CapitaLand Integrated Commercial Trust (CICT), alongside CapitaLand Development and UOL consortium, has won the tender for the Hougang Central Government Land Sales site for approximately S$1.5b. This development marks a strategic expansion of CICT’s retail footprint into Singapore’s northeast region, with CICT set to develop and own the entire commercial component.
The project, a significant milestone for CICT, will feature a mixed-use development with around 300,000 square feet of retail and lifestyle space, making it the largest mall in Hougang. The development aims to serve as a key anchor for the precinct’s growth, tapping into Hougang’s population of nearly 230,000 residents and its connectivity to neighbouring areas like Kovan and Punggol.
Tan Choon Siang, CEO and Executive Director of the manager of CICT, highlighted the strategic value of the investment, stating, “This move strengthens CICT’s portfolio exposure in Singapore, aligning with our value creation strategy and maintaining a Singapore-centric focus.” He emphasised the opportunity to shape the mall’s design and leasing strategy, unlocking Hougang’s untapped potential.
The development will also include approximately 830 residential units, integrated with Hougang MRT station and a new bus interchange. With direct links to major transport lines, the site is poised to become a key transport node by 2030. CICT plans to finance the project through a mix of debt and other options, ensuring a strong balance sheet and sustainable returns for unitholders. Completion is targeted for 2030 or 2031.
