CapitaLand Integrated Commercial Trust (CICT) is divesting Asia Square Tower 2, a commercial property in Singapore’s Marina Bay, for S$2.48 billion.
The sale to Malaysia's IOI Properties is expected to close in the second half of 2026, generating an estimated gain of nearly S$200 million for CICT.
In a parallel transaction, CICT will acquire Paragon, an integrated retail, office, and medical development on Orchard Road, for approximately S$3.9 billion. The acquisition, funded by debt, a S$600 million private placement, and proceeds from the Asia Square Tower 2 sale, aims to enhance CICT’s Singaporean portfolio with upscale retail and medical assets.