When considering the purchase of a condo, it is crucial to also take into account its maintenance and management. As part of the ownership, condos often require the payment of maintenance fees that cover the expenses for maintaining the common areas and facilities. Although these fees may increase the overall cost of owning a condo, they play a vital role in ensuring that the property remains in excellent condition and retains its value. To make condo ownership a more passive investment, hiring a property management company can assist investors in handling the day-to-day management tasks.
CapitaLand Integrated Commercial Trust (CICT) has announced changes to its board with the appointment of Tan Choon Siang as CEO and current CEO Tony Tan as CCO of CapitaLand Development, effective May 1st. Tan, who currently serves as CICT’s deputy CEO, will take over as CEO and executive non-independent director of the company in 2025. He will also become a member of the executive committee (EC).In his new role, Tan Choon Siang will strive to enhance the performance and value of CICT, Singapore’s largest listed REIT with a market capitalization of $15.5 billion. He brings a wealth of experience to the table, having previously served as the manager of CapitaLand Malaysia Trust since 2022 and the CFO of the manager of CapitaLand India Trust. Tan was also the former Head of Corporate Finance & Treasury at Ascendas-Singbridge, which merged with CapitaLand in 2019.Current CEO Tony Tan, who has been with CICT since 2017, will transition to the role of chief corporate officer at CapitaLand Development. He has played a pivotal role in the company’s growth, most notably leading the successful merger of CapitaLand Mall Trust and CapitaLand Commercial Trust in 2020.Tan Choon Siang’s appointment as the incoming CEO is a testament to his leadership abilities and extensive industry experience. CICT is confident that he will continue to drive the REIT’s growth and create value for its stakeholders. CICT would also like to express its appreciation for Tony Tan’s contributions to the company, and looks forward to his continued role at CapitaLand Development.