Frasers Centrepoint Trust CEO sets plan to retire by end of year

Singapore two-dollar billsSingapore two-dollar bills

Frasers Centrepoint Trust’s manager said on Monday CEO and Executive Director Chew Tuan Chiong, age 61, has announced his intention to retire from both roles by the end of 2019.

Cheong Choong Kong, chairman of Frasers Centrepoint Asset Management (FCAM), the trust’s manager, said in the statement, “We have an effective succession program in place and the successor will be announced in due course. The transition process will be smooth.”

Chew joined FCAM in 2010, it said in a filing to SGX before the market open on Monday.

Since 2010, FCT’s total assets have grown to S$2.84 billion from S$1.52 billion via acquisitions and asset enhancement initiatives, with its distribution per unit (DPU) rising to 12.015 Singapore cents in the 2018 fiscal year ended 30 September from 8.20 Singapore cents in the 2010 fiscal year, the filing said.

FCT’s portfolio includes suburban Singapore retail properties Causeway Point, Northpoint City North Wing, including the Yishun 10 retail podium, Anchorpoint, YewTee Point, Bedok Point and Changi City Point. It also holds a 31.5 percent stake in Malaysia-listed retail-focused Hektar REIT.

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