CapitaLand Integrated Commercial Trust has signed a Joint Development Deed with Horizon Commercial Trustee and Horizon Residential, a 50:50 venture between CapitaLand Group and a UOL-led consortium, to co-develop a mixed-use commercial and residential project at Hougang Central.

Under the agreement, the commercial special purpose vehicle (Commercial SPV) and the residential special purpose vehicle (Residential SPV) will share ownership of the site in proportion to the market values of their respective components at the time of the tender. Each party will independently fund and manage the design, construction and completion costs of its component, while common property expenses will be split according to the agreed cost apportionment. Returns from the commercial space will accrue to the Commercial SPV, and returns from the residential units will accrue to the Residential SPV.

The transaction is classified as an interested person transaction under Chapter 9 of the Singapore Exchange listing rules because CapitaLand Group is an indirect wholly owned subsidiary of Temasek Holdings, a controlling unitholder of CapitaLand Integrated Commercial Trust. The aggregated value of interested person transactions between CapitaLand Integrated Commercial Trust and Temasek-linked entities in the current financial year, including this joint development, is about 998.7 million Singapore dollars, or roughly 6.4% of the REIT’s latest audited net tangible assets as of Dec, 31 2024.

The Audit and Risk Committee of the manager stated that the terms of the joint development are on normal commercial terms, with risks and rewards proportionate to each party’s equity interests, and are not prejudicial to minority unitholders.

Directors Jonathan Yap Neng Tong and Janine Gui Siew Kheng hold positions within CapitaLand Group and CapitaLand Investment Limited, respectively. As of Feb, 9 2026, directors collectively hold 653,619 units of CapitaLand Integrated Commercial Trust, while Temasek and its related entities have a deemed interest in 1,628.8 million units, representing about 21.40% of total units in issue.

The project aims to leverage the Hougang Central location’s connectivity, strong population catchment and retail potential to generate attractive returns once completed.