KUALA LUMPUR (May 12): GuocoLand (Malaysia) Bhd has appointed Noorbaizura Hermeyney as its new managing director (MD), succeeding Tan Wee Bee, effective May 18.

In a statement on Friday (May 12), the property developer, who is the subsidiary of Singapore-based GuocoLand Ltd, said Tan, 52, will be stepping down to pursue his other personal interests.

Noorbaizura, 43, has 20 years of working experience, which is primarily focused on investment and asset management, including experience in the real estate portfolios for public listed real estate investment trusts and government-linked companies.

Prior to her latest appointment, she was chief executive officer (CEO) of GLM REIT Management Sdn Bhd, the manager of Tower Real Estate Investment Trust or Tower REIT. GLM REIT is a subsidiary of GuocoLand.

“Noorbaizura is an exceptional leader with vision, method and diligence. I very much look forward to working with her to take GuocoLand Malaysia into its next phase of development and growth,” said GuocoLand Ltd CEO Cheng Hsing Yao.

At the same time, Noorbaizura has been appointed as Tower REIT’s non-independent and non-executive director to replace Tan, effective May 18, its local bourse filing showed.

Besides Noorbaizura, GuocoLand Malaysia has promoted Yeap Yen Yen as its chief financial officer, and named Lim Eng Tui as the group’s senior general manager for development.

GuocoLand’s share price closed unchanged at 65.5 sen on Friday, for a market capitalisation of RM455.32 million. Tower REIT was unchanged at 44 sen, bringing it to a market capitalisation of RM123.42 million.