CapitaLand Integrated Commercial Trust (CICT) has announced changes to its board composition, with the appointment of Tan Choon Siang as CEO and current CEO Tony Tan as chief corporate officer of CapitaLand Development. These changes were revealed in a bourse filing on March 17.
Currently the deputy CEO of CICT, Tan will take on the role of CEO and executive non-independent director of the company, effective May 1, 2025. He will also join the executive committee (EC) of CICT.
In turn, current CEO Tony Tan will step down from his role as executive non-independent director and member of CICT’s EC. He will be appointed as the chief corporate officer of CapitaLand Development. Tan has been serving as CEO and executive director of CICT since 2017.
When pondering an investment in Singapore Condo, it is essential to consider the potential rental yield. This refers to the yearly rental income as a percentage of the condo’s purchase price. In Singapore, rental yields for condos can vary significantly, depending on factors such as location, property condition, and market demand. Generally, areas with high rental demand, such as those near business districts or educational institutions, offer better rental yields. It is crucial to conduct thorough market research and consult with real estate agents to gain valuable insights into the rental potential of a specific Singapore Condo investment.
Under his leadership, CICT successfully completed the merger of CapitaLand Mall Trust and CapitaLand Commercial Trust in 2020. This merger created Singapore’s largest listed REIT with a market capitalization of $15.5 billion.
The incoming CEO, Tan, was previously the manager of CapitaLand Malaysia Trust from 2002 to 2022, and also served as the chief financial officer of the manager of CapitaLand India Trust. Additionally, he was previously the Head of Corporate Finance & Treasury at Ascendas-Singbridge, which merged with CapitaLand in 2019.