CICT to develop mixed-use Hougang Central site in deal with CGL and UOL-led consortium

Commercial and residential risks apportioned under SPV structure.

CapitaLand Integrated Commercial Trust (CICT) entered into a joint development deed on 9 February 2026 for the mixed-use Hougang Central site, setting out a structure that apportions commercial and residential risks and rewards between dedicated special purpose vehicles, according to a press release.

Under the arrangement, Horizon Commercial Trustee Pte. Ltd., as trustee of Horizon Commercial Trust and a wholly owned sub-trust of CICT, will own and be responsible at its own cost for developing the commercial component, whilst Horizon Residential Pte. Ltd. will own and be responsible at its own cost for developing the residential component, with each party bearing all costs, liabilities and obligations relating exclusively to its portion.

Horizon Residential Pte. Ltd. is held through effective interests of 50% by CapitaLand Group and 50% by a consortium led by UOL Group, with the consortium comprising UOL Group (30%), Singapore Land Group (10%) and Kheng Leong Company (10%), according to the SingLand announcement.

During development, the land will be held by the two entities as bare trustees as tenants-in-common based on the relative market values of the commercial and residential components as at the tender submission date, as determined by an agreed independent valuer, before strata titles are cross-transferred upon completion.

Costs relating to common property and the rest of the project will be jointly undertaken and shared between the parties in accordance with the joint development deed or by mutual agreement, while returns from each component will accrue solely to the respective owning vehicle.

The transaction is classified as an interested person transaction under SGX listing rules due to CapitaLand Group’s relationship with Temasek Holdings, but falls within the government land tender exception and does not require unitholders’ approval, with CICT’s audit and risk committee stating that the terms are not prejudicial to minority unitholders.