In 2001, after he became CEO of CapitaLand, he took over the derelict Raffles City Shanghai project, “a big hole in the ground”, abandoned by the former DBS Land, he said. By 2008, it was worth twice its investment cost of S$300 million and commanded one of Shanghai’s stiffest rentals, he added.
Speaking philosophically to the reporter, he said crises are the best time to “build up your relative combat power” and he arrived at this operating principle – “In good times, prepare for bad times. In bad times, prepare for good times.”
Former DBS Land CEO fired back
About a week later after the talk of Liew’s property achievements was published on Straits Times, former DBS Land CEO Dr Han Cheng Fong wrote to Straits Times firing back (‘
DBS Land didn’t abandon Shanghai project‘, 11 Dec 2008).
Dr Han was particularly offended by Liew’s remarks that he took over the derelict Raffles City Shanghai project – ‘a big hole in the ground’ – abandoned by DBS Land.
“In the interest of accuracy, as the former CEO of DBS Land, I state categorically that Raffles City Shanghai was never abandoned by DBS Land at any time. Nor was it derelict or ‘a big hole in the ground’ when Pidemco merged with DBS Land,” Dr Han shot back.
TOC