Kwek juniors named to CDL's senior management team

The sons of City Developments (CDL) executive chairman Kwek Leng Beng and deputy chairman Kwek Leng Joo have been added to the property developer's senior management team.

Mr Kwek Leng Beng's son Sherman Kwek, 38, was named CDL's chief investment officer on Monday, CDL said in a Singapore Exchange filing on April 15.

It said he would help grow the group's overseas portfolio, accelerate its investment programmes and enhance the external wing of the business.

Mr Kwek Leng Joo's son Kwek Eik Sheng, 32, was appointed chief strategy officer and "will assist in investment analysis and formulation of CDL's business strategies", the firm said.

CDL chief executive Grant Kelley said in a statement: "I am sure they will add value to our core leadership."

The last major shake-up in CDL's top ranks was in January this year, when CDL broke with tradition and picked a new chief executive from outside the Kwek family.

It tapped Mr Kelley, who previously headed Asia-Pacific real estate at private equity fund Apollo Global Management. It also announced at that point that Mr Kwek Leng Joo would move from his post of managing director to become deputy chairman.

Mr Kwek Leng Beng had told a results briefing in 2011 that he was "not averse personally to getting an outsider to come and run the company... if my relatives or my son cannot perform".

CDL's shares rose eight cents to close at $10.31 before the announcement.