Jonathan Yap Named CapitaLand Development CEO as Leow Retires Early

Singapore property giant CapitaLand on Thursday announced the upcoming retirement of CapitaLand Development CEO Jason Leow, to be succeeded by Jonathan Yap, the current CEO of listed funds at CapitaLand Investment.

Yap will take the reins from Leow on 5 June, CapitaLand said in a release. Leow, who is 56, will be appointed as advisor to the Temasek-controlled group on the same day.

CapitaLand chairman Wong Kan Seng hailed Leow for his contributions over nearly three decades of service to the group, most recently as the first CEO of the privately held development business since September 2021.

“Jason has been instrumental in leading the growth of CapitaLand’s business in Singapore, China and Vietnam, building the leadership bench strength and fostering a strong culture of teamwork,” Wong said. “We are glad that Jason will continue to serve as an advisor to the group and help provide counsel from his wealth of knowledge, experience and expertise.”

Longtime Fund Manager

Before his appointment as CEO of listed funds in April 2022, Yap served as CEO of fund management at CapitaLand Investment, the listed real estate fund management platform of the group.

Yap joined CapitaLand through the group’s 2019 merger with Ascendas-Singbridge, where he was chief operating officer and chief financial officer. From 2019 to 2021, Yap was president of CapitaLand Financial, overseeing the group’s fund management business.

At Ascendas he served as CEO of India operations from 2004 to 2007, then as CEO of India funds from 2007 to 2014, before being appointed CEO for India in 2010 and assistant group CEO (funds and India) in 2012.

Yap holds a bachelor’s degree in estate management and a master’s degree in project management, both from the National University of Singapore.

“With the board’s continued guidance and support, I look forward to working closely with the CLD team to further grow the company’s business and reputation as a trusted partner and a developer of choice that creates quality spaces through sustainable and innovative solutions, enriching lives and uplifting the communities everywhere CLD operates,” Yap said.

Old China Hand Bows Out

Leow was elevated to his current role after serving as CapitaLand’s president for Asia and retail for three years.

Leow previously led CapitaMalls Asia from 2014 after a five-year stretch as CapitaLand’s China CEO. In more than a decade of postings in China, he presided over the establishment of Raffles City projects in Shanghai, Shenzhen, Chengdu and other cities.

“I am privileged and grateful to have had the opportunity to lead various teams in Singapore as well as in China during my 14 years working there,” Leow said. “It has been very fulfilling to see the group expand and grow from strength to strength over the past three decades.”