Frasers Property Announces the Retirement of its Hospitality CEO

>Choe Peng Sum retires as CEO of Frasers Hospitality on 15 February 2019, and assumes role as Senior Adviser from 16 February 2019

>Recruitment of Mr Choe’s successor is progressing well, and an announcement will be made in due course

Singapore, 13 February 2019 - Frasers Property Limited (“Frasers Property”, and together with its subsidiaries, the “Group”) today announced the retirement of Mr Choe Peng Sum, CEO of Frasers Hospitality (FH), the Group’s hospitality business. Mr Choe will step down as CEO of FH on 15 February 2019, and will assume the role of Senior Adviser to Frasers Property from 16 February 2019.

Mr Panote Sirivadhanabhakdi, Group Chief Executive Officer of Frasers Property, commented, “After over 20 years as CEO of Frasers Hospitality, Peng Sum indicated his desire to retire to me a while ago. I would like to thank Peng Sum for his many years of dedicated service and contributions at the helm of Frasers Hospitality. During his tenure, Peng Sum strengthened Frasers Hospitality’s management bench strength and set up an international infrastructure as he grew the portfolio under management from Fraser Suites in Singapore in 1998 to more than 150 serviced residences and hotels in 80 cities with assets under management valued at $4.8 billion. Under his stewardship, Peng Sum built a well-recognised highly awarded global brand and launched Frasers Hospitality Trust, the first global hotel and serviced residence trust to be listed on the SGX-ST. While Peng Sum will be retiring from his executive role, I am pleased that we can continue to tap on him in his new role as one of our Senior Advisers.”

Mr Choe Peng Sum said, “I have had such an incredible 22 years at Frasers Hospitality. I am honoured and privileged to have worked alongside an amazing team and I am thankful to them all for their commitment, and many, for their dedicated long service to Frasers Hospitality. I am confident that Frasers Hospitality will continue to grow from strength to strength under the very capable hands of the leadership team at Frasers Hospitality. I look forward to transitioning to a new stage in my life.”

The recruitment of Peng Sum’s successor is progressing well, and an announcement will be made in due course.