CapitaLand reorganises as Ascendas-Singbridge buy nears completion

It'll get new executive committee and business structure; new appointments effective from July 1

Property giant CapitaLand is setting up a new executive committee as it reorganises following its mega Ascendas-Singbridge acquisition.

The new committee, led by group chief executive Lee Chee Koon, will include several top executives from Ascendas-Singbridge, the company said yesterday.

CapitaLand also said its acquisition of Ascendas-Singbridge should be completed by the end of next month. It will propel the company into one of Asia's largest diversified real estate groups with over $123 billion of assets under management.

The enlarged group, which will cover a wide range of CapitaLand's operations, will be organised along geographical lines covering Singapore, China, India, Vietnam and other developed markets.

Its lodging business and fund and asset management arms will be standalone sectors.

Mr Manohar Khiatani, the deputy group CEO of Ascendas-Singbridge, has been appointed as senior executive director of CapitaLand. He will assist Mr Lee in organisation integration as well as its India and business parks businesses.

Mr Jonathan Yap, the group chief operating officer and group chief financial officer of Ascendas-Singbridge, will be appointed president, CapitaLand Financial. He will oversee the group's Reits and business trusts, its private and third-party funds and the India business.

Ms He Jihong, chief investment officer of Ascendas-Singbridge, will join as chief corporate strategy officer of CapitaLand.

The enlarged group, which will cover a wide range of CapitaLand's operations, will be organised along geographical lines covering Singapore, China, India, Vietnam and other developed markets. Its lodging business and fund and asset management arms will be standalone sectors.

Mr Andrew Lim will remain as group chief financial officer and Mr Kevin Goh as The Ascott CEO.

The new appointments will be effective from July 1.

In addition to the new appointments, CapitaLand will create a group centre of excellence to bolster capabilities and innovation, and set standards for business sectors and operating platforms it is involved in.

Focus areas include urban strategy, business communities development, retail innovation, customer services and solutions, sustainability, and digital and technology.

Mr Lee said the new organisation structure will allow the group to "quickly mobilise" teams with people from two different companies - spanning functions and business units across all

  • Co-innovation lab for smart urban solutions being launched

  • Ascendas-Singbridge Group is developing a co-innovation lab to support at least 30 projects in smart urban solutions.

    The facility, which is due to open later this year at the Singapore Science Park, is supported by the Infocomm Media Development Authority (IMDA) and Enterprise Singapore. It will focus on the key areas of intelligent estates, smart mobility, digital wellness and agritech.

    Firms will be able to share problem statements and collaborate with technology players to co-develop and trial new solutions for commercialisation in Singapore and overseas.

    Various programmes will be rolled out, including call for proposals, pilot tests, workshops and boot camps. The aim is to develop the capabilities of technology providers and produce innovative proof-of-concepts and prototypes for users of smart urban technologies.

    The public-private partnership is part of IMDA's efforts to promote the development of urban solutions for smart estates. It said last November that it will set aside $14 million over the next three years to trial urban technologies in partnership with Ascendas-Singbridge Group and industrial landlord JTC.

    Enterprise Singapore will connect both local and overseas end-users and relevant technology solution providers to the new lab. It will also help firms deploy their solutions overseas via its global network in over 35 locations, and through other means, including financial assistance.

    Mr Manohar Khiatani, deputy group chief executive of Ascendas-Singbridge, said: "(The firm) has always been a strong advocate of using technology to enhance customer experience, drive operational excellence, and uncover new products and services. We realised that many industry players have similar interests and can benefit from an open-source platform that can aggregate and deploy best-in-class solutions."

geographies.

"We are gearing up to be operationally ready from day one and to chart a new era of higher performance for CapitaLand," he added.

A version of this article appeared in the print edition of The Straits Times on May 28, 2019, with the headline 'CapitaLand reorganises as Ascendas-Singbridge buy nears completion'. Print Edition | Subscribe