CICT’s Tan Choon Siang marks first year with billion-dollar deal streak
Acquisition of Paragon and divestment of Asia Square Tower 2 follow CapitaSpring deal and ION Orchard acquirement
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[SINGAPORE] Since taking the reins a year ago, Tan Choon Siang, chief executive of CapitaLand Integrated Commercial Trust’s (CICT) manager, has kept the real estate investment trust (Reit) firmly in motion, stepping up its capital recycling game with a string of mega deals as it reshapes its portfolio.
Its latest moves – the S$3.9 billion acquisition of Paragon and divestment of Asia Square Tower 2 for S$2.5 billion – come on the heels of last year’s CapitaSpring deal and its ION Orchard acquisition in 2024. CICT purchased the remaining 55 per cent interest in the Grade A office building for S$1 billion, and the 50 per cent stake in ION Orchard and ION Orchard Link at S$1.85 billion.
Over the past year, CICT units have risen about 10 per cent to S$2.36 as at market close last Thursday (Apr 30). The largest Reit in Asia-Pacific markets, its market capitalisation now stands at around S$18 billion. Distribution per unit (DPU) in FY2025 was up 6.4 per cent at S$0.1158, from S$0.1088 the previous year.
