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CapitaLand to restructure business organization for Ascendas-Singbridge merger


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CapitaLand to restructure business organization for Ascendas-Singbridge merger

CapitaLand Ltd. is setting up a Group Centre of Excellence, or COE, that will focus on urban strategy, business communities development, retail innovation, customer services and solutions, sustainability and digital and technology.

The new business organization structure is being established ahead of the expected June-end completion of its nearly S$6.04 billion purchase of Ascendas-Singbridge Pte. Ltd.'s holding companies to integrate the businesses and operations of the two merging companies.

As part of the plan, the Singapore-based diversified real estate company created a new executive committee to provide strategic business planning, organizational alignment and implementation, with CapitaLand Group CEO Lee Chee Koon to head the new committee.

Ascendas-Singbridge Deputy Group CEO Manohar Khiatani, set to become senior executive director at CapitaLand, will join Lee in the committee. He will also oversee the business communities development and customer services and solutions for the Group COE.

To manage the retail innovation part of the Group COE is Jason Leow, Capitaland president, Singapore & International. Lucas Loh, CapitaLand president, China, will handle the urban strategy under the Group COE.

In addition, Ascendas-Singbridge Group COO and CFO Jonathan Yap was appointed president, CapitaLand Financial, while Tan Seng Chai, group chief people officer at CapitaLand, was named chief corporate people officer. He Jihong, meanwhile, is set to become CapitaLand Group's chief corporate strategy officer from Ascendas-Singbridge's chief investment officer. CapitaLand Chief Business Innovation Officer Lynette Leong will become chief sustainability officer of the enlarged group. Wen Khai Meng, senior advisor, group strategy, will also join the new executive committee.

All the appointments are scheduled to take effect on July 1.

The Singapore-listed developer is buying Ascendas Pte. Ltd. and Singbridge Pte. Ltd. from Temasek Holdings (Pte.) Ltd.'s Ascendas Singbridge subsidiary as part of an S$11 billion transaction to create Asia's largest diversified real estate group. The deal secured the approval of the property group's shareholders during an April 12 extraordinary general meeting.

As of May 24, US$1 was equivalent to S$1.38.