The property tycoon, 38, got down on one knee on a beach in the Maldives with the words 'Will you marry me' written in fire.
He had whisked her away to the Indian ocean island on Wednesday for a Christmas break, following the finale of Strictly Come Dancing last weekend.
Among those to congratulate the couple was Valance's presenter friend Lisa Snowdon, who tweeted: 'Congratulations!'
Rather tellingly, in an interview published just days ago, Candy was rather coy when it came to marriage.
When asked about marrying Valance, he told Today Online: 'I always get asked that. No comment.'
The couple started dating in late 2009 after meeting at a mutual friend's dinner party.
Recalling their meeting in an interview last year, she said: 'I didn’t know anything about him. I just thought "Cor, if I didn’t fancy you so much, we’d be the best of friends. Instead, I just want to make out with you all the time."'
They soon moved in together last year and have become regulars on the London society scene.
During Valance's recent appearance on Strictly Come Dancing, supportive Candy was often seen on screen cheering her on from the audience.
Meanwhile, Mr Candy – along with his brother Christian and their firm Candy & Candy – has become one of Britain’s most successful luxury property developers.
Astonishingly, he and Christian turned a £6,000 loan from their grandmother in 1995 into a £9billion global property portfolio.
Their most famous development is the One Hyde Park: The Residences which link to the Mandarin Oriental hotel in Knightsbridge, South West London. This development boasts the country’s most expensive apartment, the penthouse which sold for £136million earlier this year.
In September, Mr Candy – who has opulent homes in London and Monaco as well as a private plane and a £50million super-yacht - was named entrepreneur of the year by GQ magazine.
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