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CICT' s 2HFY2025 DPU up 9.4% to 5.96 cents full-year payout at 11.58 cents
Even with a larger unit base, CapitaLand Integrated Commercial Trust' s (CICT) 2HFY2025 distribution per unit (DPU) is up 9.4% y-o-y to 5.96 cents, driven by a combination of contributions from ION Orchard, step-up acquisition of CapitaSpring&rsquo s commercial component, stronger performance from existing properties and lower interest expenses. This brings CICT' s full-year distribution to 11.58 cents, up 6.4%.
The 2HFY2025 DPU includes the advanced distribution of 1.35 cents for the period from July 1 to Aug 13, 2025, which was paid on Sept 18 with the 1HFY2025 distribution
In the half year, gross revenue was up 4.7% y-o-y to $831.5 million net property income was up 6.8% y-o-y to $609.9 million.
CICT' s portfolio property value rose by 5.2% to $27.4 billion, due to better performance of the Singapore portfolio and the step-up acquisition of CapitaSpring&rsquo s commercial component. As at the same Dec 31, 2025, adjusted NAV per share, which excludes distributable income, was $2.09, up 1% from $2.07 as at June 30, 2025.
As at Dec 31, 2025, CICT' s portfolio committed occupancy remained at 96.9%.
It achieved positive rent reversions of 6.6% each on an average signed-and-expiring rent basis in FY2025.
As at Dec 31, 2025, CICT maintained a healthy aggregate leverage of 38.6%, while the average cost of debt was 3.2%, down from 3.6% as at Dec 31, 2024.
Teo Swee Lian, chairman of the manager, says that CICT will maintain a " high-quality Singapore-centric" portfolio where Singapore assets make up 94%.
" Looking ahead, our strategy remains clear &ndash we will continue to focus on retail, office, and integrated developments, while strengthening portfolio resilience and creating long-term value for our unitholders,&rdquo says Teo.
Tan Choon Siang, CEO and executive director of the manager, calls CICT' s FY2025 results a reflection of the strength of the portfolio and the disciplined execution of the manager' s reconstitution strategy.
" We have deployed multiple growth levers to create value &ndash through asset enhancement initiatives, portfolio reconstitution, and now a new development project," says Tan, referring to the Hougang Central site. This project is expected to generate an attractive entry yield of over 5%.
In 3QFY2026, CICT will undergo new asset enhancement at Capital Tower to reposition Level 9 into a community space and create a higher-yielding food and beverage space on Level 1.
Now with the divvy commanding a " premium" , hope it move closer to $2.50 before XD.
Wa. A good and cool +10%. Blessed that I also vested in this (still in Ascendas though).
MrBear12 ( Date: 06-Feb-2026 09:01) Posted:
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yeah, by a good ten percent
seanpent ( Date: 06-Feb-2026 08:38) Posted:
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Divvy better than last Feb ?
ExDiv 13/02 4.61 payable 24/3
Singapore REITs: Entering An Earnings Upgrade Cycle
https://sginvestors.io/analysts/research/2026/01/singapore-reits-dbs-group-research-2026-01-02
https://sginvestors.io/analysts/research/2026/01/singapore-reits-dbs-group-research-2026-01-02
CICT to develop, own commercial component of mixed-use Hougang Central site
The trust gains an &lsquo attractive entry yield&rsquo with an expected yield on cost of more than 5%
[SINGAPORE] CapitaLand Integrated Commercial Trust ( CICT : C38U -0.41%) will develop and fully own the commercial component of the mixed-use Hougang Central site that it clinched at a recent state tender.
The commercial component spans about 300,000 square feet (sq ft) in net lettable area &ndash potentially the largest commercial space in Hougang.
The total development cost is around S$1.1 billion, and CICT will assess funding needs &ndash including evaluating the most efficient mix of debt and other financing options &ndash to maintain a &ldquo strong balance sheet and prudent gearing levels&rdquo , the trust&rsquo s manager said on Wednesday (Jan 14).
It added that CICT has &ldquo ample financial flexibility and sufficient resources&rdquo to fund the project through debt if needed.
Tan Choon Siang, chief executive officer and executive director of the manager, said CICT gains an &ldquo attractive entry yield with an expected yield on cost of over 5 per cent, which compares favourably with recent transactions of operating assets in the market&rdquo .
Slated for completion by 2031, the commercial component is likely to have recurring consumer demand, given the strong household density, connectivity and amenities in the estate.
