Frasers Property Limited has appointed Hua Tiong Lim as chief executive officer of its Vietnam subsidiary, according to an announcement by the Singapore-listed developer.
The former China Fortune Land Development International executive will lead Frasers Property Vietnam’s operations in the Southeast Asian country, overseeing a portfolio that includes commercial and residential projects.
Frasers Focuses on Vietnam Opportunities
Based in Ho Chi Minh City, Lim will report to Frasers Property group chief executive officer Panote Sirivadhanabhakdi, the youngest son of Thai-Chinese tycoon Charoen Sirivadhanabhakdi.
“I am delighted to have Hua Tiong join the Frasers Property family,” said Khun Panote. “We have been in Vietnam for the past 20 years and continue to look forward to building a sustainable platform, while seeking the right growth opportunities in Vietnam.”
Sirivadhanabhakdi cited Lim’s “in-depth market knowledge of the real estate industry in Vietnam, together with his track record of value creation, astute management of complex projects and people development in Vietnam” as qualities that made him the right man for the job.
CFLDI and CapitaLand Real Estate Veteran
The Asia real estate industry veteran left China Fortune Land Development International after nearly three years as CEO of the mainland Chinese developer’s Vietnam division.
Before joining CFLDI, the University of Malaya graduate spent 12 years at Singapore-listed developer CapitaLand, first as vice president of finance and fund management, then as senior vice president and general manager for southern Vietnam.
“Having experienced first-hand the energy of Vietnam’s economy and the vibrancy of its real estate market, I look forward to working with Frasers Property’s experienced team on the ground and colleagues across the Group to execute our strategy for Vietnam.”
Frasers Presence in Vietnam
Lim’s appointment comes a year after the group launched its first combined commercial and residential development in Vietnam, Q2 Thao Dien, with the Singapore-headquartered developer reporting that 90 percent of the residential units had been sold as of March 31st 2019.
Frasers bought into the mixed-use project, which has an estimated construction cost of $85 million, in 2018 when it struck a deal with Tran Thai Land Company to purchase a 75 percent stake in an existing venture for $18 million.
The Sirivadhanabhakdi family-controlled developer’s presence in Vietnam also includes its investment in Me Linh Point Tower, a 21-storey retail and commercial development in District 1, Ho Chi Minh City.
Headquartered in Singapore, the Frasers Group has total assets of approximately S$33.2 billion under management.