CapitaLand’s retail, workspace CEO Chris Chong leaves group

CAPITALAND Investment ’s (CLI) chief executive officer of retail and workspace (Singapore and Malaysia) Chris Chong is stepping down after more than six years with the group.

Announcing his departure on LinkedIn on Friday (Aug 30), Chong said: “It has been a pleasure working with the teams at CapitaLand through the various challenges during Covid-19, and the celebrations when we achieve milestones and greater heights with CapitaLand Investment.” 

When contacted by The Business Times, Chong said that he will be taking a career break.

Since Aug 1, group chief strategy officer Ervin Yeo has taken over Chong’s portfolio, in his new role as CEO (commercial management) for China and South-east Asia. 

Yeo will be responsible for CLI’s commercial and asset-management business across China and South-east Asia, which includes integrated developments, retail, offices, business parks and logistics. He will continue to serve as CLI’s group chief strategy officer. 

Yeo has been with CapitaLand since 2015, where he took on roles including that of senior vice-president of special projects and managing director for South-east Asia at The Ascott Ltd.

Chong previously served as CEO of Orchard Turn Developments, the joint venture company between CapitaLand and Sun Hung Kai Properties which operates the Ion Orchard mall.

He became head of CapitaLand’s retail division in 2019, and, in 2021, the group’s workspace business was added to his portfolio. Chong also sat on the board of Jewel, Changi Airport’s showcase retail project jointly run by Changi Airport Group and CapitaLand Development.  

Before joining CapitaLand, Chong was head of asset management for Starhill Global Reit from 2013 to 2018. He previously held senior positions in the Singapore Economic Development Board and LVMH in Paris, Hong Kong, and Singapore.

Under Chong’s leadership, CapitaLand was the first mall operator to enter the metaverse through its virtual experience CapitaVerse.  

Chong also recently oversaw the signing of several third-party management contracts for retail as CapitaLand Investment reorganised its fee income-related businesses in 2023 into four verticals as part of its asset-light strategy aimed at increasing recurring fee income. 

The four verticals are commercial management, listed-funds management, lodging management and private-funds management. 

One of those contracts was for the management of Kallang Wave Mall and the retail spaces in the Singapore Sports Hub from April 2024.

Recently, CapitaLand also inked a third-party management contract for what Chong would only say was “an iconic retail asset” in Singapore. 

A CapitaLand Investment spokesman said: “We are grateful to Chris Chong for his significant contributions and leadership. Chris has expanded our fee-income business and fortified our commercial management platform by securing new third-party contracts.”

CapitaLand Investment’s commercial management vertical was the largest contributor to its fee-related business revenue in the first half of 2024, contributing S$185 million, or almost one-third, to the S$561 million earned. 

It was also the fastest-growing vertical, increasing 22 per cent from the same period in the previous year, driven by improved asset performance and management-fee restructuring. 

As at H1 2024, CapitaLand Investment had S$134 billion in assets under management (AUM), of which 14 per cent are in retail and 12 per cent are in office.

Lodging assets form the largest share of the pie at 35 per cent, followed by new economy assets at 22 per cent and integrated developments which account for 17 per cent of AUM. 

The group’s retail assets in Singapore achieved positive rental reversion in H1, with shopper traffic growing by 2.6 per cent despite a 2.5 per cent fall in tenant sales year on year.

Office occupancy remained tight at 98 per cent, with rents renewing at higher rates.