CapitaLand Integrated Commercial Trust: Passing on the flaming torch
- CEO of CICT, Mr. Tony Tan, will step down from 1st May’25 and take up a Chief Corporate Officer role at CapitaLand Development
- Incoming CEO, Mr. Tan Choon Siang, will continue to be supported by a core management team which has navigated CICT through COVID-19 and also the pivotal acquisition of Ion Orchard
- We believe Mr. Tan Choon Siang has the track record and experience to navigate CICT into the future as a leading commercial REIT in the region
- BUY call and TP of SGD 2.30 maintained
What has happened.
CapitaLand Integrated Commercial Trust (“CICT”) announced that Mr. Tan Choon Siang will be stepping into the role of Chief Executive Officer (“CEO”) of the manager from the 1st of May’25. Current CEO, Mr. Tony Tan, will be relinquishing his position as CEO and will be appointed Chief Corporate Officer (“CCO”) at CapitaLand Development with effect from May’25. Under Tony’s leadership since 1st May 2017, the REIT has gone through the merger with CapitaLand Commercial Trust (“CCT”), navigated the COVID-19 crisis and completed the trophy acquisition of ION Orchard in 2024, among the many feathers in his cap. Incoming CEO, Mr. Tan Choon Siang, comes with a strong track record as former Chief Financial Officer (“CFO”) of CapitaLand India Trust and in his last executive leadership role, was the CEO of CapitaLand Malaysia Trust (“CMMT”), where he guided the REIT towards key bolt-on acquisitions to diversify the earnings profile of the REIT, positioning it for growth.
Our view.
The transition of the CEO from Mr. Tony Tan and Mr. Tan Choon Siang will likely be smooth with the core team within CICT intact. While investors will certainly miss Mr Tony Tan’s cool demeanour and disciplined stewardship of investors’ capital over the years, Mr Tan Choon Siang will inherit and lead a strong management team with tested capabilities. At a young age age 48, we see Mr. Tan Choon Siang having the right profile and tenure to drive CICT’s next leg of growth, with the future shaped by advancement in technologies, evolving consumer expectations and a seamless blend of digital and physical experiences – to bring the portfolio from strength to strength. No Change to our BUY call and TP of CICT.
We wish both Choon Siang and Tony every success in their new roles!
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