Lui Chong Chee to Chair CapitaLand Ascott Trust

CapitaLand Ascott Trust has appointed Lui Chong Chee as the next chairman of the Singapore-listed lodging REIT, succeeding the retiring Bob Tan.

Lui, who currently sits as a non-executive independent director, will take over the chairman’s seat on 22 April as part of CLAS’s board renewal process, the stapled trust’s managers said Monday in a release.

Tan has served as chairman since 2016. During his tenure, CLAS consolidated its position as Asia Pacific’s biggest lodging trust after merging with Ascendas Hospitality Trust in 2019, said the managers, which are owned by Temasek-controlled CapitaLand Investment.

“CLAS has been increasing its yield through quality acquisitions and conducting asset enhancement initiatives to uplift the value of its portfolio, positioning CLAS for its next wave of growth,” said Tan, who oversaw the appointment of CEO Serena Teo in 2022. “With Chong Chee’s deep experience and Serena’s continued leadership, I have full confidence that the team will bring CLAS to greater heights.”

Far East Orchard Alum

Lui previously served as managing Director and CEO of Far East Orchard, a lodging arm of Singaporean developer Far East Organization, from 2014 to 2019. He was chief financial officer of Raffles Medical Group from 2011 to 2014.

Lui’s CapitaLand career includes various senior management positions from 2001 to 2010, including CFO of CapitaLand Ltd, CEO of CapitaLand Residential and CEO of CapitaLand Financial.

The New York University graduate most recently chaired the manager of CapitaLand Malaysia Trust from June 2021 to this year.

“On behalf of the boards and management, I would like to thank Bob for his invaluable contributions and insight,” Lui said. “With his guidance, CLAS’s well-balanced portfolio today is strategically positioned for growth while remaining resilient against macroeconomic uncertainties.”

The S$8.7 billion ($6.5 billion) trust’s portfolio comprises 106 lodging assets across Asia Pacific, Europe and the US.

China REIT Taps Tan Tee How

Also making a change at the top is CapitaLand China Trust, with Tan Tee How set to take over the chairmanship from the retiring Soh Kim Soon on 23 April, CLCT’s manager said Monday in a separate announcement.

Soh has led the board since 2017, with the trust having expanded its investment mandate and nearly doubled its asset size and city presence during his leadership, according to the manager.

Tan, whose civil service career includes a stint as chairman of the Gambling Regulatory Authority of Singapore, joined CLCT as a non-executive independent director last August.

The trust’s 19-asset portfolio comprises malls, office parks and logistics parks across China with a total valuation of RMB 25.2 billion ($3.5 billion).