# PropNex profit dips in 1H2026 as fewer new launches weigh on commissions from project marketing

- **Source:** EdgeProp Singapore
- **Published:** 2026-08-13T01:41:55.000Z
- **Author:** Fiona Lam
- **Original:** https://www.edgeprop.sg/property-news/propnex-profit-dips-1h2026-fewer-new-launches-weigh-commissions-project-marketing
- **Topics:** HDB & Public Housing, Private Residential, New Launches

## Featured rationale

Healthy resale and leasing activity signals cross-segment resilience, while removal of the 15-month wait-out period could support right-sizing and transactions across HDB and private resale markets.

## AI summary

PropNex’s 1H2026 profit fell 3.1% to $40.9 million as 22.2% fewer private-home launches reduced project-marketing commission income by 7.8%.

## Original article

Real estate agency PropNex’s net attributable profit slipped by 3.1% y-o-y to about $40.9 million for the first half of this year, while revenue inched up 0.7% to $603 million.

The slight increase in revenue was driven largely by a 6.9% uptick in commission income from agency services to $360.5 million for the half year, as compared to the year-ago period.

This came amid healthy transaction activity in the HDB resale, landed resale, and leasing segments, PropNex said in an Aug 13 bourse filing.

Read also: A changing tide in the HDB resale market?

However, fewer new launches during the period meant that commission income from project marketing services dropped to $238.4 million, a 7.8% decrease from a year ago.

Property developers launched 3,627 new private homes in the first half of this year, down 22.2% from the same period last year.

Against this backdrop, developers also sold fewer new private homes — moving 4,154 units (excluding executive condos, or ECs) in the first six months of 2026, down 9.4% y-o-y.

Ismail Gafoor, executive chairman of PropNex, described 1H2026 as a "solid" half year for the agency, with the performance broadly reflecting sales secured between October 2025 and March 2026, given the usual lag between transactions and revenue recognition.

"This period is typically slower for new launches due to the year-end and Chinese New Year holidays," he added.

The lower revenue contribution from project marketing services also resulted in a decrease in gross profit margin to 10.6%, as compared with 11% in the first half of last year. In turn, gross profit fell 3.5% to $63.9 million.

Read also: Property agents to close three deals every three years; CEA will collect commission data from agencies

Nonetheless, PropNex grew its market share, by transaction volume, to 64.3% during 1H2026, up from 60.6% in 2025.

Comparing the latest half-year period with the whole of last year, the group expanded its market share across all property segments:

New launches: 52.5%, up from 48.9%Private resale: 66.3%, up from 65.3%Landed resale: 55.4%, up from 52.5%HDB resale: 68.1%, up from 63.2%Private leasing: 43%, up from 38.2%

In late July, the government lifted the 15-month wait-out period for private homeowners buying non-subsidised HDB resale flats without a HDB housing loan. It also updated the additional buyer’s stamp duty (ABSD) regime to support housing developers in undertaking large-scale en bloc redevelopments.

PropNex noted in its Aug 13 bourse filing that the removal of the 15-month wait-out period will likely support housing mobility as private homeowners right-size into HDB resale flats. These may include eligible older households, empty nesters, and families with changing needs.

The move could also free up private resale stock and lift demand for larger resale flats such as five-room and executive units, which will support transaction volumes in both markets, the agency added.

Read also: KF Property Network to close, agents can opt to transition to OrangeTee; rest of Knight Frank's residential business intact

Meanwhile, PropNex expects the longer ABSD remission timeline for large-scale en bloc redevelopments to give developers more confidence to take on ambitious projects. It may also encourage unit owners at large developments, which have previously attempted collective sales without success, to consider going en bloc again.

PropNex said it remains cautiously optimistic about delivering a strong full-year performance for 2026, barring unforeseen events.

It continues to expand its sales network in Singapore. PropNex salespersons grew to 14,574 as at Aug 3, up from 13,945 as at Jan 1.

## Chinese translation

> Translation model: openai_codex_cli

### 新盘推出减少拖累项目营销佣金，PropNex 2026年上半年盈利下滑

尽管如此，其来自代理服务的佣金收入因组屋/HDB转售、有地住宅转售和租赁交易而同比增长6.9%。

房地产代理公司 PropNex 今年上半年的归属净利润同比下滑3.1%，至约新币4,090万元，而营收微升0.7%，至新币6.03亿元。

营收小幅增长主要由代理服务佣金收入同比增长6.9%推动，上半年达新币3.605亿元。

PropNex 在8月13日提交的交易所公告中表示，这得益于组屋/HDB转售、有地住宅转售和租赁板块的交易活动保持健康。

另读：组屋/HDB转售市场的潮流正在改变？

然而，由于期内新盘推出数量减少，项目营销服务的佣金收入降至新币2.384亿元，较一年前下降7.8%。

今年上半年，房地产开发商推出了3,627套新私宅，较去年同期下降22.2%。

在此背景下，开发商售出的新私宅也减少，2026年前六个月售出4,154套单位（不包括执行共管公寓，即 EC），同比下降9.4%。

PropNex 执行主席 Ismail Gafoor 将2026年上半年形容为该公司“稳健”的半年，鉴于交易与收入确认之间通常存在时滞，其业绩大体反映了2025年10月至2026年3月期间取得的销售。

他补充说：“由于年终和农历新年假期，这一时期的新盘推出通常较为缓慢。”

项目营销服务的营收贡献降低，也导致毛利率降至10.6%，而去年上半年为11%。相应地，毛利下跌3.5%，至新币6,390万元。

另读：房地产经纪每三年须完成三笔交易；CEA 将向代理公司收集佣金数据

尽管如此，按交易量计算，PropNex 在2026年上半年的市场份额增至64.3%，高于2025年的60.6%。

将最新半年度期间与去年全年相比，该集团在所有房地产板块的市场份额均有所扩大：

新盘：52.5%，高于48.9%私宅转售：66.3%，高于65.3%有地住宅转售：55.4%，高于52.5%组屋/HDB转售：68.1%，高于63.2%私宅租赁：43%，高于38.2%

7月下旬，政府取消了私人屋主在不使用 HDB 房屋贷款的情况下购买非津贴组屋/HDB转售单位所需遵守的15个月等候期。政府还更新了额外买方印花税/ABSD制度，以支持房屋开发商进行大规模集体出售/en bloc重建。

PropNex 在其8月13日的交易所公告中指出，取消15个月等候期可能会支持住房流动性，因为私人屋主可调整住房规模，迁入组屋/HDB转售单位。这些人群可能包括符合条件的年长家庭、空巢人士以及需求发生变化的家庭。

该机构补充说，此举也可能释放私宅转售库存，并提升对五房式和执行单位等较大型转售组屋的需求，从而支持两个市场的交易量。

另读：KF Property Network 将关闭，经纪可选择转至 OrangeTee；Knight Frank 其余住宅业务保持不变

与此同时，PropNex 预计，大规模集体出售/en bloc重建项目的额外买方印花税/ABSD减免期限延长，将使开发商更有信心承接雄心较大的项目。这也可能鼓励此前尝试集体出售但未成功的大型项目单位业主，再次考虑集体出售/en bloc。

PropNex 表示，若无不可预见事件，其对2026年全年实现强劲业绩仍持审慎乐观态度。

该公司继续扩大其在新加坡的销售网络。截至8月3日，PropNex 销售人员增至14,574人，高于1月1日的13,945人。