The manager noted: &ldquo With private retail space per capita in Hougang at 2.8 sq ft, significantly below the national average of 11.4 sq ft, the area presents untapped potential, supporting the development&rsquo s long-term prospects.&rdquo
CICT &ndash alongside CapitaLand Development, UOL, Singapore Land and Kheng Leong &ndash submitted the top bid of S$1.5 billion or S$1,179 per square foot per plot (psf ppr) ratio for the 99-year leasehold site.
UOL and CapitaLand Development will develop the residential component in a 50-50 split.
The tender, which closed in December, drew three bids. The winning bid was 2 per cent higher than the next-highest bid of S$1.47 billion or S$1,155 psf ppr from the Sim Lian group.
A Frasers Property-led consortium including Sekisui House and Lum Chang came in third, with a bid of S$1.4 billion or S$1,101 psf ppr.
Tan said: &ldquo This investment presents an opportunity to expand our retail footprint in Singapore, where well-located suburban malls at major transport nodes are tightly held and rarely available, while establishing a strategic foothold in the north-east region.&rdquo
CapitaLand Integrated Commercial Trust - RHB Research 2025-10-30: Another Good Quarter BUY
https://sginvestors.io/analysts/research/2025/10/capitaland-integrated-commercial-trust-rhb-securities-research-2025-10-30
https://sginvestors.io/analysts/research/2025/10/capitaland-integrated-commercial-trust-rhb-securities-research-2025-10-30
CICT overtakes Hong Kong' s Link Reit to become Asia' s largest real estate investment trust
https://www.straitstimes.com/business/companies-markets/cict-overtakes-hong-kongs-link-reit-to-become-asias-largest-real-estate-investment-trust
CapitaLand Integrated Commercial Trust (CICT) 2025 Review: Stable Growth, Strong Portfolio & Investment Outlook
https://www.minichart.com.sg/2025/11/03/capitaland-integrated-commercial-trust-cict-2025-review-stable-growth-strong-portfolio-investment-outlook-1/
Back to immediate support after making its way to 2.44
CapitaLand Integrated Commercial Trust (CICT) recorded a marginal 0.2% year-on-year (YoY) increase in net property income (NPI) to $874.2 million for the nine months ended September 30 (9MFY2025). On a like-for-like (LFL) basis, excluding contributions from 21 Collyer Quay (year-to-date September 2024) and CapitaSpring (August 26?September 30 post-acquisition of the remaining 55% stake), NPI grew 1.4% YoY.
For the third quarter of FY2025 (3QFY2025), revenue rose 1.5% YoY to $403.9 million, while NPI climbed 1.6% YoY to $294.4 million.
CICT's aggregate leverage edged up 1.3 percentage points (ppt) to 39.2%, while the average cost of debt dipped 0.1 ppt to 3.3%. The interest coverage ratio improved to 3.5x from 3.3x.
As of September 30, portfolio committed occupancy stood at 97.2% (up 0.9 ppts quarter-on-quarter), with retail occupancy at 98.7% and office occupancy at 96.2%. The retail portfolio saw a positive rental reversion of 7.8% YoY for 9MFY2025. Tenant sales per square foot (psf) surged 19.2% YoY, primarily driven by ION Orchard. Excluding ION Orchard, retail tenant sales psf grew 1.0% YoY, led by downtown malls (+1.3% YoY) and suburban malls (+0.7% YoY). Shopper traffic rose 24.8% YoY year-to-date September 2025, or 4.5% YoY excluding ION Orchard.
Total new and renewed leases for 9MFY2025 covered 773,400 sq ft, with an 80.0% retention rate. The office portfolio achieved 6.5% rent reversions for Singapore properties, with a tenant retention rate of 74.0%.
CICT commenced asset enhancement initiatives (AEI) at Tampines Mall in September 2025, targeting completion by 3Q2026 and income contributions from 4Q2026. AEI at Lot One Shoppers? Mall is slated for completion in 1Q2027, with additional net lettable area at basement two expected to contribute from 1Q2027. Raffles City Tower?s AEI is planned for 4Q2025, with completion anticipated in 4Q2026.
The progressive handover of Gallileo to the European Central Bank has begun, with the property set to contribute income from FY2026.
CICT closed at $2.41 on October 27. Its annualized 1H2025 distribution per unit (DPU) of 11.24 cents implies a yield of 4.66%.
For the third quarter of FY2025 (3QFY2025), revenue rose 1.5% YoY to $403.9 million, while NPI climbed 1.6% YoY to $294.4 million.
CICT's aggregate leverage edged up 1.3 percentage points (ppt) to 39.2%, while the average cost of debt dipped 0.1 ppt to 3.3%. The interest coverage ratio improved to 3.5x from 3.3x.
