CICT to acquire 50% stake in ION Orchand for $1.415bn.

CICT, a real estate investment trust, agreed to acquire 50% stake in ION Orchand, an eight-storey premium destination mall located at the gateway of Singapore’s Orchard Road, for $1.415bn. “The opportunity to acquire ION Orchard, a highly sought-after premium destination mall, helps deepen our presence in Singapore. Sited in a prime location with excellent accessibility, ION Orchard is known for its iconic architectural façade and universal appeal, due to its diverse range of offerings attracting millions of locals and visitors annually," Teo Swee Lian, CICTML Chairman.