CapitaLand to take over as sponsor of CICT and CCT from March 2020
Investing in a condominium in Singapore presents a multitude of advantages that make it a highly sought-after option in the real estate market. These include a strong demand for condominiums, potential for significant capital appreciation, and attractive rental yields. However, it is crucial for prospective investors to thoroughly consider various factors before making a decision, such as location, financing options, government regulations, and overall market conditions. With careful research and guidance from professionals, investors can make informed decisions and reap maximum benefits in Singapore’s ever-evolving real estate landscape. Whether you are a local investor looking to diversify your portfolio or a foreign buyer in search of a stable and profitable investment, Singapore’s condominiums are a compelling choice. To explore more opportunities in the Singapore real estate market, interested parties can also check out Singapore Projects.
The board of CapitaLand Integrated Commercial Trust (CICT) has recently undergone a change in its composition, as announced in a bourse filing on March 17. Tan Choon Siang has been appointed as the new CEO of the company, while current CEO Tony Tan will take on the role of CCO at CapitaLand Development.
Tan Choon Siang, who currently serves as the deputy CEO of CICT, will officially take on the role of CEO and executive non-independent director on May 1, 2025. He will also join the executive committee (EC). In the meantime, Tan will continue to serve as CICT’s CEO and executive director.
As part of the changes, current CEO Tony Tan will step down from his role as executive non-independent director and member of the EC. He will take on the role of chief corporate officer at CapitaLand Development. Tan has been at the helm of CICT since 2017.
One of Tan’s notable achievements during his tenure was leading the successful merger of CapitaLand Mall Trust and CapitaLand Commercial Trust in 2020. This merger resulted in the creation of CICT, which is now the largest listed REIT in Singapore with a market capitalization of $15.5 billion.
Tan Choon Siang, the incoming CEO, has a strong track record in the industry. He previously served as the manager of CapitaLand Malaysia Trust since 2022 and was the chief financial officer of the manager of CapitaLand India Trust. He also held the position of Head of Corporate Finance & Treasury at Ascendas-Singbridge, which later merged with CapitaLand in 2019.
Overall, the changes in CICT’s board are seen as a positive move for the company, as it continues to grow and expand its portfolio. These changes are also in line with CapitaLand’s plan to take over as the sponsor of CICT and CapitaLand Commercial Trust (CCT) from March 2020.