-- CapitaLand Integrated Commercial Trust (CICT or the Trust) today announced a distributable income growth of 12.4% year-on-year (y-o-y) to S$411.9 million for the six months ended 30 June 2025 (1H 2025), compared to S$366.5 million in 1H 2024. This increase is attributed to the income contribution from ION Orchard, which was acquired on 30 October 2024, better performance from existing properties and lower interest expenses, partially offset by the divestment of 21 Collyer Quay.
CICT’s 1H 2025 distribution per unit (DPU) rose 3.5% to 5.62 cents, on an enlarged unit base compared to the 1H 2024 DPU. With the record date on Wednesday, 13 August 2025, CICT’s unitholders can expect to receive the 1H 2025 DPU on Thursday, 18 September 2025. Based on the closing price of S$2.17 per unit on 30 June 2025, CICT’s annualised distribution yield is 5.2%.
In 1H 2025, CICT’s gross revenue eased by 0.5% y-o-y to S$787.6 million, resulting in a corresponding 0.4% y-o-y decrease in its net property income to S$579.9 million. This slight decline was primarily due to the absence of income from 21 Collyer Quay, divested on 11 November 2024, and Gallileo, which has been undergoing asset enhancement initiatives (AEI) since February 2024. Excluding the income contribution from 21 Collyer Quay in 1H 2024, the Trust’s gross revenue and net property income for 1H 2025 would have increased by 1.4% and 1.7%, respectively.
Tan Choon Siang, CEO and Executive Director of CICTML
Mr Tan Choon Siang, CEO and Executive Director of CICTML, said: “Our first-half results underscore the strength and resilience of CICT, driven by active portfolio management and reconstitution efforts, as well as disciplined capital management. The income contribution from ION Orchard and stronger portfolio performance have effectively offset the income gap from the sale of 21 Collyer Quay and the ongoing AEI at Gallileo. In addition, the recent divestment of the non-core serviced residence component of CapitaSpring on 30 May 2025 has bolstered CICT’s financial flexibility, with net proceeds used to reduce debt and support working capital needs. These actions affirm our commitment to enhancing asset and portfolio value, recycling capital and maintaining financial discipline in a dynamic macroeconomic environment.”
On the asset enhancement front, Mr Tan said: “We remain proactive in identifying assets to strengthen their market positioning and relevance. With AEI works completed at IMM Building and Gallileo nearing handover, we are preparing to commence new enhancement projects at Lot One Shoppers’ Mall and Tampines Mall starting in 4Q 2025. These AEIs will expand our offerings, elevate the shopper experience, and unlock additional asset potential.”
“Looking ahead, our focus remains on driving sustainable growth through proactive portfolio management and prudent cost and capital management. With our current aggregate leverage ratio, we are well-positioned to seize accretive growth opportunities while maintaining a disciplined investment approach,” added Mr Tan.
Notes:
N.M. – Not meaningful.
1. Amount includes distribution income from joint ventures.
2. The following sums were retained for general corporate and working capital purposes:
- For 1H 2025, S$4.6 million comprising S$3.5 million and S$1.1 million received from CapitaLand China Trust (CLCT) and Sentral REIT respectively.
- For 1H 2024, S$4.2 million comprising S$4.0 million and S$0.2 million received from CLCT and Sentral REIT respectively.
- For FY 2024, S$9.4 million comprising S$8.0 million and S$1.4 million received from CLCT and Sentral REIT respectively.
- For FY 2023, S$12.7 million comprising S$9.5 million and S$3.2 million received from CLCT and Sentral REIT respectively.
Proactive portfolio management
Against an evolving economic backdrop, CICT’s portfolio demonstrated resilience, supported by sound operating performance in 1H 2025. As at 30 June 2025, CICT’s portfolio committed occupancy remained robust at 96.3%, led by the retail (98.6%), integrated development (97.8%) and office (94.6%) portfolios. During the period, approximately 0.8 million square feet of new leases and renewals were signed across CICT’s portfolio. Singapore retail and office portfolios continued to achieve positive rent reversions of 7.7% and 4.8%, respectively, based on the average rents of newly signed leases in 1H 2025, compared to the average rents of expiring leases. Both portfolios also maintained high tenant retention rates, with retail at 81.8% and office at 76.8%.
To invigorate the retail experience for shoppers, CICT actively introduced fresh offerings. In 1H 2025. Raffles City Singapore welcomed several new retailers including Taiwan’s renowned artisanal handcrafted noodle chain Spicy Noodles and fusion art and tea concept ARTEASG. Bugis+ introduced SIDES, a fried chicken venture by British digital content creators, Sidemen, while Bedok Mall saw the arrival of KKV, a Chinese lifestyle destination offering an expansive range of products including toys, homeware, daily essentials and cosmetics.
CICT’s office portfolio also saw healthy leasing activity, attracting new tenants from diverse sectors such as Business Consultancy, Energy & Natural Resources and IT and Telecommunications. Notable leases signed for renewals in 2Q 2025 included Clarksons Singapore Pte. Limited and First Abu Dhabi Bank P.J.S.C. Singapore Branch at Asia Square Tower 2, and Avolon Aerospace Singapore Pte. Ltd. at CapitaGreen.
Value creation from AEIs
CICT has successfully completed the phased AEI works at IMM Building, with reconfigured and upgraded units now handed over to committed tenants. Strengthening its position as a regional outlet destination, IMM Building now features more than 100 outlet stores that cater to diverse consumer needs. The Trust will progressively hand over the refreshed space at Gallileo to the European Central Bank starting in 3Q 2025, with the remaining tenants to follow in 1Q 2026. From 4Q 2025, CICT’s AEI efforts will focus on the suburban malls – Lot One Shoppers' Mall and Tampines Mall – with works aimed at expanding their offerings and uplifting their asset values. Both malls will remain operational throughout the enhancement period to continue serving shoppers.
Disciplined capital management
CICT maintained a strong balance sheet through proactive and agile capital management, emphasising long-term stability. The Trust continues to diversify its funding sources to mitigate the risk of relying on any single source. As at 30 June 2025, CICT’s aggregate leverage was 37.9%, while the average cost of debt was 3.4%, down from the 3.6% as at 31 December 2024. About 81% of total borrowings remained on fixed interest rates. The debt maturity profile is well-staggered across various tenures, with an average term-to-maturity of 4.0 years, reducing refinancing risks in any single year.
As at 30 June 2025, the adjusted net asset value per unit was S$2.07, a slight decline of 1.0% compared with 31 December 2024.
Artist’s impression of the new F&B units at Basement 2 of Lot One Shoppers' Mall
Release ID: 89166624
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