CapitaLand Names Three New CEOs for Singapore’s Largest Real Estate Group

Singapore-based CapitaLand announced five appointments on Tuesday, shaking up their top management in key positions that will take effect on May 1.

Ronald Tay Boon Hwee will be taking over as chief executive officer of CapitaLand Singapore, from outgoing boss Wen Khai Meng, who was appointed in 2013. A 20-year CapitaLand veteran, Wen will be taking up a role as senior advisor for group strategy.

In his new role, Tay will be charged with driving the residential and commercial property businesses of Singapore’s largest developer in its home city, as well as in Malaysia and Indonesia, according to an announcement from the development giant. The graduate of Singapore’s Nanyang Technological University currently serves as chief executive officer of CapitaLand’s Ascott Residence Trust Management (ARTML) unit and has been with the group for more than 15 years, having previously served as chief investment officer with ARTML and as managing director for India at The Ascott Limited.

“These key leadership appointments reflect the depth and strength of CapitaLand’s management team, enabling us to provide executives with appropriate development opportunities to acquire and develop new skills and capabilities required of CapitaLand’s transformation journey,” says Mr Lim Ming Yan, President & Group CEO of CapitaLand Limited “They are proven leaders who have demonstrated exemplary management capabilities over the years and a track record of accomplishments that have contributed to the Group’s strong business performance.” Lim explained that the management changes were part of CapitaLand’s ongoing program of renewing its “bench strength.”

The hole left by Ronald Tay Boon Hwee at ARTML will be filled by Beh Siew Kim, who will become CEO with the Singapore-listed serviced residence trust. This is a quick rise for Beh Siew Kim, who was appointed deputy chief executive officer of Ascott Residence Trust Management in February; before that, she was the financial controller and head of corporate planning and compliance at CapitaLand China.

Swapping Retail Shops

In addition to the change at CapitaLand Singapore, the group is also making a change in its retail development unit.

Wilson Tan Wee Yan has been the CEO at CapitaLand Mall Trust Management since 2012 and will be moving in as deputy CEO for CapitaLand Mall Asia. Tony Tan Tee Hieong will be taking over for Wilson Tan at CapitaLand Mall Trust Management, a bump up from his current position as vice president for the CEO’s Office for CapitaLand Mall Asia.