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Straits Trading picks Heeton chief Eric Teng for top role in subsidiary
MAINBOARD-LISTED Straits Trading Company has appointed Eric Teng as chief executive of Straits Developments Pte Ltd, the group’s wholly-owned subsidiary.
Mr Teng will be joining Straits Developments from Heeton Holdings, where he was most recently chief executive officer.
In his new role effective Oct 1, Mr Teng will be responsible for the group’s property business, except for those which fall under Straits Real Estate.
He will also be in charge of new business development in the technology space, hospitality, property development, marketing and sales and leasing.
Mr Teng will also be responsible for group investor relations and corporate communications functions, and will assist chairman Chew Gek Khim in overseeing corporate functions such as portfolio management (operations), information technology, human resources and administration.
Mr Teng will also oversee the business of STC Property Management (STCPM), with STCPM chief executive Tan Hwei Yee reporting to him. STCPM is responsible for the property management, development and business process of the group’s Penang Butterworth site.
This is not Mr Teng’s first stint with Straits Trading, having served as the group’s property division CEO from 2010 to 2013. He then concurrently took on the role of CEO for the group’s its hospitality division from 2011 to 2013. In 2014, he was re-designated advisor in the chairman’s office where he assisted in the execution of special projects.
Mr Teng was also the former CEO of the Tan Chin Tuan Foundation, the philanthropy arm of Tecity Group, Straits Trading’s parent company.
Mainboard-listed Heeton had on Aug 27 announced Mr Teng’s resignation, although he will remain on its board as non-executive, non-independent director.
He held the role of Heeton CEO and executive director since 2016, and helped the company expand its hospitality portfolio to 12 operating hotels. This spanned across the United Kingdom, Japan and Thailand, and ongoing development in Bhutan, while participating in select Singapore residential projects.
Straits Trading shares last closed at S$2.16 on Friday, down 1 Singapore cent or 0.5 per cent.