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DBS Land didn't abandon Shanghai project
I REFER to the article, 'When times are bad, prepare for good times' (Dec 3).
In particular, I refer to the paragraph where Mr Liew Mun Leong says 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.
We bought the prime and central Raffles City Shanghai site in the early 1990s, spent two tough years to clear the site and started construction around 1995 to 1996. After completing the basement and before the superstructure construction could begin, the Asian financial crisis hit. Prudence dictated that we put the project on hold to ride out the crisis.
I strongly object to the aspersions cast on the board and management of DBS Land by the poor choice of words used to describe this wonderful project that Pidemco/CapitaLand inherited.
The project was among other strong businesses such as the Australand group in Australia, the Ascott group of service residences, the Raffles Holdings group of fine hotels and quality landbank in Singapore, Shanghai and elsewhere in the world left behind by DBS Land that benefited Pidemco/Capitaland.
A comparison between the portfolios of DBS Land and Pidemco at the point of merger would have demonstrated the striking difference between the two groups of companies, though I accept that after such a long lapse in time it would not serve much interest to anyone.
I gladly concede that CapitaLand's management has done a great job to grow the company to what it is today. But is it necessary to denigrate the work of others to glorify one's own achievements?
Dr Han Cheng Fong
I REFER to the article, 'When times are bad, prepare for good times' (Dec 3).
In particular, I refer to the paragraph where Mr Liew Mun Leong says 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.
We bought the prime and central Raffles City Shanghai site in the early 1990s, spent two tough years to clear the site and started construction around 1995 to 1996. After completing the basement and before the superstructure construction could begin, the Asian financial crisis hit. Prudence dictated that we put the project on hold to ride out the crisis.
I strongly object to the aspersions cast on the board and management of DBS Land by the poor choice of words used to describe this wonderful project that Pidemco/CapitaLand inherited.
The project was among other strong businesses such as the Australand group in Australia, the Ascott group of service residences, the Raffles Holdings group of fine hotels and quality landbank in Singapore, Shanghai and elsewhere in the world left behind by DBS Land that benefited Pidemco/Capitaland.
A comparison between the portfolios of DBS Land and Pidemco at the point of merger would have demonstrated the striking difference between the two groups of companies, though I accept that after such a long lapse in time it would not serve much interest to anyone.
I gladly concede that CapitaLand's management has done a great job to grow the company to what it is today. But is it necessary to denigrate the work of others to glorify one's own achievements?
Dr Han Cheng Fong
