GuocoLand to have new CEO

SINGAPORE - Guocoland will have a new CEO by February next year.

The property developer said on Friday that its current head honcho, Quek Chee Hoon, is retiring from the company after 15 years and will leave his post on Jan 31 next year.

He will be replaced by Chia Boon Kuah, who is currently the chief operating officer of property sales and executive director at Far East Organisation. He is also president of the Real Estate Developers' Association of Singapore. Mr Chia will take over as group president and CEO from Feb 3.

When contacted by BT, departing CEO Mr Quek revealed that he had been diagnosed with early-stage kidney cancer last year, for which he has received treatment in Singapore and is "doing fine". "For now, I just want to take things easy."

In a filing to the Singapore Exchange yesterday, GuocoLand said: "The board has acknowledged and accepted Mr Quek's notification and is deeply appreciative of his stewardship, unstinting service and invaluable contributions in leading the transformation and growth of the group for the past 15 years."

Under his leadership, the firm's asset base has grown from under $2.9 billion in 1999 to $9.2 billion.

On Thursday, GuocoLand also announced that its first-quarter earnings had grown nine-fold from a year ago to $83.7 million, representing earnings per share of 7.33 cents. Revenue rose 29 per cent to $233.9 million, as a result of revenue recognition for Seasons Park in Tianjin, China.

The counter ended one cent higher at $2.23 yesterday, before the results were announced.

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