Capitaland Development Hires Keppel’s Ben Lee as Head of China

The development division of Singapore’s CapitaLand Group has hired away rival Keppel Land’s chief operating officer to head up its growing China operations.

Ben Lee has been named chief executive officer of CapitaLand Development (China) as of 1 November and is responsible for its businesses in China across all asset classes, according to representatives of Southeast Asia’s largest property firm.

The company, which is wholly owned by Singapore state investor Temasek, has been ploughing investment into mainland China in recent years, and during 2022 has been taking advantage of the country’s property downturn to accelerate its mainland acquisitions.

Mainland Expansion

In October, CapitaLand Investment, the listed affiliate of CapitaLand Development, acquired an office building near Beijing’s embassy area through a court-arranged auction for the equivalent of RMB 34,977 per square metre of total gross floor area, or around a 30 percent discount from an independent valuation from 2021.

In April, CapitaLand Development was awarded two prime residential sites in Wuhan and Chengdu for a total price of RMB 3.49 billion, where it plans to build 1,581 homes catering to first-time buyers and upgraders. That pair of acquisitions in central and western China came after CapitaLand Development in December last year partnered with Mitsubishi Estate to invest RMB 1.5 billion in a business park in China’s Suzhou New District.

CapitaLand Development is perhaps best known in China for its massive eight-building Raffles City Chongqing complex at the confluence of the Yangtze and Jialing rivers. The RMB 24 billion development covers 1.12 million square metres, including a 235,000-square metre shopping mall, 150,000 square metres of Grade A office space, residential apartments, serviced residence and the InterContinental Chongqing Raffles City hotel.

The privately owned builder counts Singapore, China and Vietnam among its core markets and has built a portfolio of projects spanning office, retail, residential, industrial and other sectors. The company also develops and owns interests in commercial assets including as the Raffles City projects in China, as well as Rochester Commons and CapitaSpring in Singapore

Transformation Continues

Lee arrives at CapitaLand Development after a period of transformation. Last year, CapitaLand shareholders voted in favour of a restructuring plan that privatised the development arm and listed CapitaLand Investment, its fund-management and property-investment business,

This month, CapitaLand Investment demonstrated its continuing ability to raise funds domestically in China, teaming up with 10 local investors to establish RMB 4 billion in new renminbi-denominated vehicles. The new funds will each hold a single business park asset.

Lee joined Keppel Land in 2007 and held various senior appointments in China including roles in business development and operations. He was appointed president, China of Keppel Land in March 2016.

He has 25 years of international real estate development experience, including 16 years in China. “He has a proven track record in driving strong business growth and has a deep knowledge of the China market as well as an extensive business network,” the company said, announcing his appointment.

Lee holds a master’s degree in finance from Western Sydney University and a bachelor’s degree in science from the National University of Singapore. He has also completed the Senior Executive Leadership Program for China at Harvard Business School.