As of September 30, portfolio committed occupancy stood at 97.2% (up 0.9 ppts quarter-on-quarter), with retail occupancy at 98.7% and office occupancy at 96.2%. The retail portfolio saw a positive rental reversion of 7.8% YoY for 9MFY2025. Tenant sales per square foot (psf) surged 19.2% YoY, primarily driven by ION Orchard. Excluding ION Orchard, retail tenant sales psf grew 1.0% YoY, led by downtown malls (+1.3% YoY) and suburban malls (+0.7% YoY). Shopper traffic rose 24.8% YoY year-to-date September 2025, or 4.5% YoY excluding ION Orchard.
Total new and renewed leases for 9MFY2025 covered 773,400 sq ft, with an 80.0% retention rate. The office portfolio achieved 6.5% rent reversions for Singapore properties, with a tenant retention rate of 74.0%.
CICT commenced asset enhancement initiatives (AEI) at Tampines Mall in September 2025, targeting completion by 3Q2026 and income contributions from 4Q2026. AEI at Lot One Shoppers? Mall is slated for completion in 1Q2027, with additional net lettable area at basement two expected to contribute from 1Q2027. Raffles City Tower?s AEI is planned for 4Q2025, with completion anticipated in 4Q2026.
The progressive handover of Gallileo to the European Central Bank has begun, with the property set to contribute income from FY2026.
CICT closed at $2.41 on October 27. Its annualized 1H2025 distribution per unit (DPU) of 11.24 cents implies a yield of 4.66%.
CICT overtakes Hong Kong&rsquo s Link Reit to become Asia&rsquo s largest real estate investment trust
A main factor behind this is the strength of the Singapore dollar, which has gained 5.4% against the greenback so far this year, while the Hong Kong dollar has fallen 0.2%
[SINGAPORE] CapitaLand Integrated Commercial Trust (CICT) is now the largest real estate investment trust (Reit) in Asia.
This comes on the heels of a private placement in August, where the Reit manager issued some 284.4 million new units at S$2.11 apiece. The gross proceeds of S$600 million raised were mainly used to finance the proposed acquisition of the remaining 55 per cent interest in the office and retail component of CapitaSpring.
The market value of the Singapore-listed Reit (S-Reit) has risen some 19.2 per cent in the year to date to S$17.5 billion, as at 12 pm on Oct 1 &ndash pipping former leader Link Reit, which currently sits on a market capitalisation of HK$103.3 billion (S$17.1 billion).
CICT : C38U +0.87%, a stalwart of Singapore&rsquo s benchmark Straits Times Index (STI), has ridden a wave of investor interest this year amid expectations that interest rates have peaked, which bodes well for the Reits.
Then, there is the ongoing equities market review, led by the Monetary Authority of Singapore, to revitalise Singapore&rsquo s flagging bourse.
Investor sentiment has improved on the back of initiatives such as a S$5 billion injection to strengthen the fund management ecosystem and boost trading liquidity, tax perks for companies listing in Singapore, and a pair of new indices to track the next tranche of the largest and most liquid companies beyond the STI constituents.
Among other things, this has sparked a wave of initial public offering activity in Singapore, especially in the third quarter.
Meanwhile, the STI has risen 14.2 per cent in the year to date, with the S-Reits gaining 9.4 per cent over the same period. The mid-caps have also climbed 9 per cent.
A question of currency
But CICT&rsquo s rise to the top of the Reits market in Asia could come down to one thing: the strength of the Singapore dollar.
The Singdollar has climbed 5.4 per cent against the US dollar so far this year, while the Hong Kong dollar has weakened 0.2 per cent against the greenback over the same period.
In local currency terms, Hong Kong&rsquo s Link Reit has outperformed CICT in the year to date.
The internally managed Reit has seen its unit price climb 21.8 per cent this year to HK$40 on Oct 1.
Link Reit owns a portfolio of properties including retail facilities, car parks, offices and logistics assets across China, Australia, Singapore and the United Kingdom, which was valued at HK$226 billion as at the end of March.
For the full year ended March, Link Reit&rsquo s distribution per unit (DPU) grew 3.7 per cent year on year to HK$2.7234, from HK$2.6265 the year before. Total distributable amount was up 4.6 per cent to HK$7 billion.
Net property income (NPI) rose 5.5 per cent to HK$10.6 billion on improved performance across most of its operating markets, while revenue climbed 4.8 per cent to HK$14.2 billion.
