Singapore property group CapitaLand has shuffled its financial leadership with the appointment of Hazel Chew as financial controller of its new subsidiary CapitaMalls Asia (CMA) and Edward Bin as financial controller of CapitaLand Commercial Limited (CCL), among other non-finance related moves.
Chew, who previously headed the finance function at CCL, moved to her new role at pan-Asian retail property manager and developer CMA on May 1. She will help grow the company, which was re-named after being spun off from CapitaLand last fall, as it expands operations in China and India, both high-growth retail markets. She reports to Ng Kok Siong, chief financial officer of CMA.
Following Chew's move to CMA, Bin has been promoted to financial controller of CCL, owner and operator of commercial, industrial, office and residential properties in Singapore and six other markets around the world. He was previously vice-president of finance at the company, a position he has held since April 2006. Bin oversees a team of 45 across the company's footprint and reports to Ee Chee Hong, chief executive of CCL.
In a statement, CapitaLand said it was making the appointments to "strengthen its next level of leadership". A representative of the group would not comment further.
Elsewhere in the group, Tony Tee Hiong Tan was promoted to deputy chief executive of real-estate investment trust (Reit) CapitaRetail China Trust Management on April 23. He continues to act as head of finance at the Reit. Mark Chan was hired as senior vice-president of investment at Ascott from the private banking business of UBS. Lui Chong Chee, chief executive of CapitaLand Financial, and Gerald Lee, deputy chief executive of Ascott, both left the company to pursue personal interests.
CapitaLand is one of Asia's largest, and fastest growing, property companies. It raised $1.78 billion in an initial public offering for CMA last November, using some of that cash to buy Orient Overseas Developments Limited property portfolio in China for $2.2 billion this January. In addition, CMA's subsidiary, CapitaMall Trust Management, came to market with a $500 million Reg-S bond last month.
CMA owns 87 malls in China, India, Japan, Malaysia and Singapore worth approximately S$20.4 billion ($14.9 billion). In the first quarter, the company reported revenue of S$74.6 million, up 39.9% compared to the same period a year earlier. CapitaLand retains a 65.5% stake in the company.
CCL reported revenue of S$120.7 million in the first quarter, up a remarkable 281.3%. The rise was attributable to progressive recognition in Vietnam according to the company. It is a wholly-owned subsidiary of CapitaLand.
CapitaLand revenues rose 41% year-on-year in the first quarter to S$687.3 million. It posted a profit of S$115.4 million.