Current location site: Global

Singapore, 14 January 2026 – CapitaLand Integrated Commercial Trust (CICT) is pleased to announce that the consortium comprising CICT, CapitaLand Development (CLD), and UOL consortium (UOL) (the Consortium), has been awarded the tender for the Hougang Central Government Land Sales (GLS) site for approximately S$1.5 billion or S$1,179 per square foot (sq ft) per plot ratio. This marks a significant milestone for CICT as it reinforces its foothold in its core market of Singapore, while expanding its retail footprint into Singapore’s northeast region.

Under the joint development structure, CICT will develop and own 100% of the commercial component. CLD and UOL, in a 50:50 joint venture, will develop the residential component for sale, combining their strong track records in high-quality developments. The project also draws on CapitaLand Group’s established expertise in delivering large-scale integrated mixed-use developments, supported by CapitaLand Investment’s best-in-class commercial management capabilities that have consistently driven strong operational performance.

A vibrant mixed-use development in the heart of Hougang

As the first GLS parcel in the Hougang area since 2019, this development is a transformative milestone for the precinct. With approximately 300,000 sq ft of net lettable area for retail and lifestyle concepts, the development will house the largest mall in Hougang, serving as a key anchor for the precinct’s next phase of growth.

Hougang ranks among Singapore’s most populous precincts, with nearly 230,000 residents, placing it in the top 10 of the 55 residential zones². In addition, strong household density and connectivity from sizeable and mature neighbouring precincts such as Kovan, Punggol, Sengkang and Serangoon provide a stable, recurring base of consumer demand. With private retail space per capita in Hougang at 2.8 sq ft, significantly below the national average of 11.4 sq ft³, the area presents untapped potential, supporting the development’s long-term prospects.

CLD and UOL will further enhance this catchment by introducing approximately 830 residential units to the mixed-use development. Leveraging the combined expertise of CICT, CLD and UOL, the Consortium will create a vibrant mixed-use development that is seamlessly integrated with Hougang MRT station, the new Hougang bus interchange and a new town plaza.

The major civic hub will feature a sheltered public event space and diverse F&B offerings that enhance community vibrancy and placemaking. With direct connectivity to the North-East Line and a planned link to the Cross Island Line by 2030, the site is poised to become a key transport node. The development will also benefit from nearby amenities such as Punggol Community Club, Hougang Sports Centre, and Punggol Park. Several established primary schools are also located within 1 km and 2 km of the development.

Project financing

As project costs will be incurred progressively over the development timeline, CICT will adopt a holistic approach to assess funding needs. This includes evaluating the most efficient mix of debt and other financing options to maintain a strong balance sheet and prudent gearing levels. CICT has ample financial flexibility and sufficient resources to fund the project through debt if required, while continuing to uphold its commitment to disciplined capital management and sustainable returns for unitholders.

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^{1. Based on the valuer’s estimated net income, assuming completion of the commercial component and taking into consideration the estimated development cost of the commercial component.}

^{2. Based on population statistics from Department of Statistics Singapore.}

^{3. Based on retail space data from Urban Redevelopment Authority, and population data from Department of Statistics Singapore.}

^{4. Based on the valuer’s estimated net income, assuming completion of the commercial component and taking into consideration the estimated development cost of the commercial component.}