CapitaLand Integrated Commercial Trust Consortium Awarded Hougang Central Tender

MT Newswires

Jan 15

A consortium compromising CapitaLand Integrated Commercial Trust (SGX:C38U), CapitaLand Development and UOL (SGX:U14), was awarded the tender for the Hougang Central Government Land Sales site for around SG$1.5 billion, according to a Wednesday filing with the Singapore Exchange.

Shares of the trust were down nearly 1% in Thursday trading.

Under the joint development structure, the trust will develop and own 100% of the commercial component.

Meanwhile, CapitaLand Development and UOL in a 50% joint venture, will develop the residential component for sale.

The consortium will utilize a holistic approach towards securing funds for the project, which spans over a site area of 504,820 square feet and has a 99-year leasehold tenure.

Meanwhile, the consortium is targeting completion of the project between 2030 and 2031, the filing added.

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