CapitaLand Retail chief resigns
By Fiona Chan
Capitaland mall master Pua Seck Guan is resigning as chief executive of its retail unit to pursue personal interests, it was announced yesterday.
Mr Pua, 44, joined the property heavyweight in 2000 and spearheaded the growth of CapitaLand Retail into the largest mall owner and manager in Singapore and Asia, with more than 115 malls in all.
A prominent figure on the local mall scene, he also kick-started the real estate investment trust (Reit) market here with the creation of Singapore's first and still largest Reit, the $7.2 billion CapitaMall Trust.
Mr Pua, who steps down on Nov 1, will be replaced by CapitaLand Retail's deputy chief executive, Mr Lim Beng Chee.
Mr Lim, 40, is also chief executive of CapitaLand's China mall Reit, CapitaRetail China Trust (CRCT). He joined CapitaLand in 1999 and has been a key driver of the retail business growth alongside Mr Pua, said a CapitaLand statement.
In turn, CRCT's deputy CEO, Mr Wee Hui Kan, will take over from Mr Lim as deputy CEO of CapitaLand Retail.
CapitaLand chief executive Liew Mun Leong said Mr Pua had intended to quit last year but was persuaded to 'stay and complete certain projects'.
These likely included major deals such as the $840 million acquisition of Atrium@Orchard in May.
Mr Pua has also been instrumental in other sizeable retail investments, including Ion Orchard, Raffles City, Bugis Junction and the integrated lifestyle hub at one-north.
Outside Singapore, he led the formation of CRCT, the first pure-play China retail Reit listed on the Singapore stock exchange.
Under Mr Pua, CapitaLand Retail also tied up with retailers such as Wal-Mart, Beijing Hualian Group and India's Prestige Group and Advance India Projects Limited, and ventured into Malaysia for a Malaysian Reit.
'My eight-year stint in CapitaLand has been the most fulfilling period of my career,' Mr Pua said in yesterday's statement. He will stay on until the end of next month to bring about a smooth transition.
This article was first published in The Straits Times on September 18, 2008.
By Fiona Chan
Capitaland mall master Pua Seck Guan is resigning as chief executive of its retail unit to pursue personal interests, it was announced yesterday.
Mr Pua, 44, joined the property heavyweight in 2000 and spearheaded the growth of CapitaLand Retail into the largest mall owner and manager in Singapore and Asia, with more than 115 malls in all.
A prominent figure on the local mall scene, he also kick-started the real estate investment trust (Reit) market here with the creation of Singapore's first and still largest Reit, the $7.2 billion CapitaMall Trust.
Mr Pua, who steps down on Nov 1, will be replaced by CapitaLand Retail's deputy chief executive, Mr Lim Beng Chee.
Mr Lim, 40, is also chief executive of CapitaLand's China mall Reit, CapitaRetail China Trust (CRCT). He joined CapitaLand in 1999 and has been a key driver of the retail business growth alongside Mr Pua, said a CapitaLand statement.
In turn, CRCT's deputy CEO, Mr Wee Hui Kan, will take over from Mr Lim as deputy CEO of CapitaLand Retail.
CapitaLand chief executive Liew Mun Leong said Mr Pua had intended to quit last year but was persuaded to 'stay and complete certain projects'.
These likely included major deals such as the $840 million acquisition of Atrium@Orchard in May.
Mr Pua has also been instrumental in other sizeable retail investments, including Ion Orchard, Raffles City, Bugis Junction and the integrated lifestyle hub at one-north.
Outside Singapore, he led the formation of CRCT, the first pure-play China retail Reit listed on the Singapore stock exchange.
Under Mr Pua, CapitaLand Retail also tied up with retailers such as Wal-Mart, Beijing Hualian Group and India's Prestige Group and Advance India Projects Limited, and ventured into Malaysia for a Malaysian Reit.
'My eight-year stint in CapitaLand has been the most fulfilling period of my career,' Mr Pua said in yesterday's statement. He will stay on until the end of next month to bring about a smooth transition.
This article was first published in The Straits Times on September 18, 2008.
