Realty firm PropNex saw its net revenue after tax obligation for the financial year ended 31 December 2020 jump 47.8% year-on-year to $31.2 million, despite the COVID-19 pandemic and also the resulting restrictions.
Income additionally raised 22.8% year-on-year to $515.6 million from the previous year’s $419.8 million.
PropNex attributed the walk mainly to the “boost in payment income from job advertising and marketing solutions of $83.8 million and also a boost in firm services of $13.1 million, as a result of the greater variety of deals completed in FY2020”.
It noted that the group’s 2020 efficiency was led by domestic needs originating from both the general public housing and personal household segments.
Demand was driven by neighborhood home purchasers that capitalized on the low-interest rate as well as the attractive rates of newly-launched growth projects.
“The existing strength on the market was sustained by enough liquidity and reduced rates of interest. As a result, the residential property market returned with fairly even more tasks in the 2nd half of 2020. For the whole of 2020, private residence costs climbed 2.2%, adhering to the 2.7% rise in 2019. Meanwhile, HDB resale rates climbed by 5%, consequently underpinning the general strength of the property market in Singapore,” said Ismail Gafoor, co-founder, Executive Chairman as well as CEO of PropNex.
He kept in mind that real estate firm gamers had fasted in adjusting to the scenario by embracing digital modern technologies “to ensure service continuity in spite of the circuit breaker duration”.
“This translated to an increase in our market share throughout the three sections of brand-new launches, exclusive resale, and also HDB resale, and also permitted us to accomplish growth in our top- as well as fundamental,” said Gafoor.
Meanwhile, PropNex disclosed that the number of its sales representatives grew to 9,057 since 22 February 2021 from 8,327 as of 1 January 2020– making it the initial realty agency in Singapore to cross the 9,000 sales representatives mark.
“This reflects PropNex’s tested training programs, it’s a signature technical platform, digital webinars as well as residential or commercial property shows which drew in much more skilled and also new sales representatives to join the group,” it claimed.
PropNex means to additionally “hire and maintain the sales force with a vision of 10,000 sales representatives in Singapore by 2022”.
Also check: Sophisticated Interior Design For Your Next Home