Singapore’s Paragon Mall is set to be sold to CapitaLand Integrated Commercial Trust (CICT) for more than S$3.9 billion (US$3 billion).
CICT will take full control of the 94,411sqm site on Orchard Road. Current owner, Cuscaden Peak, will part ways with the property four years after completing a takeover of the longstanding owner, Singapore Press Holdings REIT.
Known for luxury shopping and dining, Paragon Mall is home to famed international brands, with space for more than 190 brands in its six-storey site.
“Paragon is a rare, premier freehold integrated development in the heart of Orchard Road,” Tan Choon Siang, CEO of CICT, said.
“This acquisition strengthens the resilience and quality of CICT’s Singapore‑focused portfolio, combining sizeable, upscale retail exposure with a defensive medical component, which is supported by strong structural tailwinds such as an ageing population and rising medical tourism.”
The deal will be funded by CICT’s sale of Asia Square Tower 2 for $2.47 billion to IOI Marina View, a Malaysian property firm.
CICT said this divestment is expected to be completed in the second half of 2026.
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