Christopher Tang to retire as CEO of Frasers Property Singapore

Singapore

CHRISTOPHER Tang is stepping down as CEO of Frasers Property Singapore at the end of 2019 after 18 years with the group.

Mr Tang, 59, will assume a new position of senior adviser from Jan 1, 2020, while continuing to serve as a director on the boards of Frasers Property (Singapore); Frasers Centrepoint Asset Management, manager of Frasers Centrepoint Trust (FCT); and Frasers Commercial Asset Management, manager of Frasers Commercial Trust (FCOT).

Frasers Property will not be making a direct replacement for Mr Tang who currently oversees the group's residential, retail, commercial and development business.

Instead, Low Chee Wah, 54, will become CEO of the company's newly formed retail-focused business unit with effect from Oct 15. He will report directly to the Frasers Property (Singapore) board of directors, the company said in a filing on Wednesday.

Frasers Property Singapore's commercial, residential and development businesses will continue operations as usual, with the core leadership teams across these businesses reporting directly to the board of Frasers Property (Singapore).

This board is made up of Panote Sirivadhanabhakdi, group chief executive officer of Frasers Property; Loo Choo Leong, group chief financial officer of Frasers Property; and Mr Tang.

The new retail business unit represents an asset size of about S$8 billion that includes the development, asset management and property management capabilities of Frasers Property Singapore and FCT's retail assets, Frasers Property said.

Mr Sirivadhanabhakdi said: "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."

Mr Low joined Frasers in 2007 and is currently the senior executive vice- president/head of retail & commercial at Frasers Property Singapore, a position he has held since January 2017. He has held various senior leadership positions, including CEO of Frasers Commercial Asset Management.

Mr Tang joined Frasers Property in 2001 and has held several appointments including CEO for Commercial and Greater China and CEO of Frasers Centrepoint Asset Management.

During his 18-year tenure, Mr Tang led the formation of FCT and the acquisition of FCOT, and oversaw growth into integrated developments like Changi City Point, Northpoint City and Waterway Point.

"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 Mr Tang.