CICT’s 1Q 2026 gross revenue and net property income (NPI) increased by 8.% and 7.9% y-o-y largely due to the step-up acquisition to a 100% interest in CapitaSpring and contribution from Gallileo.
Occupancy rates fell. As at March 31, portfolio committed occupancy was 95.2% (compared to 96.9% in 4Q2025) with retail occupancy at 97.8% (98.7% as at Dec 31, 2025) and office occupancy at 93.7% (95.7% as at Dec 31).
The retail portfolio’s rent reversion in 1Q2026 was +4.4% while average monthly tenant sales psf rose by 2.2% and shopper traffic grew by 3.2% y-o-y. New and renewed leases in the first quarter were 339,800 sq ft with a retention rate of 88.9%.
The office portfolio experienced a +6.1% rent reversion for Singapore in 1Q2026, with 121,300 sq ft of new and renewed leases in the first quarter. Top leasing interest from sectors such as Banking, Insurance & Financial Services, IT & Telecommunications and Energy & Commodities.
CICT announced $160 million of asset enhancement initiatives for Plaza Singapura and The Atrium@Orchard from 3Q2026 to 4Q2028, to be carried out with the mall remaining open and operational. The AEI is to elevate the assets’ positioning with infrastructure upgrades and refreshed tenancy mix catering to locals and tourists. The AEI is inline with URA’s Master Plan to pedestrianise the Orchard Road stretch fronting the mall and expand Istana Park. The mall will be uplifted to extend the park experience indoors, creating a seamless connection between nature and retail.
As at end-March, aggregate leverage was 38.5%, with a reduced average cost of debt at 2.9%, with 76% of total borrowing on fixed rates, and average debt term to maturity at 4.0 years.
