Bob Tan with Lui Chong Chee. Click to enlarge.


(12/03/24)
 
CapitaLand Ascott Trust (CLAS) has announced
that Bob Tan will retire as Chairman of CapitaLand
Ascott Trust Management Limited and CapitaLand Ascott Business
Trust Management Pte. Ltd. (the Managers of CLAS).

Lui
Chong Chee, a Non-Executive Independent Director, will succeed
Bob on 22 April 2024 as part of CLAS’ Board renewal
process.

Bob has served as Chairman of the Managers of
CLAS since 2016 and Chairman of the Nominating and
Remuneration Committee since its establishment in 2021. He will
retire from the Boards of CLAS after the upcoming Annual
General Meeting in April 2024.

Under his leadership, CLAS consolidated its position as
one of the largest lodging trusts in
Asia Pacific, following its combination with Ascendas
Hospitality Trust in 2019 (Ascott Residence Trust combined with Ascendas Hospitality Trust in 2019
and was subsequently renamed to CapitaLand Ascott Trust in 2022).

Bob Tan with Lui Chong Chee

The combination widened CLAS’
investor base, giving it the financial flexibility to seek
accretive acquisitions and enhance returns to stapled securityholders.

Bob led CLAS through the challenges of the
COVID19 pandemic, strengthening CLAS’ stable income stream to
boost its resilience. He also oversaw CLAS’ entry into the
student accommodation sector and the execution of CLAS’ active
portfolio reconstitution strategy to create sustainable value for
stapled securityholders.

“It has been a privilege working
alongside a forward-thinking, dynamic and committed team of
directors and management,” Bob said. “With a shared purpose to deliver
sustainable returns to stapled securityholders, we made the
strategic pivot to include student accommodation properties in
our portfolio amid the COVID19 pandemic to enhance CLAS’
stable income. CLAS has been increasing its yield through quality
acquisitions and conducting asset enhancement initiatives to
uplift the value of its portfolio, positioning CLAS for its next wave of growth. With Chong Chee’s deep experience and Serena’s continued leadership, I have full confidence that the team
will bring CLAS to greater heights.”

Lui Chong Chee joined
the CLAS Boards as a Non-Executive Independent Director on 1
February 2024. In addition to his appointment as Chairman of the
Managers of CLAS, he will also be the Chairman of the
Nominating and Remuneration Committee.

He worked
previously the Managing Director and Chief Executive Officer of
Far East Orchard Limited from 2014 to 2019 and was Group Chief Financial Officer of Raffles Medical Group Limited
from 2011 to 2014.

He held various senior
management positions in the CapitaLand Group from 2001 to
2010, including Group Chief Financial Officer of CapitaLand
Limited; Chief Executive Officer of CapitaLand Residential
Limited; and Chief Executive Officer of CapitaLand Financial
Limited, and also served as a Director on the Board of the then Ascott
Residence Trust Management Limited from June 2008 to May 2010 and
was Chairman of CapitaLand Malaysia REIT Management Sdn.
Bhd., the Manager of CapitaLand Malaysia Trust from 1 June
2021 to 31 January 2024.

“On behalf of the Boards and management, I
would like to thank Bob for his invaluable contributions and
insight,” said Lui Chong Chee. “With his guidance, CLAS’ well-balanced portfolio
today is strategically positioned for growth while remaining
resilient against macroeconomic uncertainties. Harnessing the
Boards’ collective depth and diversity of experience, I look
forward to working with the CLAS management team and stakeholders
as we strive to deliver long-term value to our Stapled
Securityholders.”

Mr Lui holds a Bachelor of Science in
Business Administration and a Master of Business
Administration from New York University in the United States of
America (USA). He has also completed an Advanced Management
Program at Harvard Business School in the USA.

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