Brief Overview:

Initially listed on the Singapore Exchange in July 2002 as CapitaLand Mall Trust, making it the first REIT to be listed in Singapore, it was renamed as CapitaLand Integrated Commercial Trust (SGX: C38U), or CICT, in November 2020 following its merger with CapitaLand Commercial Trust.

As of 31 December 2025, CICT stands as the largest REIT on the Singapore Exchange, with a market capitalisation of S$18.2 billion. The REIT primarily focuses on commercial properties, including retail and office spaces, with a significant emphasis on Singapore. Its portfolio spans 20 properties in Singapore, 2 in Frankfurt, Germany, and 3 in Sydney, Australia, collectively valued at S$27.0 billion.

Notable Insights from CICT’s FY2025 Annual Report:

Key Performance Highlights:

Financial Performance:

  • Gross revenue grew by 2.1% to S$1,619.2 million, with contributions of 95% from its 20 properties in Singapore, 3% from its 3 properties in Australia, and 2% from its 2 properties in Germany. This growth was mainly driven by the acquisition of the remaining 55% stake in CapitaSpring, the lease commencement at Gallileo (following the progressive handover to the anchor tenant, ECB), and better performance from existing properties.
  • Net property income increased by 3.1% to S$1,189.7 million, primarily due to higher contributions from CapitaSpring, improved performance from existing properties, and lower utilities and property management reimbursements.
  • Distributable income surged by 14.5% to S$860.9 million, largely due to the step-up acquisition of CapitaSpring, full-year contributions from the acquisition of a 50% stake in ION Orchard in October 2024, stronger performance from existing properties, and prudent cost management.
  • Distribution per unit grew by 6.4% to 11.58 cents per unit.

Portfolio Performance:

  • Retail Portfolio: Occupancy stood at 98.7% (down from 99.3% in FY2024), with positive rental reversion of +6.6%. Shopper traffic and tenant sales rose by 20.5% and 14.9% year-on-year, driven by ION Orchard; otherwise, these increased by 4.6% and 1.2%, respectively. This was supported by a well-curated retail mix, targeted marketing initiatives, and innovative concepts.
  • Office Portfolio: Occupancy reached 95.7% (up from 94.8% in FY2024), with Singapore properties registering positive rental reversion of 6.6%, driven by healthy demand from sectors like Banking, Insurance & Financial Services, Distribution and Trading, and IT and Telecommunications.
  • CICT’s total portfolio value increased by 5.2% to S$27.4 billion, with Singapore assets contributing 94%, and Australia and Germany assets contributing 3% each. The value growth was mainly driven by the performance of the Singapore portfolio, bolstered by the acquisition of 55% of CapitaSpring’s commercial component and the uplift in Gallileo’s valuation. All properties, except for the 3 in Australia (due to modest capitalisation rate expansion for North Sydney assets and depreciation of the Australian dollar against the Singapore dollar) and Main Airport Center in Germany (due to lower occupancy), either saw unchanged or improved valuations.

Capital Management:

  • Aggregate leverage rose slightly by 0.1 percentage points to 38.6%.
  • The average cost of debt decreased by 0.4 percentage points to 3.2%.
  • Fixed-rate debt now accounts for approximately 74% of the REIT’s total borrowings, providing stability amidst market volatility.

Key Developments in FY2025 – January 2026:

