Singapore’s CapitaLand has announced promotions for a pair of its top executives that provide fresh leadership in the company’s home city, as well as in Vietnam — a key developing market for the Temasek Holdings-backed giant.
According to an announcement by Southeast Asia’s largest developer late last week, Tan Yew Chin will assume the role of CEO for CapitaLand Singapore effective 1 July, while Ronald Tay has been appointed CEO of CapitaLand Vietnam with that change set to take place the same day.
Former Ascendas-Singbridge Exec Moves Up
“This continuous investment in leadership development is key to achieving transformative growth for CapitaLand in an ever-changing world of business,” said Lee Chee Koon, CapitaLand Group CEO. “Across the different markets, CapitaLand leaders are gearing up to adapt to a new normal for real estate post-COVID-19
Tan is currently CEO for Business Park & Commercial for CapitaLand’s operations in Singapore, Malaysia and Indonesia. In his new expanded position, Tan will handle CapitaLand’s retail, residential and workspace businesses in Singapore. He will also be appointed as a member of the CapitaLand Executive Committee.
A 1987 graduate of the National University of Singapore, Tan boasts more than 30 years of experience in the field of real estate management, which include a 12-year stint as the Singapore and South East Asia CEO for Ascendas-Singbridge, which CapitaLand acquired for S$11 billion ($7.87 billion) in June 2019.
In his role with Ascendas-Singbridge, Tan oversaw investment and development management, as well as asset management in Singapore, Malaysia, Indonesia and Vietnam for the company.
New Boss for Emerging Market
Tay takes over from Chen Lian Pang, who will be retiring from CapitaLand after seven years as CEO of the company’s operations in Vietnam. A 1992 graduate of Nanyang Technological University, in his new role Tay will focus on identifying investment and development opportunities in Vietnam, the company said.
Currently CapitaLand’s CEO for Residential and Retail operations in Singapore, Malaysia and Indonesia, Tay has been with the Temasek Holdings-backed real estate conglomerate since 2001. To take on his new position, Tay will relinquish his responsibilities in Singapore, the company said, but will continue to oversee development projects in Malaysia and Indonesia.
Beyond Tan’s promotion with CapitaLand Singapore, several other former Ascendas-Singbridge leaders have been appointed to management roles at CapitaLand since last year’s merger.
He Jihong, a member of CapitaLand’s Executive Committee, is now the group’s Data Centre CEO and Chief Corporate Strategy Officer. Charles Chan is the CEO of Commercial Management and Business Park for CapitaLand China and Vinamra Srivastava is the CEO of Business Parks for CapitaLand India.