In comparison, CICT saw its NPI and revenue shrink marginally for the latest six-month period to June.
Its NPI for the first half-year dipped 0.4 per cent to S$579.9 million, while revenue eased 0.5 per cent to S$787.6 million.
This was mainly due to the absence of income from 21 Collyer Quay, which was divested in November last year, and ongoing asset enhancement works at its Gallileo commercial building in Frankfurt&rsquo s banking district.
For the H1 ended June, CICT&rsquo s DPU rose 3.5 per cent to S$0.0562 on an enlarged unit base, while distributable income grew 12.4 per cent to S$411.9 million.
The diversified Reit &ndash formerly known as CapitaLand Mall Trust before its merger with CapitaLand Commercial Trust in 2020 &ndash had a portfolio property value of S$27 billion as at the end of December 2024, comprising retail, office and integrated development assets in Singapore, Australia and Germany.
Meanwhile, waiting in the wings to ascend the throne &ndash though still some way off &ndash is CapitaLand Ascendas Reit : A17U +0.36%.
Units of the business-space and industrial-focused Reit, one of CapitaLand&rsquo s eight listed fund offerings in Asia, have risen 8.9 per cent in the year to date to S$2.80 as at 12 pm on Oct 1. This translates to a market cap of S$12.9 billion.
CapitaLand Integrated Commercial Trust (C38U) presented an operational update at its Corporate Day in Kuala Lumpur on Sep, 30 2025.
The trust reported 1H 2025 gross revenue of 787.6 million Singapore dollars, a 0.5 % decrease year-on-year (1.4 % increase on a like-for-like basis). Net property income was 579.9 million Singapore dollars, down 0.4 % year-on-year (up 1.7 % like-for-like). Distributable income rose 12.4 % year-on-year to 411.9 million Singapore dollars, lifting distribution per unit to 5.62 cents, 3.5 % higher than a year earlier.
The portfolio, valued at 27.0 billion Singapore dollars, spans 12.4 million sq ft of net lettable area, with assets located 95 % in Singapore, 3 % in Australia and 2 % in Germany. Overall committed occupancy stood at 96.3 % as at Jun, 30 2025, and weighted average lease expiry was 3.2 years. Retail leases recorded a year-to-date rent reversion of +7.7 %, while the office portfolio achieved +4.8 %.
Aggregate leverage was 37.9 % and 81 % of borrowings were fixed-rate. Average cost of debt was 3.4 % and interest coverage ratio 3.3×. The trust said 55.3 % of its borrowings are sustainability-linked or green-labelled.
During the period CICT completed several portfolio actions: ? May, 30 2025 ? divested the 299-unit serviced residence at CapitaSpring for 280 million Singapore dollars, implying an exit yield of approximately 3.6 %. ? Aug, 26 2025 ? acquired the remaining 55 % interest in CapitaSpring?s commercial component for 1.045 billion Singapore dollars (agreed property value 1.9 billion Singapore dollars, entry yield ?low-4 %?). ? Earlier in the year ? completed the 1.8485 billion Singapore-dollar purchase of a 50 % stake in ION Orchard.
Ongoing and upcoming asset enhancement initiatives include: ? IMM Building, Singapore ? 48 million Singapore-dollar project, target ROI ~8 %. ? Gallileo, Frankfurt ? 180 million euro refurbishment, handover to tenants scheduled from late 3Q 2025. ? Lot One Shoppers? Mall ? 37 million Singapore-dollar upgrade (4Q 2025 to 1Q 2027), target ROI >7 %. ? Tampines Mall ? 24 million Singapore-dollar upgrade (4Q 2025 to 3Q 2026), target ROI ~7 %.
CICT reiterated its capital management discipline of keeping leverage below 40 % and noted that easing interest-rate expectations should help contain financing costs. All assets are currently green-certified, with 47.2 % by gross floor area rated BCA Green Mark Platinum.
Management will continue to pursue accretive acquisitions in Singapore and other developed markets while recycling capital from assets that have reached their optimal life cycle.
The trust reported 1H 2025 gross revenue of 787.6 million Singapore dollars, a 0.5 % decrease year-on-year (1.4 % increase on a like-for-like basis). Net property income was 579.9 million Singapore dollars, down 0.4 % year-on-year (up 1.7 % like-for-like). Distributable income rose 12.4 % year-on-year to 411.9 million Singapore dollars, lifting distribution per unit to 5.62 cents, 3.5 % higher than a year earlier.
