Singaporean REIT CapitaLand Integrated Commercial Trust (CICT), has agreed to acquire a 100 percent interest in Paragon, a premier freehold integrated development along Orchard Road comprising retail, office and medical suites, from Cuscadean Peak for an agreed property value of S$3.9 billion (US$2.3 billion). The proposed acquisition is expected to enhance CICT’s high-quality and diversified portfolio of retail, office and integrated assets, while further reinforcing its standing as the largest owner of private commercial real estate in Singapore.
“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,” says Tan Choon Siang, CEO of the manager of CICT. “The asset’s ability to sustain strong committed occupancy across market cycles over the
