SINGAPORE (EDGEPROP) - CapitaLand Development (CLD) has announced the appointment of Jonathan Yap as its new CEO. Yap will be replacing Jason Leow who will retire and relinquish his position.

Yap is currently the CEO of listed funds at CapitaLand Investment (CLI). He will become CEO of CapitaLand Group’s private real estate development arm effective on June 5 while Leow will be appointed as the advisor to the group on the same day.

Following Yap’s cessation at CLI, Lee Chee Koon, the group CEO of CLI will take over his role to see CLI’s REIT platform directly.

Yap joined CapitaLand Group through the CapitaLand and Ascendas-Singbridge (ASB) combination in 2019. At the time, he was ASB’s chief operating officer and its group chief financial officer. Before his current role, Yap was the president of CapitaLand Financial, where he oversaw the group’s fund management business.

“On behalf of the board, I would like to express our deep appreciation to Jason for his invaluable contributions to CapitaLand over his 29 years of service to the group, most recently as the first CEO of CLD since its establishment in September 2021 following the restructuring of CapitaLand Limited,” says Wong Kan Seng, chairman of the group.

“Jason has been instrumental in leading the growth of CapitaLand’s business in Singapore, China and Vietnam, building the leadership bench strength and fostering a strong culture of teamwork. We are glad that Jason will continue to serve as an advisor to the Group and help provide counsel from his wealth of knowledge, experience and expertise,” he adds.

Wong also welcomed Yap to CLD, noting that the group “looks forward to working with him to build on the strong foundation which Jason has laid for CLD’s sustainable growth”.

“Jonathan has more than 30 years of experience in the real estate industry and has made significant contributions in developing the fund management business and driving operational excellence at CLI. His appointment as CEO of CLD demonstrates the strength of the ONE CapitaLand ecosystem and I am confident that Jonathan will lead CLD to scale new heights,” he says.

“I am privileged and grateful to have had the opportunity to lead various teams in Singapore as well as in China during my 14 years working there. It has been very fulfilling to see the group expand and grow from strength to strength over the past three decades. Over the past 18 months, it has been extremely rewarding for me to work closely with the CLD leadership team to formulate the company’s growth strategy, and I am confident that CLD is well-positioned across all its geographies for future success,” says Leow.

“I have had the privilege to work alongside talented colleagues across the one CapitaLand ecosystem and feel honoured and excited to be given the opportunity to lead CLD. With the board’s continued guidance and support, I look forward to working closely with the CLD team to further grow the company’s business and reputation as a trusted partner and a developer of choice that creates quality spaces through sustainable and innovative solutions, enriching lives and uplifting the communities everywhere CLD operates,” says Yap.