Tag Archives: Developers

Redas names Steven Choo as new CEO

Posted on 19 Aug 2009 | Comments Off on Redas names Steven Choo as new CEO

THE Real Estate Developers’ Association of Singapore (Redas) has appointed Steven Choo its chief executive.

He takes over from executive director Chia Hock Jin, who has retired. The chief executive’s position is a new post.

Dr Choo has local and international real estate experience covering research and investment, development consultancy and urban planning. He also has an MPhil in environmental planning and a PhD in urban planning and design.

Recently he was senior vice-president of research and corporate development for CapitaLand and senior vice-president in charge of CapitaLand Residential’s Malaysian investments.

He has served on the boards of JTC Corporation and the Singapore Land Authority and was deputy chairman of the Economic Review Committee’s land work group. He is currently on the boards of NTUC Choice Homes and Pan Hong Property Group and is a member of the Valuation Review Board.

‘His appointment as CEO marks a new chapter for Redas as it celebrates 50 years as a fraternity and sets its sights on playing a bigger role as Continue reading →

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CapitaLand allots $1b to Ascott, China, Viet arms

Posted on 19 Aug 2009 | Comments Off on CapitaLand allots $1b to Ascott, China, Viet arms

Group expects to reduce cash levels from $2.8b to $1-2b over 6-12 months

PROPERTY giant CapitaLand has deployed about $1 billion from its $1.8 billion rights issue earlier this year to grow its China, Vietnam and Ascott businesses. The money will be used to increase the respective capital base of these three wholly owned businesses of the group.

CapitaLand group CFO Olivier Lim said that, over the next 6-12 months, the group expects its corporate treasury cash levels to be reduced from the existing $2.8 billion to $1-2 billion, partly by pre-paying debt that matures in the next two to three years, and partly by deploying capital to investment opportunities that may arise.

The $2.8 billion corporate treasury cash is part of the $4.2 billion cash and cash equivalents as at June 30, 2009, as reported with CapitaLand’s first-half results last month.

Half or $500 million of the additional capital deployment will go to CapitaLand China Holdings, $299 million to CapitaLand (Vietnam) Holdings Continue reading →

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