The chief executive officer of developer Frasers Property Singapore, will retire from the unit of Thai billionaire Charoen Sirivadhanabhakdi’s Frasers empire at the end of this year, according to an announcement to the Singapore stock exchange.
Christopher Tang, who will turn 60 next year, will retain the role of senior adviser with the company where he has served for 18 years, after stepping down at the end of this year. In addition to his advisory position, Tang will also continue to serve as a director on the boards of Frasers Property (Singapore); Frasers Centrepoint Asset Management, which manages Frasers Centrepoint Trust (FCT); and Frasers Commercial Asset Management, which controls Frasers Commercial Trust (FCOT).
Alongside the change in leadership, Frasers announced a new retail-focused business unit, Frasers Property Retail, which will begin operation on 15 October under the direction of long-time Frasers board member Low Chee Wah as CEO.
Departing Veteran Led Expansion in SG
“It has been an incredible journey being part of the Frasers Property Group growth story and leading Frasers Property Singapore has been an hour and privilege,” Tang said. “The planned retirement reflects my personal desire to participate in the group’s continual growth in a different leadership capacity.”
Tang originally joined Frasers Property in 2001 from DBS Bank, and held several appointments including CEO for Commercial and Greater China and CEO of Frasers Centrepoint Asset Management before being appointed to his current role in February 2018. During his 18-year tenure, Tang helped lead the establishment of Frasers Centrepoint Trust, as well as spearheading the acquisition of FCOT and overseeing the company’s expansion into integrated developments like Changi City Point, Northpoint City and Waterway Point.
“Chris has been instrumental in the talent development of the next-in-line leadership to ensure a smooth and successful leadership transition in Frasers Property Singapore,” said Panote Sirivadhanabhakdi, Group Chief Executive Officer of Frasers Property Limited. “The Board and I are extremely grateful to Chris for his outstanding leadership in Frasers Property, where he grew the retail and commercial portfolio 3x over the last decade, setting us up for our next phase of growth in Singapore.
Frasers Takes Aim at Shopping World
As Frasers says goodbye to its Singapore CEO, the regional property powerhouse is rolling out designs for a remodelled company structure in the city, after having built up a portfolio of Singapore shopping centres this year.
Rather than lining up a direct replacement for Tang, Frasers Property has chosen Low, who has been serving as Frasers Property Singapore’s head of retail and commercial since January 2017, to lead its new retail unit in the city.
During 2019 Frasers Property, Frasers Centrepoint Trust and their affiliates have bought up nearly all of the shares in a PGIM retail real estate fund that owns a set of six suburban Singaporean malls. With Frasers Group already owning some 12 retail centres in Singapore before the PGIM acquisitions the company now says that its newly christened retail business has around S$8 billion in assets under management.
“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,” Khun Panote said.
In his role as the new CEO of the retail unit, fifty-four-year-old Low, who first joined Frasers in 2007, will report directly to the retail division’s board of directors, which includes Tang.