CapitaLand Integrated Commercial Trust (CICT) has announced changes to its board composition. Effective May 1, 2025, current Deputy CEO Tan Choon Siang will take over as CEO and executive non-independent director of the company. He will also join the executive committee (EC).
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At the same time, current CEO Tony Tan will step down as executive non-independent director and EC member and will be appointed chief corporate officer of CapitaLand Development. Tan has been the CEO and executive director of CICT since 2017.
Last year, Tan led the merger of CapitaLand Mall Trust and CapitaLand Commercial Trust, creating CICT, the largest listed REIT in Singapore with a market capitalization of $15.5 billion.
Tan Choon Siang, the incoming CEO, is currently the manager of CapitaLand Malaysia Trust and was previously the chief financial officer of CapitaLand India Trust’s manager. He also served as Head of Corporate Finance & Treasury at Ascendas-Singbridge, which merged with CapitaLand in 2019.
CICT has been actively expanding its portfolio and recently sold 21 Collyer Quay for $688 million. This move is seen as strengthening the trust’s financial position and increasing its ability to pursue future growth opportunities.
With a new CEO at the helm, CICT is well-positioned to continue its growth trajectory and provide strong returns for its investors. The trust’s focus on strategic mergers and acquisitions, as well as its diverse portfolio of assets, makes it a strong contender in the local retail market.