CapitaLand Integrated Commercial Trust (CICT) has announced an 8% year-on-year increase in gross revenue for the first quarter of 2026, ending 31 March. This growth is attributed to the full acquisition of CapitaSpring and contributions from Gallileo. The net property income also saw a 7.9% rise, reflecting the trust’s robust financial performance.
CICT’s portfolio demonstrated strong operational metrics, with a committed occupancy rate of 95.2%. Retail occupancy was particularly high at 97.8%, whilst office occupancy stood at 93.7%. The retail sector experienced a 4.4% rent reversion, with tenant sales per square foot increasing by 2.2% year-on-year, supported by seasonal promotions and a rise in tourist arrivals.
In the office sector, CICT recorded a 6.1% rent reversion, with significant leasing interest from industries such as Banking, Insurance & Financial Services, IT & Telecommunications, and Energy & Commodities. The total new and renewed leases for the quarter amounted to 121,300 square feet.
CICT is also set to divest Asia Square Tower 2 at a 9.9% premium to its valuation, with plans to reinvest the proceeds into Paragon, a freehold integrated development, offering a higher net yield of 3.9%. Additionally, a S$160m asset enhancement initiative is planned for Plaza Singapura and The Atrium@Orchard, aimed at upgrading infrastructure and enhancing the retail experience.
The trust maintains a healthy financial position with a low aggregate leverage of 38.5% and a reduced average cost of debt at 2.9%. With 76% of borrowings on fixed interest rates, CICT is well-positioned for future growth. These strategic moves underscore CICT’s commitment to enhancing its portfolio and delivering value to stakeholders.
