CEO of CapitaLand's Singapore residential business resigns

CapitaLand has announced the resignation of Patricia Chia as chief executive of its Singapore residential business, citing that she wished to “spend more time with her family”.

Her post will be assumed by Wong Heang Fine, who will still continue his current role in the development of the company’s business in the Gulf Cooperation Council (GCC) region.

The resignation of Ms. Chia marks the fifth departure of a senior executive from the property developer in the past two years.

The departures began in September 2008, with the announcement of the resignation of Pua Seck Guan as CEO of CapitaMall Trust Management Ltd and Capital Retail.

In December 2008, the company announced the resignation of chief corporate officer Tham Kui Seng “to pursue personal interest”.

In June 2009, CapitaLand announced the retirement of chief investment officer Kee Teck Koon. However, Mr. Kee was recently appointed as chairman of CapitaMalls Malaysia Reit Management Sdn Bhd, which manages CapitaMalls Malaysia Trust.

In April 2010, the company announced that Lui Chong Chee, financial CEO of CapitaLand, would leave the company due to personal interests. However, Mr. Lui remains as chairman of Australand, the Australian unit of CapitaLand.

In a statement announcing Ms. Chia's departure, Mr. Liew Mun Leong, CEO of CapitaLand Group, said: “Patricia has worked with me in various capacities over the years. She joined Pidemco Land in 1996 and, given her excellent execution skills, she has played a key role in establishing CapitaLand Residential Singapore as a leading developer in Singapore today. She has now requested to step down to spend more time with her family and I have acceded to her request.”

Her successor, Mr. Wong, has degrees in engineering production and management, and mechanical engineering.

“Heang Fine, with his track record in the areas of engineering and construction globally, will bring a new perspective to the Singapore residential business as we enter the next phase of growth,” said Mr. Liew.

Mr. Wong became part of the CapitaLand Group in 2006, which was established in 2000 out of a merger between DBS Land and Pidemco Land. He previously worked as CEO and president of Cathay Organisation Holdings and later of SembCorp Engineers and Constructors.