Singapore’s largest real estate agency, PropNex, has once again risen to the top of The Edge Singapore’s Centurion Club, which ranks listed companies with market capitalisations between $100 million and $999 million, as part of the Billion Dollar Club 2024. For the third consecutive year, PropNex has earned accolades for Highest Return to Shareholders, Highest Weighted Return on Equity (ROE), and the most prestigious award in its category, Overall Real Estate Sector Winner.

PropNex started the Year of the Dragon with a big bang by setting the Guinness World Record with 3,268 people participating in a simultaneous Lo Hei Toss at its Lunar New Year celebration on Feb 15. 

Despite an optimistic start to the Year of the Dragon, the first nine months of 2024 proved challenging for new home sales, with developers selling only 3,049 private homes — a level not seen since the 2008 Global Financial Crisis, when 4,264 units were sold.

The subdued new home sales reflect the impact of the April 2023 property cooling measures, elevated interest rates, and concerns over ongoing global tensions, including those between the US and China, the Russia-Ukraine war, and the Israeli-Palestinian crisis.

Market share growth