Singapore's CapitaLand Integrated Commercial Trust said on Monday (April 20) it has agreed to sell Asia Square Tower 2, a commercial development in Marina Bay precinct, to Malaysia's IOI Properties for $2.48 billion.
The 773,000 sq ft property housing office, hotel and retail space, completed in 2013, was valued at $2.25 billion as of Dec 31, the company said.
The trust estimates a gain of nearly $199.9 million after deducting divestment expenses from net proceeds, with the deal set to close in the second half of 2026.
In a separate announcement, the trust said it will acquire Paragon, a luxury retail mall, for nearly $3.85 billion from Singapore's state-owned investment firm Temasek.
The acquisition will be funded through a combination of debt, a $600 million private placement, and proceeds from the sale of Asia Square Tower 2.
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