Despite resignations, ‘business as usual’

Following the recent departures of several senior executives from South-east Asia’s largest developer CapitaLand, president and group chief executive Lim Ming Yan told reporters yesterday that business is as usual and the company is still in a good position to tap opportunities in its core markets of Singapore and China.

“The real estate industry has seen many changes over the past few years and there are underlying (trends) that will continue to impact the sector in Asia and change the landscape that we operate in. To move forward, we have made changes in the company that are necessary and important for us to position ourselves for the future. One of the key changes is to simplify our structure to move fast and be nimble,” he said.

“Some of our colleagues have made personal decisions to move on, those are decisions that I respect and appreciate their contribution to CapitaLand over the years. But we have deep management bench strength with people who can step up and take the company forward.”

His comments came after the resignations of CapitaLand Residential Singapore chief executive Wong Heang Fine, CapitaMalls Asia chief executive Lim Beng Chee and group deputy chief executive Olivier Lim over the past four months. LEE YEN NEE