The board of CapitaLand Integrated Commercial Trust (CICT) announced a reshuffle of its leadership team on March 17. Current deputy CEO, Tan Choon Siang, will take over as CEO and executive non-independent director on May 1, 2025. He will also join the executive committee (EC). In the meantime, current CEO Tony Tan will become the chief corporate officer of CapitaLand Development.
Tan has been with CICT since 2017, leading the successful merger of CapitaLand Mall Trust and CapitaLand Commercial Trust last year. This created Singapore’s largest listed REIT with a market capitalization of $15.5 billion. Tan’s role as CEO will come to an end in 2025 when he hands over the reins to Tan Choon Siang.
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Tan Choon Siang has an impressive track record in the real estate industry. He was previously the manager of CapitaLand Malaysia Trust and the chief financial officer of the manager of CapitaLand India Trust. He was also the Head of Corporate Finance & Treasury at Ascendas-Singbridge, which merged with CapitaLand in 2019.
The changes in leadership come as CICT continues to expand its portfolio and strengthen its position as a leading REIT in Singapore. The board is confident that under Tan Choon Siang’s leadership, the company will continue to grow and deliver value to its shareholders. This leadership transition also reflects the company’s commitment to developing and nurturing talent from within its ranks.
CICT’s recent sale of 21 Collyer Quay for $688 million demonstrates the company’s strategic focus on optimizing its portfolio and unlocking value for its investors. The company also completed the sale of JCube to a CapitaLand subsidiary for $340 million last year.
The changes in leadership are part of CICT’s long-term growth strategy and are expected to position the company for continued success in the future. With a strong and experienced management team in place, CICT is well-positioned to navigate any challenges and capitalize on opportunities in the market.