Yip Hoong Mun appointed as Metro Holdings group CEO
By Amy Tan
/ EdgeProp Singapore |
Mainboard-listed Metro Holdings has appointed Yip Hoong Mun as its group CEO and executive director with effect from June 1. He succeeds Lawrence Chiang, who will step down on May 31 and be advisor of the group with effect from June 1. This is in line with the group’s property investment and development strategies.
Yip currently serves as Metro’s deputy group CEO, a position he assumed in May last year. He has also been appointed as group CEO and CEO of Metro China Holdings since January 2017.
Metro Holdings has appointed Yip Hoong Mun as its group CEO and executive director with effect from June 1 (Picture Credit: Samuel Isaac Chua/EdgeProp Singapore)
“Succession planning has always been a priority to ensure the continuity and execution of core strategies at Metro,” says Metro’s chairman Winston Choo.
He adds: “We would also like to thank [Chiang] for his 30 years of contribution to the group and his astute leadership in grooming a new senior team over the last few years to ensure a smooth transition.”
Yip has over 30 years of experience in executive and senior management roles in strategic planning, operations, hospitality, real estate investment and development. He started his career with Indeco Engineers and later moved on to BP South East Asia.
Prior to joining Metro Holdings, he spent more than 20 years within CapitaLand Group where he served different roles in various business units. He was the managing director of Ascott China in 2003 and then the CEO, Asia Pacific and Gulf Region, of the Ascott Group in 2006.
Subsequently, he has been involved in property developments in the Gulf Region, Vietnam and Indonesia of CapitaLand Group.
Over the years, Metro has grown to become a property and retail group with investments and operations in the region. Today, it has two core business segments: property investment and development, and retail. Its key markets are Singapore, China, Indonesia and the UK.
Metro’s retail arm serves customers through a chain of three Metro department stores in Singapore, and another 11 department stores in Indonesia.
Meanwhile, its property arm owns and manages several prime retail and office properties in first-tier cities in China, such as Shanghai and Guangzhou. It also has properties in Singapore, China, Indonesia and the UK.
7 and 9 Tampines Grande (Picture Credit: Cushman & Wakefield)
In April, Metro Holdings acquired 7 and 9 Tampines Grande through a 50:50 joint venture between its subsidiary Metrobilt Construction and an affiliate of SRIF GP. On its part, Metro invested about $45.6 million for its 50% capital commitment share.
Situated in Tampines Regional Centre, the Grade-A office development comprises two blocks of eight-storey office towers linked by a double-volume entrance lobby, with retail and F&B outlets on the ground floor.
The development has a site area of 86,110 sq ft and gross floor area of 361,660 sq ft. With a net lettable area spanning 288,000 sq ft, it has a 91% committed occupancy rate, with key tenants including Hitachi Asia, AIA Singapore and Sysmex Asia Pacific.
Looking ahead, Yip says he will build upon the group’s foundation and pave the way for similar collaboration opportunities.
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