Tampines Mall, under CapitaLand Integrated Commercial Trust (CICT), is “on track” to complete its asset enhancement initiative (AEI) by the third quarter of 2026, announced CapitaLand on Oct 29.
The mall, which commenced its AEI in September, is slated to welcome new offerings such as Shiseido, Braun Buffel and fashion brand Meilleur Moment and restaurants such as sourdough bread bakery Bray and Italian establishment Casa Vostra.
The affected AEI space at the mall is expected to contribute to CICT’s income from 4QFY2026, said the REIT in its 1HFY2026 ended June results.
As at June 30, Tampines Mall has a carrying value of $1.15 billion and makes up 7.4% of CICT’s total net assets.
According to CICT's annual report for the FY2024, Tampines Mall contributed $82.7 million in revenue for the year, representing 5.21% of CICT's total revenue of $1.59 billion.
An Oct 29 report by OCBC Credit Research noted that Gallileo and CapitaSpring will fully contribute to CICT's results in FY2026.
"Gallileo, which has not generated revenue since February 2024, should see contribution in 2026 following the completion of [its] AEI and handover to European Central Bank which signed a 10-year lease occupying 93% of the asset," says analyst Wong Hong Wei.
CICT should also see higher contributions from its CapitaSpring office, which is fully owned after the REIT purchased the remaining 55% stake in August this year.
As at 3.58pm, units in CICT are trading 1 cent higher or 0.42% up at $2.41.
