KUALA LUMPUR (Dec 1): Sunway Real Estate Investment Trust (KL:SUNREIT) has announced the appointment of Derek Teh Wan Wei as its new chief executive officer (CEO), effective Monday.
Teh, 47, takes over from Clement Chen Kok Peng, who resigned in June to assume the role of chief financial officer at Sunway Bhd (KL:SUNWAY). His appointment marks a strategic leadership transition for one of Malaysia’s largest REITs, which holds a diversified portfolio of commercial, retail, hospitality, and industrial real estate assets across Kuala Lumpur and Selangor.
Sunway REIT noted in its filing that Teh currently serves as vice-chairman of the Malaysian REIT Managers Association (MRMA) and brings more than two decades of experience in the property and investment sectors.
Before joining Sunway REIT Management Sdn Bhd—the manager of Sunway REIT—Teh was the CEO of Sentral REIT Management Sdn Bhd, where he oversaw the operations of Sentral REIT (KL:SENTRAL), a trust anchored by prime office and commercial buildings in KL Sentral. His earlier career at Malaysian Resources Corporation Bhd (KL:MRCB) saw him hold senior positions, including vice-president of properties, where he managed a range of commercial, residential, and mixed-use developments.
In a separate announcement, Sunway REIT said Ng Bee Lien has been redesignated as chief financial officer. Ng had been serving as acting CEO since June following Chen’s departure.
Sunway REIT’s units closed one sen higher at RM2.27 on Monday, giving the trust a market capitalisation of RM7.77 billion. The REIT continues to be a key player in the Klang Valley’s commercial and industrial property investment landscape, supported by its strategically located assets in KL and Selangor.