  • 30 May 2025: Sold 45% stake in the non-core serviced residence component of CapitaSpring to RP Riverside II (B.V.I) and YTL Riverside Pte Ltd for S$126.0 million, yielding an exit return of 3.6%.
  • 26 August 2025: Acquired the remaining 55% interest in CapitaSpring’s commercial component for S$1,045.0 million, achieving an entry yield in the low-4% range.
  • September 2025: Initiated asset enhancement at Tampines Mall to expand by 50,000 square feet of net lettable area and enhance the shopper experience. Completion is expected by 3Q FY2026, with a targeted return on investment of around 7%.
  • 3Q FY2025: Completed asset enhancement works at IMM Building, reinforcing its status as a leading regional outlet centre.
  • November 2025: Began upgrading Raffles City Singapore with renovations to the Level 1 lift lobby, the creation of end-of-trip facilities with dedicated bicycle parking, and the addition of wayfinding across office floors to enhance the office user experience. The upgrade is set for completion by 4Q FY2026.
  • November 2025: Launched asset enhancement works at Lot One Shoppers’ Mall to add 15,000 square feet of net lettable area in Basement 2, using the Urban Redevelopment Authority’s surplus carpark conversion scheme. Completion is on track for 1Q FY2027, with a targeted return on investment of over 7%.
  • 4Q FY2025: Gallileo in Germany began contributing income following the Phase 1 handover to ECB in December 2025, with Phase 2 expected in 1Q FY2026.
  • 14 January 2026: CICT, in partnership with CapitaLand Development, won the tender for the mixed-use Hougang Central Government Land Sales site. The project will include a 100% commercial component, with an estimated development cost of S$1.1 billion and an expected yield on cost of over 5%.
  • 27 February 2026: Sold Bukit Panjang Plaza to SG Bravo Retail Property Pte Ltd for S$428.0 million, with an exit yield in the mid-4% range. Proceeds will be reinvested in growth opportunities or other strategic initiatives.
  • 3Q FY2026: Commenced asset enhancement at Capital Tower, including the conversion of Level 9 into a community space and the creation of a high-yielding F&B space with a multi-tenanted retail pavilion on Level 1. The works are expected to be completed by 4Q FY2027.

Progress on Sustainability Agenda:

  • As at end-2025, all of CICT’s properties remained 100% green-rated.
  • 3 properties saw building certification upgrades: The Atrium Orchard became Singapore’s first operational office-retail building to earn the Building & Construction Authority’s (BCA) Green Mark Platinum (Super Low Energy) certification, with Asia Square Tower 2 also receiving the same certification. Meanwhile, Raffles City Singapore was upgraded from Green Mark GoldPLUS to Green Mark Platinum.

Details of CICT’s AGM: 

Date: Wednesday, 22 April 2026
Time: 2.30pm
Venue: Marina Bay Sands Expo & Convention Centre, Level 3, Hibiscus Ballroom, 10 Bayfront Avenue, Singapore 018956

The AGM is held in a wholly physical format, with no options for unitholders to attend virtually.

If you have any questions for the management, you can either raise them during the meeting, or submit them in advance via email to ask-us@cict.com.sg before 5pm on Tuesday, 14 April 2026.

Closing Thoughts:

CICT’s latest ‘report card’ for FY2025 is a rather impressive one, with a stable growth in its financial results across gross revenue, net property income, and distribution payouts to unitholders. The portfolio’s occupancy rates for both retail and office properties remain high, above 90%, and positive rental reversion of +6.6% was achieved for new and/or renewed leases. The debt profile is in a healthy position, with aggregate leverage at a comfortable 38.6% (well below the regulatory limit of 50%), and about 74% of borrowings are hedged at fixed rates, providing protection against interest rate fluctuations.

The only slight negative is the decline in valuations for its 3 properties in Sydney, Australia, due to a moderate increase in capitalisation rates and a weaker Australian dollar, as well as the lower occupancy at Main Airport Center (though occupancy has improved from 81.8% to 87.4% year-on-year).

Looking ahead, I believe CICT will continue its steady financial growth, driven by CapitaSpring, ongoing contributions from Gallileo, and the completion of asset enhancement works at existing properties, alongside favourable tenant contract terms. I expect the same positive trend for its distribution payouts to unitholders.

Related Documents:

Annual Report
Letter to Unitholders
Independent Market Review 2025
Notice of AGM
Proxy Form for AGM

Disclaimer: At the time of writing, I am a unitholder of CapitaLand Integrated Commercial Trust. 

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