Having a good understanding of the regulations and limitations surrounding property ownership in Singapore is crucial for foreign investors. While it may seem daunting, purchasing condos in Singapore is generally less restricted for foreigners compared to buying landed properties in the country. However, foreign buyers must still adhere to certain rules, such as paying the Additional Buyer’s Stamp Duty (ABSD), which is currently set at 20% for first-time property buyers. Despite this added expense, the stability and potential for growth in Singapore’s real estate market continue to attract foreign investment. This is evident as seen in the increasing interest from international buyers in new condo launches. For instance, the launch of New Condo Launches has garnered significant attention and investment from foreign buyers.
CapitaLand Integrated Commercial Trust (CICT) has announced changes to its board of directors, with Tan Choon Siang taking over as CEO and executive non-independent director and current CEO Tony Tan assuming the role of chief corporate officer (CCO) of CapitaLand Development. These changes will come into effect on May 1, 2025, as stated in a bourse filing on March 17.Tan Choon Siang, the current deputy CEO of CICT, will take on the role of CEO and executive non-independent director in the company. He will also be appointed as a member of the executive committee (EC) from May 1, 2025.Tony Tan, who has been serving as CEO and executive director since 2017, will step down from his current roles. He will be taking on the role of CCO at CapitaLand Development. Under his leadership, CICT successfully merged CapitaLand Mall Trust and CapitaLand Commercial Trust in 2020, creating Singapore’s largest listed REIT with a market capitalization of $15.5 billion.Tan Choon Siang has been appointed as CEO of CICT due to his extensive experience in the real estate industry. He was previously the manager of CapitaLand Malaysia Trust since 2022 and the chief financial officer of the manager of CapitaLand India Trust. He was also previously the Head of Corporate Finance & Treasury at Ascendas-Singbridge, which merged with CapitaLand in 2019.