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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).<\/p>\n
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.<\/p>\n
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.<\/p>\n
In a separate announcement, the trust said it will acquire Paragon – an integrated development along Orchard Road comprising retail, office and medical suites <\/strong>– for nearly S$3.9 billion from Singapore’s state-owned investment firm Temasek.<\/p>\n 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.<\/p>\n “This acquisition strengthens the resilience and quality of CICT\u2019s Singapore\u2011focused 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.<\/p>\n<\/div>\n