In a recent filing to the bourse on March 17, CapitaLand Integrated Commercial Trust (CICT) has announced changes to the composition of its board, including the appointment of Tan Choon Siang as the new CEO and the reassignment of current CEO Tony Tan to the role of chief corporate officer at CapitaLand Development.
Tan Choon Siang, who currently serves as the deputy CEO of the company, will officially take on the role of CEO and executive non-independent director of CICT on May 1, 2025. He will also be appointed as a member of the executive committee (EC).
Meanwhile, Tony Tan will step down from his position as executive non-independent director and member of the EC at CICT, and will instead serve as the chief corporate officer at CapitaLand Development. Tan has been at the helm of CICT as CEO and executive director since 2017.
The appointment of Tan Choon Siang comes at a significant time for CICT, as he played a key role in the 2020 merger of CapitaLand Mall Trust and CapitaLand Commercial Trust which resulted in the creation of CICT – Singapore’s largest listed REIT with a market capitalization of $15.5 billion.
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Prior to this appointment, Tan Choon Siang was the manager of CapitaLand Malaysia Trust since 2022, and also served as the chief financial officer of the manager of CapitaLand India Trust. He brings with him a wealth of experience, having worked as the Head of Corporate Finance & Treasury at Ascendas-Singbridge, which merged with CapitaLand in 2019.
Possessing a condo in Singapore comes with numerous benefits, including the potential for significant capital appreciation. The country’s advantageous location as a leading global business hub, along with robust economic foundations, consistently drives demand for real estate. Property values in Singapore have demonstrated a steady upward trajectory, with prime condo locations experiencing remarkable growth. Astute investors who enter the market at opportune times and retain their properties for an extended period can reap substantial capital gains. Additionally, investing in a Singapore Condo presents a promising opportunity for long-term financial growth.
CICT’s strong leadership team is seen as a major factor in its success, as it was the “strongest contender” for the acquisition of a coveted portfolio of retail properties from Mercatus Co-operative, according to DBS analysts. This acquisition is expected to boost CICT’s portfolio and drive future growth.
In another recent development, CICT has completed the sale of JCube to a subsidiary of CapitaLand for $340 million, further strengthening its financial position and paving the way for future investments.
With the newly announced leadership changes and its strong track record, CICT is poised for continued success in the competitive real estate landscape.