SINGAPORE Jan 16 Singapore property and hotel
developer City Developments Ltd on Thursday named an
investment industry veteran as its first chief executive, as
part of a strategy to diversify its business over concerns of a
sluggish home market.
Grant Kelly, 49, oversaw real estate funds in the Asia-
Pacific for private equity firm Apollo Global Management LLC
before his move to CityDev.
He has worked for real investment firms including Holdfast
Capital Limited and Colony Capital Asia since early 2002.
CityDev said it hoped to take advantage of Kelly's
experience in finance and international real estate investment
to explore new territories.
It also appointed managing director Kwek Leng Joo as deputy
chairman, the company said in a statement. The position of
managing director will be abolished, CityDev said. The new
appointments take effect on Feb. 17.
"We need to be less Singapore-centric in light of limited
opportunities domestically," said Executive Chairman Kwek Leng
"These appointments will help strengthen and deepen the
expertise of our management team as we shift gears and look
outwards to capitalise on growth markets."
An increasing number of Singapore-based property developers
have been venturing overseas as the domestic market feels a
growing chill from government moves to rein in rapidly rising
Private home sales in Singapore in December tumbled 80
percent on the year to a five-year low, data on Wednesday
CityDev drew 60 percent of its revenue from Singapore in
2012. Hotel operations, its top income generator, contributed 46
percent of turnover that year, Thomson Reuters data showed.