09 Oct 2019
SINGAPORE, 9 OCTOBER 2019
Frasers Property Limited (“Frasers Property” and together with its subsidiaries, the “Group”), today announced that Christopher Tang, Frasers Property Singapore Chief Executive Officer (CEO), who will turn 60 next year, will retire as CEO on 31 December 2019. The Company also announced a key leadership appointment and evolution of its Singapore business organisation as part of its planned leadership changes to ensure a smooth and successful leadership transition across its Singapore operations.
From 1 January 2020, Mr Tang will assume a new position of Senior Adviser, while continuing to serve as a director on the boards of Frasers Property (Singapore) Pte. Ltd., Frasers Centrepoint Asset Management Ltd. (the manager of Frasers Centrepoint Trust “FCT”) and Frasers Commercial Asset Management Ltd. (the manager of Frasers Commercial Trust “FCOT”).
Mr Tang joined Frasers Property in 2001, and since then, he has held several appointments including CEO for Commercial and Greater China and CEO of Frasers Centrepoint Asset Management Ltd. During his 18-year tenure, Mr Tang has led in the formation of FCT and the acquisition of FCOT – and spearheaded the Group’s growth into integrated developments like Changi City Point, Northpoint City and Waterway Point as well as Frasers Tower, the Group’s first Grade A CBD office in Singapore and the recent luxury condominium, Riviere.
The Company also announced the formation of a retail-focused platform in Singapore, which will cover the asset, property and development management of its retail assets in Singapore. The Singapore retail platform will become a retail focused business unit in Singapore from 15 October 2019, representing an asset size of about SGD $8 billion1 with development, asset management and property management capabilities in respect of retail assets held across Frasers Property Singapore and FCT. Low Chee Wah will be appointed as Chief Executive Officer of the Singapore retail platform with effect from 15 October 2019.
“It has been an incredible journey being part of the Frasers Property Group growth story and leading Frasers Property Singapore has been an honour and privilege. The planned retirement reflects my personal desire to participate in the Group’s continual growth in a different leadership capacity,” said Christopher Tang, CEO, Frasers Property Singapore.
“Chris has been instrumental in the talent development of the next-in-line leadership to ensure a smooth and successful leadership transition in Frasers Property Singapore. The Board and I are extremely grateful to Chris for his outstanding leadership in Frasers Property, where he grew the retail and commercial portfolio 3x over the last decade, setting us up for our next phase of growth in Singapore. Chris’ extensive contributions, experience and detailed knowledge of our business in Singapore and of the industry, make him particularly well-suited in his Board-level capacity to continue to guide the next chapter of our Singapore operations in 2020 and beyond,” said Panote Sirivadhanabhakdi, Group Chief Executive Officer (GCEO), Frasers Property Limited.
Mr Sirivadhanabhakdi continued, “Our retail business in Singapore has grown rapidly over the years. We believe the focused retail platform will allow us to better serve the needs of our customers in this fast-evolving retail landscape. We are looking forward to building upon the meaningful scale of the Group’s retail network while further developing our retail capabilities and leadership position for this asset class in Singapore. Chee Wah is passionately committed to our retail business and has the ability, commitment and vision to build and take our retail business in Singapore to the next level of excellence.”
Currently, Mr Low is the Senior Executive Vice President/ Head of Retail & Commercial at Frasers Property Singapore. He joined Frasers Property Singapore in 2007 and has held various senior leadership positions. Prior to that, he was the CEO of Frasers Commercial Asset Management Ltd. (the manager of FCOT) where he was instrumental in the acquisition and the subsequent restructuring of the trust and provided leadership for the commercial property business. He took on his current role in January 2017 and is responsible for the strategic direction and leadership for all the retail and commercial property businesses in Singapore. Outside of Frasers Property Singapore, he is a member of the Executive Committee of the REIT Association of Singapore where he also chairs its Professional Development Committee.
With this promotion, Mr Low will be reporting to the Board of Directors for Frasers Property (Singapore) Pte. Ltd. comprising:
Frasers Property Singapore’s Commercial, Residential and Development businesses will continue operations as usual. The core leadership teams across these businesses will report directly to the Frasers Property (Singapore) Pte. Ltd. Board of Directors.
1 Including the Group’s strategic investments in the PGIM Real Estate AsiaRetail Fund.