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CapitaLand Integrated Commercial Trust (CICT) said on Monday (Apr 20) it has agreed to sell Asia Square Tower 2, a commercial development in Marina Bay precinct, to Malaysia's IOI Properties for S$2.48 billion (US$1.95 billion).
The 773,000-square-foot property housing office, hotel and retail space, completed in 2013, was valued at S$2.25 billion as of Dec 31, the company said.
The trust estimates a gain of nearly S$199.9 million after deducting divestment expenses from net proceeds, with the deal set to close in the second half of 2026.
In a separate announcement, the trust said it will acquire Paragon - an integrated development along Orchard Road comprising retail, office and medical suites
The acquisition will be funded through a combination of debt, a S$600 million private placement, and proceeds from the sale of Asia Square Tower 2.
"This acquisition strengthens the resilience and quality of CICT’s Singapore‑focused portfolio, combining sizeable, upscale retail exposure with a defensive medical component, which is supported by strong structural tailwinds such as an ageing population and rising medical tourism," said Mr Tan Choon Siang, CEO of the manager of CICT.
Source: Reuters/dy
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FAST
CapitaLand Integrated Commercial Trust (CICT) said on Monday (Apr 20) it has agreed to sell Asia Square Tower 2, a commercial development in Marina Bay precinct, to Malaysia's IOI Properties for S$2.48 billion (US$1.95 billion).
The 773,000-square-foot property housing office, hotel and retail space, completed in 2013, was valued at S$2.25 billion as of Dec 31, the company said.
The trust estimates a gain of nearly S$199.9 million after deducting divestment expenses from net proceeds, with the deal set to close in the second half of 2026.
In a separate announcement, the trust said it will acquire Paragon - an integrated development along Orchard Road comprising retail, office and medical suites
The acquisition will be funded through a combination of debt, a S$600 million private placement, and proceeds from the sale of Asia Square Tower 2.
"This acquisition strengthens the resilience and quality of CICT’s Singapore‑focused portfolio, combining sizeable, upscale retail exposure with a defensive medical component, which is supported by strong structural tailwinds such as an ageing population and rising medical tourism," said Mr Tan Choon Siang, CEO of the manager of CICT.
Source: Reuters/dy
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