CICT to divest Bukit Panjang Plaza for S$428 million
The sale is being undertaken to optimise the Reit’s portfolio and to give it greater financial flexibility
[SINGAPORE] CapitaLand Integrated Commercial Trust (CICT) has agreed to divest Bukit Panjang Plaza for S$428 million in cash, its manager said in a bourse filing on Wednesday (Jan 14).
The sale comprises 90 strata lots, as well as the plant, mechanical and electrical equipment located in them.
The manager of the real estate investment trust (Reit) did not specify who the buyer was, but noted that it is an unrelated third party.
The sale is part of CICT’s broader portfolio reconstitution strategy, under which asset divestments may be considered to enable capital redeployment into potential growth opportunities, or other strategic purposes, the manager noted.
Tan Choon Siang, chief executive and executive director of the manager, expects the sale to help optimise CICT’s portfolio, strengthen financial flexibility for growth, and create value for stakeholders.
The manager does not expect the sale to have a material effect on the net asset value per unit of CICT and the distribution per unit of CICT for the financial year ending Dec 31, 2026.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
Net proceeds from the sale, amounting to S$421.2 million, will provide the Reit with “greater financial flexibility to repay debt, finance any capital expenditure, asset enhancement works and investments and/or finance general corporate and working capital requirements”, the manager explained.
Based on a valuation report by Cushman & Wakefield, the properties were valued at S$389 million as at Dec 31, 2025.
Units of CICT closed 0.4 per cent lower at S$2.42 on Wednesday, before the announcement.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
