CapitaLand Integrated Commercial Trust (CICT) has announced a slight decrease in its gross revenue and net property income for the first quarter of 2025, primarily attributed to the divestment of 21 Collyer Quay in November 2024.
Despite this, on a like-for-like basis, CICT’s revenue and net property income saw a modest increase of 1.1% and 1.4%, respectively.
CICT’s portfolio continues to demonstrate resilience, with a committed occupancy rate of 96.4% as of 31 March 2025. The retail segment performed strongly, achieving a 10.4% rent reversion and a 17.5% year-on-year increase in average monthly tenant sales per square foot, driven by contributions from ION Orchard.
Shopper traffic also rose by 23% year-on-year. However, excluding ION Orchard, tenant sales slightly decreased by 0.5%.
The office portfolio experienced a 5.4% rent reversion, with new and renewed leases totalling 203,500 square feet and a tenant retention rate of 75.7%. CICT is also advancing its asset enhancement initiatives, with plans for Tampines Mall in the fourth quarter of 2025 and the completion of Phase 3 at IMM Building by the third quarter of 2025.
Financially, CICT maintains a robust position with an aggregate leverage of 38.7% and a reduced average cost of debt at 3.4%. The trust has secured 78% of its borrowings at fixed interest rates, ensuring stability amidst fluctuating market conditions.
Looking ahead, CICT’s strategic enhancements and stable financial management are expected to support continued growth and resilience in its portfolio.
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