City Developments
City Developments website

Property developer City Developments on Friday said its Chief Executive Officer Grant Lewis Kelley has resigned and that it has appointed Sherman Kwek as CEO-designate with immediate effect.

Kelley, who has served for more than three years, will be taking up new challenges as the CEO of a listed company based in Melbourne, Australia, which offer is timely as he intends to return home to Australia for personal reasons.

His last day will be December 31, 2017.

Sherman Kwek - son of CityDev's executive chairman, Kwek Leng Beng, and nephew of non-executive director Kwek Leng Peck - will take over the full responsibilities on January 1, 2018.

In a separate statement, City Developments said it reported its net profit fell nearly 18 percent on year, mainly as the completion of a project in Singapore had boosted income last year.

Net profit dropped to S$109.9 million in the June quarter, compared with S$133.8 million in the same period of last year.

Revenue declined 21.8 percent to S$854.1 million, City Developments said in a statement to the Singapore Exchange.

The company declared a special interim dividend of 4 cents per share.

Shares in the firm fell 1.5 percent to S$11.49 on the Singapore Exchange. The stock has risen about 39 percent so far this year.