Frasers Property Singapore's chief executive is stepping down after 18 years with the group.
Mr Christopher Tang, 59, will leave his post at the end of the year, the firm said yesterday, and then assume a new position of senior adviser.
He will also remain a director of various Frasers units, including Frasers Property (Singapore).
Mr Tang joined Frasers Property in 2001 and led the formation of Frasers Centrepoint Trust (FCT) and the acquisition of Frasers Commercial Trust (FCOT).
He also had a leading role in the move into integrated developments like Changi City Point, Northpoint City and Waterway Point.
"It has been an incredible journey being part of the Frasers Property Group growth story and leading Frasers Property Singapore has been an honour and privilege," he said.
"The planned retirement reflects my personal desire to participate in the group's continual growth in a different leadership capacity."
The CEO oversees the group's residential, retail, commercial and development business but Frasers will not be making a direct replacement for Mr Tang.
Instead, Mr Low Chee Wah, 54, will become CEO of the company's newly announced retail-focused business unit, Frasers Property Retail, on Oct 15.
Mr Low is now the senior executive vice-president/head of retail and commercial at Frasers Property Singapore, a position he has held since Jan 2017.
Frasers' commercial, residential and development businesses will continue operations as usual, with the core leadership teams across these businesses reporting directly to the board, Frasers said.
The new retail business unit represents an asset size of about $8 billion and includes the development, asset management and property management capabilities of Frasers Property Singapore and FCT's retail assets, Frasers said.
Frasers Property group chief executive Panote Sirivadhanabhakdi said: "Our retail business in Singapore has grown rapidly over the years. We believe the focused retail platform will allow us to better serve the needs of our customers in this fast-evolving retail landscape."
