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The Paragon paradox: CapitaLand’s upscale retail mall scoop is a win – but for whom?

Just a year ago, investors were told that Paragon needed a massive makeover – but that narrative has been flipped entirely

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Jude Chan

Jude Chan

Published Mon, Apr 20, 2026 · 07:16 PM
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    • CICT is partially funding the mega Paragon purchase by simultaneously selling Asia Square Tower 2 to Malaysia’s IOI Properties for roughly S$2.5 billion.
    • CICT is partially funding the mega Paragon purchase by simultaneously selling Asia Square Tower 2 to Malaysia’s IOI Properties for roughly S$2.5 billion. PHOTO: BT FILE

    [SINGAPORE] When Cuscaden Peak took Paragon Real Estate Investment Trust (Reit) private in the first half of 2025, the narrative delivered to retail investors was stark.

    The trust’s crown jewel, Paragon mall, needed a massive, critical makeover to stay relevant in a brutal retail landscape.

    This was estimated to take up to four years to complete, with a potential capital expenditure totalling up to S$600 million, or up to 21 per cent of Paragon’s FY2024 appraised value of S$2.9 billion as a 99-year leasehold property.

    CapitaLand InvestmentCapitaLand Integrated Commercial TrustParagon ReitIOI PropertiesPropertyOrchard RoadTemasekTemasek Holdings

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