Propnex 2023 profit drops 23.2%

Revenue also fell 18.6% in FY2023.

Propnex ended FY23 with a revenue of $838.1m, a decrease of 18.6% due to fewer transactions completed by the agency and project marketing services.

In the same period, commission income from agency services declined 7.7% to $591.1m while commission income for project marketing services also fell 36.9% to $242.3m.

This resulted in a 23.3% YoY decline in net profit to $47.8m in FY2023.

In 2023, there were 6,421 new private homes sold representing a 9.6% decrease from 7,099 units sold in 2022, marking the lowest annual tally in 15 years.

In the resale market, transactions for private homes declined 19.2% to 11,329 units from 14,026 units resold in 2022. 

In addition, HDB resale volume also dipped 4.2% to 26,735 units in 2023 from the 27,896 units resold a year ago.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!