CapitaLand Integrated Commercial Trust (CICT) has announced changes to its board composition in a bourse filing on March 17. These changes include the appointment of Tan Choon Siang as the new CEO and the reassignment of current CEO Tony Tan to the role of Chief Corporate Officer (CCO) of CapitaLand Development.
Effective from May 1, 2025, Tan Choon Siang, who currently serves as the deputy CEO of the company, will step into the role of CEO and executive non-independent director. He will also be appointed as a member of the executive committee (EC). On the other hand, current CEO Tony Tan will step down from his role as an executive non-independent director and a member of the EC. He will take on the position of Chief Corporate Officer at CapitaLand Development. Tony Tan has held the position of CEO and executive director at CICT since 2017.
Tan Choon Siang has a wealth of experience in the real estate industry, having previously served as the manager of CapitaLand Malaysia Trust since 2022 and as Chief Financial Officer of the manager of CapitaLand India Trust. He was also formerly the Head of Corporate Finance & Treasury at Ascendas-Singbridge, which merged with CapitaLand in 2019.
The appointment of Tan Choon Siang as the new CEO comes after the successful merger of CapitaLand Mall Trust and CapitaLand Commercial Trust in 2020, which led to the creation of CICT. This merger made CICT the largest listed REIT in Singapore, with a market capitalization of $15.5 billion. With his extensive experience and track record in the real estate industry, Tan Choon Siang is well-positioned to lead the company to new heights.
The changes in the board composition are part of the company’s efforts to strengthen its leadership team and ensure sustainable growth for the future. The company is confident that these changes will further enhance its capabilities and position in the market.
In other news, CICT recently announced the sale of 21 Collyer Quay for $688 million, as part of its ongoing portfolio optimization strategy. The company is also set to complete the sale of JCube to a subsidiary of CapitaLand for $340 million. These divestments will allow CICT to focus its resources on key assets and drive long-term value for its shareholders.
Overall, with a strong leadership team and a strategic portfolio, CICT is well-positioned for continued growth and success in the future.