KUALA LUMPUR (April 10): KIP REIT Management Sdn Bhd, the manager of KIP Real Estate Investment Trust (KIP REIT), has appointed Valerie Ong Pui Shan as its chief executive officer, effective April 5.

In a statement on Monday (April 10), the company said with the appointment, Ong has been mandated to spearhead KIP REIT’s business strategies, operational plans and corporate exercises to strengthen KIP REIT’s position as a highly respected and professionally managed REIT.

Ong is the chairman of KIP REIT’s Sustainability Steering Committee, where she oversees the formulation and implementation of KIP REIT’s environmental, social and governance efforts in its day-to-day operations.

In addition, she is also the deputy chairman of KIP REIT’s Investment Steering Committee.

Prior to her role as executive director of KIP REIT, Ong was the group CEO of the KIP group of companies where she oversaw the construction, development and leasing of three malls — KIPMall Kota Warisan, KIPMall Desa Coalfields and KIP Kuantan — under a master lease to Lotus's.

She has developed more than 2.7 million square feet of properties with a gross development value of RM1.3 billion and leased more than half a million square feet of retail space.

“As the CEO, my immediate focus will be to grow our existing portfolio of retail and industrial assets as we look to acquire potential assets that are within our investment policy. In addition, I will push ahead with KIP REIT’s shift towards sustainability,” said Ong.

KIP REIT units closed unchanged at 90.5 sen apiece, giving the company a market capitalisation of RM545.74 million.