He is currently the chief operating officer of the division

 

[SINGAPORE] Property investment and development group Metro has appointed Erwin Wuysang-Oei as the chief executive officer of its retail arm, with effect from Oct 1. 

 

In a bourse filing on Tuesday (Sep 30), the group said Wuysang-Oei&rsquo s appointment is part of its succession plan for senior management. As CEO of Metro&rsquo s retail division, the 43-year-old will oversee its strategic direction and overall management. 

 

Wuysang-Oei is currently the unit&rsquo s chief operating officer, a position he assumed in November 2023. Prior to that, he was the retail arm&rsquo s head of marketing, merchandising controller and e-commerce for more than eight years. 

 

The division&rsquo s previous CEO was David Tang, who resigned on Feb 14, 2024, to pursue other interests. 

 

&ldquo With over 18 years of experience in the retail industry and more than a decade at Metro, (Wuysang-Oei) has been instrumental in driving Metro&rsquo s omnichannel transformation to enhance the group&rsquo s market competitiveness, operational efficiency and customer engagement,&rdquo said the group in a press statement. 

 

Wuysang-Oei added: &ldquo We will continue to build on our strong foundation, enhance our current business, and embrace transformation to stay relevant in today&rsquo s dynamic retail landscape. Together with my team, we aim to improve our competitiveness and strengthen our market position.&rdquo

The line-up, including fashion retailers Studio Tomboy and make-up brand Vidivici, will be carried at Metro Paragon till Oct 31

 

[SINGAPORE] Shoppers here will soon have exclusive access to six brands from South Korea&rsquo s Shinsegae International, following a tie-up with Metro Singapore. 

 

To mark the partnership, a pop-up will run at Paragon Shopping Centre until Oct 5, featuring Shinsegae&rsquo s in-house brands and exclusive products. 

 

The line-up comprises fashion retailers Studio Tomboy, Man on the Boon and Voice of Voices, as well as luggage brand Rawrow, lifestyle label Jaju and beauty brand Vidivici. 

 

These brands will continue to be carried at Metro Paragon until Oct 31.

 

The collaboration is Shinsegae&rsquo s first retail partnership outside South Korea.

 

Beauty brand Vidivici makes its debut in Singapore via the Shinsegae-Metro partnership. 

 

While post-Covid &ldquo revenge shopping&rdquo provided a temporary boost, he noted that rising inflation and a strong Singapore dollar have curtailed tourist spending and encouraged more locals to shop abroad.

 

In FY2025, Metro&rsquo s retail division reported a loss after tax of S$6.9 million, compared with a profit of S$1.8 million in the previous year. Sales fell 8.5 per cent to S$96.5 million, with lower contributions from its Paragon and Causeway Point outlets &ndash the two remaining Metro stores in Singapore.

 

Higher operating costs continued to pressure the division, with cost of revenue amounting to S$93.9 million.

 

At the launch event on Friday (Sep 26), Wuysang-Oei said: &ldquo We know that retail is filled with a lot of uncertainty and there&rsquo s a need to reinvent, reimagine what retail can be.&rdquo

 

He added: &ldquo Our vision is to build multi-concept, experiential ecosystem stores &ndash formats that stand on their own, defined by distinct identities rather than size, much like this Shinsegae pop-up.&rdquo  

 

Speaking to BT on the sidelines, Metro chairman Tan Soo Khoon highlighted that Singapore&rsquo s retail environment faces stiff competition from both local and regional players.

 

&ldquo Metro has to stay relevant by constantly evolving new concepts so that we stay relevant, and we continue to attract customers to our stores,&rdquo he said. &ldquo As a company, we must always be prepared to try new things and if we remain where we are, we are not going to make progress.&rdquo  

 

The chairman hopes that the Shinsegae tie-up will generate interest among local customers and tourists, boosting foot traffic to Metro&rsquo s department stores. 

 

Beyond the tie-up, Wuysang-Oei unveiled videos of Metro&rsquo s modular, experiential concept stores, including The Sleep Lab, MiniMuse and Kitchen Stadium. 

 

The Sleep Lab, slated to open in the retailer&rsquo s Paragon outlet, allows customers to try mattresses in a setting that simulates the comfort and relaxation of a holiday home. 

 

MiniMuse is a curated selection of luxury beauty and wellness products in sample sizes, targeting younger consumers and allowing them to experiment before committing to full-sized purchases.

 

As part of Metro&rsquo s efforts to reinvent its retail offering, it is also launching a revamped website with an improved user experience and an AI-powered chatbot. A new brand loyalty programme will follow next month.

The group holds 26% of the units in the Boustead Industrial Fund through its indirect wholly owned subsidiary Metrobilt Construction

 

[SINGAPORE] Property investment and development group   Metro Holdings   : M01 +7.55%, which has an indirect stake in a Boustead private real estate fund, said it has not made any decision nor entered into any agreement with respect to the proposed transactions behind Boustead Singapore&rsquo s Thursday (Sep 18) announcement. 

 

The announcement concerned the valuation of Boustead Singapore&rsquo s proposed real estate investment trust (Reit) listing UI Boustead Reit, which has an estimated portfolio value of S$1.9 billion.

 

The portfolio will contain 23 logistics and industrial properties, and UI Boustead Reit will use this valuation to decide the amount it is willing to pay to acquire these assets.

 

The Reit will be sponsored by UIB Holdings, in which Boustead Singapore has a 20 per cent interest. As part of this proposed listing, Boustead Singapore entered into agreements to divest its interests in four Singapore properties through Boustead Projects to UI Boustead Reit on Thursday.

 

Metro, through its indirect wholly owned subsidiary Metrobilt Construction, holds 26 per cent of the units in the Boustead Industrial Fund (BIF) and the 7 per cent notes due 2031 issued by Perpetual (Asia). 

 

&ldquo There is no certainty that any definitive agreement will be entered into and/or that any possible transaction will materialise in respect of the company&rsquo s interests from these discussions,&rdquo it said in a filing on Thursday.

 

BIF is a private real estate trust established and sponsored by Boustead Projects, which comprises a portfolio of 12 properties from BIF. Perpetual Asia is the trustee of BIF.

 

Boustead Projects sold its 51 per cent stakes in the properties at 29 Media Circle, and 8 and 12 Seletar Aerospace Heights, respectively. It also divested its 62.25 per cent of its stake in a property at 84 Boon Keng Road, and a 37.75 per cent interest in a fourth property at 11 Seletar Aerospace Link, reported The Business Times previously. 

 

Equity research analyst Ada Lim from OCBC Investment Research in her Friday report pointed out that Boustead Singapore, through its real estate division, had extended a right of first refusal (ROFR) to BIF on Dec 31, 2020, which will remain intact post-listing.  

 

&ldquo This seems to suggest that there could be future opportunities for Boustead Singapore to divest mature assets to UI Boustead Reit through BIF,&rdquo she wrote. &ldquo UIB Holdings as the Reit sponsor will also grant a ROFR to UI Boustead Reit over stabilised assets in its portfolio that align with the Reit&rsquo s investment mandate, providing inorganic growth opportunities to the Reit.&rdquo