Early Retirement of CEO, CPL

Centrepoint Properties Limited today announced that its Chief Executive Officer, Mr Jeffrey Heng, has opted for early retirement so as to pursue other personal interests. His last day of service is 30 April 2001.

Mr Heng, 56, joined Centrepoint Properties in July 1996 and has played a key role in shaping the company into one of Singapore's fastest growing and most profitable property companies. He saw Centrepoint Properties through the critical downturn in the residential property market and helped the company to remain profitable in spite of the far-reaching impact of the 1997 Asian financial crisis.

In addition, it was Mr Heng's business acumen that enabled parent company, Fraser and Neave Limited, to triple its profits on the Seletaris project launched in June 1999. In anticipation of changing market conditions, Mr Heng had pushed for a change in the development plans, bringing about a reconfiguration of the use of the freehold site. Compass Heights, which was launched in February and more than 90 per cent sold to-date despite the current weak market, is another feat to Mr Heng's credit.

Said Dr Michael Fam, Executive Chairman of Fraser & Neave Limited: "Mr Heng's good understanding of the property market has been a tremendous asset to both CPL and F&N. His strong passion, high level of energy, as well as his deep sense of accountability is an inspiration for many. We are sad that he has chosen to retire early and will miss him greatly."

Expressing his gratitude to the Board for respecting his wishes, Mr Heng added: "In my five years with the Group, I have endeavoured to give my best. I would like to thank the Chairman and the Board for their support and guidance. Most of all, I thank my staff as without them, I would have achieved little."

Centrepoint Properties will, in the meantime, be reviewing plans for Mr Heng's succession. This will be made known at the appropriate time.