I am shell shocked by the announcement from Capitaland Integrated Commercial Trust ("CICT") that it will be acquiring Paragon from Cuscaden Peak. As a former unit-holder of SPH REIT and later on the renamed Paragon REIT, I vividly recalled a year ago, the Cuscaden Group folks said that Paragon need S$500Mil to S$600Mil for a major facelift and refurbishment to fight off the intense competition at Orchard road. Henceforth, there will be a huge loss of income for all unit-holders of Paragon REIT for up to 4 years during this major facelift. The best option recommended was a privatisation then with Paragon valued at S$2.9 billion. In less than 1 year after Cuscaden taken Paragon REIT private, they have suddenly decided not to go ahead with the facelift but instead chose to sell Paragon to CICT for S$3.9 billion. Personally, I thought that all ex-Paragon retail unitholders have been played