CapitaLand Integrated Commercial Trust (CICT) has announced the divestment of Bukit Panjang Plaza, a suburban mall in Singapore’s north-western region, for S$428m. The transaction, completed with an unrelated third party, is part of CICT’s strategy to optimise its portfolio and enhance financial flexibility for future growth. The net proceeds from the sale are expected to be approximately S$421.2m.
The divestment aligns with CICT’s ongoing efforts to reconstitute its portfolio, aiming to create value for stakeholders. “The sale of Bukit Panjang Plaza is part of our portfolio reconstitution strategy to optimise our portfolio, strengthen CICT’s financial flexibility for growth and create value for our stakeholders,” said Tan Choon Siang, CEO and Executive Director of CapitaLand Integrated Commercial Trust Management Limited.
This move is seen as a strategic step to ensure that CICT remains agile and well-positioned to seize new opportunities in the market. By reallocating resources, the trust aims to enhance returns for its unitholders and maintain a robust financial standing.
