checked 6 November 2026.
4. [4]PropNex Limited (SGX announcement), Announcement on leadership transition, 15 Jul 2025. Checked 6 November 2026.
5. [5]PropNex Limited, IPO prospectus, dated 25 June 2018, 25 Jun 2018. Checked 6 November 2026.
6. [6]mattlamadvisory.com, Matt Lam Advisory, Undated (© 2023, read Nov 2026). Checked 6 November 2026.
7. [7]The Straits Times, From zero to raking in millions, Jul 2012. Checked 6 November 2026.
8. [8]kelvinfong.com, Official Web: PropNex CEO – Kelvin Fong, Undated (read Nov 2026). Checked 6 November 2026.
9. [9]PropNex, 37 PropertyLimBrothers Salespersons, Including Co-Founder Adrian Lim, join PropNex, 13 May 2026. Checked 6 November 2026.
10. [10]99.co, Property agent success stories: Marcus Luah, 28 Apr 2017. Checked 6 November 2026.
11. [11]PropNex, PropNex Appoints Marcus Luah as Chief Growth Officer to Drive Next Phase of Expansion, 17 Apr 2026. Checked 6 November 2026.
12. [12]EdgeProp (via Yahoo Finance), Property agent finds strength in adversity, solves problems with a moral compass, 12 Dec 2022. Checked 6 November 2026.
13. [13]99.co, 99.co's property agent success stories: Live the dream with Kelvin Thong, 2018. Checked 6 November 2026.
14. [14]PropNex Picks, Bringing Happiness to Clients by Putting Their Interests Above Self, 25 May 2022. Checked 6 November 2026.
15. [15]EdgeProp, MattLam's 'The Essentials' framework: Mentoring 2000 agents, producing 28 millionaires and crossing $180 mil in 2025, 7 May 2026. Checked 6 November 2026.
16. [16]99.co, 99.co's Property Agent Success Stories: The Becoming of a Young Leader with Matthew Lam, 9 Nov 2018. Checked 6 November 2026.
17. [17]EdgeProp (via Yahoo Finance), Wan ways to growing careers in real estate, 6 Jan 2022. Checked 6 November 2026.
18. [18]EdgeProp, 'Wan way' to succeed in real estate, 18 Nov 2018. Checked 6 November 2026.
19. [19]marcusluahdivision.com.sg, Meet the team – Marcus Luah Advisory, Undated (read Nov 2026). Checked 6 November 2026.
20. [20]Carousell, Property agent success stories: Aaron Wan, Group Division Director at PropNex Realty, 11 Mar 2019. Checked 6 November 2026.
21. [21]The Fifth Person, PropNex IPO – 4 quick things to know before you invest, 4 Jul 2018. Checked 6 November 2026.
22. [22]PropNex, 88% of active DWG salespersons chose to cross over to PropNex Realty, 10 Jul 2017. Checked 6 November 2026.
23. [23]Jeron Lee District, Career paths, Undated (© 2026, read Nov 2026). Checked 6 November 2026.
24. [24]EdgeProp, Huttons appoints Rex Tan as chief agency officer, 19 Jan 2026. Checked 6 November 2026.
25. [25]preeminentgroup.sg, Preeminent Group, ERA, Undated (© 2017, read Nov 2026). Checked 6 November 2026.