SINGAPORE - Two units of CapitaLand will have new chief executives, announced the property giant on Monday.

Mr Jason Leow, the chief executive of CapitaLand China (CL China), will be appointed as chief executive of the group's retail malls unit CapitaMalls Asia (CMA) with effect from Sept 15.

He will take over from Mr Lim Beng Chee, who will leave CapitaLand by Dec 31. Mr Lim is leaving to take a personal sabbatical.

Mr Lucas Loh, the deputy chief executive of CL China, will succeed Mr Leow as CL China's chief executive from Sept 15.

The two new chief executives will report to Mr Lim Ming Yan, CapitaLand's president and group chief executive.

Group chief executive Mr Lim said in a statement: "I thank Beng Chee for his valuable contributions to CMA and the group, especially his tireless commitment in strengthening CMA's leadership in the shopping mall space.

"He told me that he planned to take a break after working for more than 15 years in the Group. I respect and reluctantly accepted his decision."

He added that the departure of Mr Lim will be a loss to the group, but remains confident that "CapitaLand will maintain its leadership position in this sector".

He also added that the management changes reflect CaptiaLand's strong management bench and "belief in nurturing internal talent" for succession planning at various leadership levels.