CapitaLand today announced that it will create a new business unit called CapitaLand Financials, headed by Hiew Yoon Khong as Chief Executive Officer, and augment its top leadership with the appointment of Lui Chong Chee as Chief Financial Officer with effect from 1 November 2001. Prior to coming on board as Chief Financial Officer, Lui was a Managing Director at Citicorp Investment Bank (Singapore) Limited overseeing all fixed income securities, financial advisory and equity related transactions. In his 15-year career at Citicorp, Lui was involved in numerous corporate finance transactions and responsible for a number of equity and debt transactions, providing leadership in the innovative Jurong Town Corporation S$4 billion MTN programme, the Housing and Development Board S$3 billion MTN programme and several real estate transactions.

Under Hiew, CapitaLand Financials will capitalise on its real estate capabilities to exploit opportunities between real estate and the capital market, investing and transforming real estate into financial products. The new business strengthens CapitaLand's stated goals of increasing the fee-based income. Hiew, in his capacity as CFO first at Pidemco and later at CapitaLand, has been instrumental for initiating a number of real estate related financial products. During the Asian crisis, he launched a number of these high return fee-based products, taking advantage of the market conditions. The new business unit has been created so as to capitalise, going forward, on the convergence of financial skills with real estate knowledge to produce quality financial products.

With these changes, CapitaLand will have eight SBUs. The listed entities are Raffles Holdings and The Ascott Group which are in the hotel, hospitality and serviced residences business, respectively headed by Richard Helfer and Kee Teck Koon. The unlisted units include CapitaLand Commercial and CapitaLand Fund Management, both headed by Ed Ng; Commercial owns, develops and manages commercial properties in Singapore and gateway cities, while Fund Management targets sector specific and regional funds leveraging on its commercial properties to provide for the different risk-return profiles of investors. CapitaLand Residential, headed by Tham Kui Seng, develops quality homes in Singapore and target markets, including Australia where the subsidiary, Australand Holdings is listed on the Australian bourse. CapitaLand's Property Services, PREMAS, headed by Anthony Seah is increasing its regional footprint in property management and services; while pFission, headed by Martin Tan integrates technology opportunities into real estate businesses. CapitaLand Financials will embark on financial investment activities and fee-based services.

Said Mr Liew Mun Leong, President and CEO, "As we steadily and systematically pursue our stated goals, enunciated at the time of the merger and being progressed during these difficult times, we need to attract the best people at the helm. The creation of CapitaLand Financials is timely. We have seen a significant trend in which institutional funds are targeting the real estate business as an asset class for income flow through fee based activities, capital appreciation, redevelopment opportunities, investment trading portfolio, and a range of other value investing opportunities for steady income."

He added, "I am delighted that Hiew will head CapitaLand Financials as its CEO and that Lui has agreed to join us as the new CFO of CapitaLand Limited. I am happy that we are able to attract talents. As we increase the scale, scope and geographic spread of our operations, the depth of our management bench continues to be deepened with an impressive collective track record and experience. Together, we will work towards enhancing shareholder value."