Property multinational Frasers Property has formed a retail-focused business unit in Singapore, operational from 15 October 2019. It represents an asset size of about SG$8 billion, with development, asset management and property management capabilities in respect of retail assets held across Frasers Property Singapore and Frasers Centrepoint Trust (FCT).
According to Panote Sirivadhanabhakdi, group CEO of Frasers Property, the move comes on the back of the rapid growth of the company's retail business in Singapore over the years. The retail unit aims to better serve the needs of its customers in the fast-evolving retail landscape. He said: "We are looking forward to building upon the meaningful scale of the Group’s retail network while further developing our retail capabilities and leadership position for this asset class in Singapore."
Frasers Property Singapore oversees a portfolio of 17 shopping malls. In Singapore, they include Anchorpoint, Bedok Point, Causeway Point, Changi City Point, Eastpoint Mall, Northpoint City North Wing, Robertson Walk, The Centrepoint, Valley Point, Waterway Point and YewTee Point.
Low Chee Wah, who is currently the senior EVP and head of retail and commercial at Frasers Property Singapore, will be appointed as CEO of the Singapore retail unit with effect from 15 October 2019. He joined Frasers Property Singapore in 2007 and has held various senior leadership positions. Prior to that, he was the CEO of Frasers Commercial Asset Management, where he was instrumental in the acquisition and the subsequent restructuring of the trust and provided leadership for the commercial property business. He took on his current role in January 2017 and is responsible for the strategic direction and leadership for all the retail and commercial property businesses in Singapore.
Meanwhile, Frasers Property Singapore CEO Christopher Tang, who will turn 60 next year, will be retiring on 31 December 2019. From 1 January 2020, Tang will assume a new position of senior adviser, while continuing to serve as a director on the boards of Frasers Property, Frasers Centrepoint Asset Management and Frasers Commercial Asset Management (FCOT).
Tang joined Frasers Property in 2001, and since then, he has held several appointments including CEO for commercial and Greater China, and CEO of Frasers Centrepoint Asset Management. During his 18-year tenure, Tang has led in the formation of FCT and the acquisition of FCOT, and spearheaded the Group’s growth into integrated developments such as Changi City Point, Northpoint City and Waterway Point as well as Frasers Tower, the Group’s first Grade A CBD office in Singapore and the recent luxury condominium, Riviere.