Mr Bob Tan to retire as Chairman of the Boards of CapitaLand Ascott Trust; Mr Lui Chong Chee appointed as new Chairman effective 22 April 2024

CapitaLand Ascott Trust (CLAS) has announced that Mr Bob Tan will retire as the Chairman of CapitaLand Ascott Trust Management Limited and CapitaLand Ascott Business Trust Management Pte. Ltd. (the Managers of CLAS).  Mr Lui Chong Chee, a Non-Executive Independent Director, will succeed Mr Bob Tan on 22 April 2024 as part of CLAS’ Board renewal process.

Mr Bob Tan 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[1].  Under Mr Tan’s leadership, CLAS consolidated its position as the largest lodging trust in Asia Pacific, following its combination with Ascendas Hospitality Trust in 2019[2].  The combination widened CLAS’ investor base, giving it the financial flexibility to seek accretive acquisitions and enhance returns to Stapled Securityholders.  Mr Tan led CLAS through the challenges of the COVID-19 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. 

Mr Bob Tan said: “I would like to extend my sincere gratitude to our Stapled Securityholders for their support over the years.  It has been a privilege working alongside a forward-thinking, dynamic and committed team of Directors and management.  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 COVID-19 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.”

Mr 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 brings with him extensive financial, lodging, management and corporate leadership experience from major listed companies in Singapore.  Mr Lui had also served as a Director on the Board of the then Ascott Residence Trust Management Limited from June 2008 to May 2010.

Mr Lui Chong Chee said: “On behalf of the Boards and management, I would like to thank Bob for his invaluable contributions and insight.  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.”

About Mr Lui Chong Chee

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

Additionally, Mr Lui has 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.  He also served as a Director on the Boards of various listed entities within the CapitaLand Group.  Most recently, he was the Chairman of CapitaLand Malaysia REIT Management Sdn. Bhd., the Manager of CapitaLand Malaysia Trust from 1 June 2021 to 31 January 2024.

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.

[1]  The notice convening the Annual General Meeting in April 2024 will be issued to Stapled Securityholders shortly.

[2]  Ascott Residence Trust combined with Ascendas Hospitality Trust in 2019.  The combined entity Ascott Residence Trust was subsequently renamed to CapitaLand Ascott Trust in 2022.