The portfolio, valued at 27.0 billion Singapore dollars, spans 12.4 million sq ft of net lettable area, with assets located 95 % in Singapore, 3 % in Australia and 2 % in Germany. Overall committed occupancy stood at 96.3 % as at Jun, 30 2025, and weighted average lease expiry was 3.2 years. Retail leases recorded a year-to-date rent reversion of +7.7 %, while the office portfolio achieved +4.8 %.
Aggregate leverage was 37.9 % and 81 % of borrowings were fixed-rate. Average cost of debt was 3.4 % and interest coverage ratio 3.3×. The trust said 55.3 % of its borrowings are sustainability-linked or green-labelled.
During the period CICT completed several portfolio actions: ? May, 30 2025 ? divested the 299-unit serviced residence at CapitaSpring for 280 million Singapore dollars, implying an exit yield of approximately 3.6 %. ? Aug, 26 2025 ? acquired the remaining 55 % interest in CapitaSpring?s commercial component for 1.045 billion Singapore dollars (agreed property value 1.9 billion Singapore dollars, entry yield ?low-4 %?). ? Earlier in the year ? completed the 1.8485 billion Singapore-dollar purchase of a 50 % stake in ION Orchard.
Ongoing and upcoming asset enhancement initiatives include: ? IMM Building, Singapore ? 48 million Singapore-dollar project, target ROI ~8 %. ? Gallileo, Frankfurt ? 180 million euro refurbishment, handover to tenants scheduled from late 3Q 2025. ? Lot One Shoppers? Mall ? 37 million Singapore-dollar upgrade (4Q 2025 to 1Q 2027), target ROI >7 %. ? Tampines Mall ? 24 million Singapore-dollar upgrade (4Q 2025 to 3Q 2026), target ROI ~7 %.
CICT reiterated its capital management discipline of keeping leverage below 40 % and noted that easing interest-rate expectations should help contain financing costs. All assets are currently green-certified, with 47.2 % by gross floor area rated BCA Green Mark Platinum.
Management will continue to pursue accretive acquisitions in Singapore and other developed markets while recycling capital from assets that have reached their optimal life cycle.
What would a CapitaLand-Mapletree merger mean for S-Reits in their respective stables?
Combining Clar and Mint could excite the market, but a merger of CICT and MPACT could be trickier to pull off
Published Mon, Sep 8, 2025 · 07:00 AM
https://www.businesstimes.com.sg/opinion-features/what-would-capitaland-mapletree-merger-mean-s-reits-their-respective-stables
Combining Clar and Mint could excite the market, but a merger of CICT and MPACT could be trickier to pull off
Published Mon, Sep 8, 2025 · 07:00 AM
https://www.businesstimes.com.sg/opinion-features/what-would-capitaland-mapletree-merger-mean-s-reits-their-respective-stables
CapitaLand Integrated Commercial Trust (SGX:C38U) completed the acquisition of a remaining 55% stake in Glory Office Trust, according to a Tuesday filing with the Singapore Exchange.
Meanwhile, SG$358.3 million from gross proceeds of around SG$600 million from a private placement have been utilized to finance the acquisition.
Meanwhile, SG$358.3 million from gross proceeds of around SG$600 million from a private placement have been utilized to finance the acquisition.
Ascendas & CICT amongst the very resilient ones
02:53 AM EDT, 08/14/2025 (MT Newswires) -- CapitaLand Integrated Commercial Trust (SGX:C38U) issued 284,361,000 units at SG$2.11 per unit in connection with a private placement activity, according to a filing with the Singapore Exchange on Thursday.
Trading in the new units commenced on the same day, the filing said.
Following the issue, there are now 7,601,512,204 units in issue.
Trading in the new units commenced on the same day, the filing said.
Following the issue, there are now 7,601,512,204 units in issue.
11:20 PM EDT, 08/05/2025 (MT Newswires) -- CapitaLand Integrated Commercial Trust (SGX:C38U) said that the manager, joint bookrunners and underwriters of its SG$500 million private placement agreed to raise additional gross proceeds of SG$100 million to upsize the offering to SG$600 million.
Through the upsize option, 284,361,000 new units will be issued at SG$2.11 per unit after the private placement was 4.9 times covered, including the upsize option, according to a Wednesday filing with the Singapore Exchange.
The new units are expected to be listed on Aug. 14.
Shares of the trust were down nearly 2% in recent trading.
Through the upsize option, 284,361,000 new units will be issued at SG$2.11 per unit after the private placement was 4.9 times covered, including the upsize option, according to a Wednesday filing with the Singapore Exchange.
The new units are expected to be listed on Aug. 14.
Shares of the trust were down nearly 2% in recent trading.