- CapitaLand Integrated Commercial Trust (SGX:C38U) provided its 3Q24 business update:
Enhancing cost efficiency.
- - Read this at SGinvestors.io -
- NPI margin expanded 2.5ppt y-o-y to 72.8% due to cost savings from lower utility expenses and the new property management agreement. Thus, NPI increased 5.4% y-o-y.
Retail: Stronger rental reversion and shopper traffic from downtown malls.
- The retail portfolio achieved positive rental reversion of 9.2% on an average incoming versus average outgoing basis in 9M24 (suburban: 9.0%, downtown: 9.4%). Occupancy was unchanged at 99.0% in 3Q24, while tenant retention remained healthy at 86.1%. Food & beverage, beauty & health and supermarkets continue to chalk up healthy growth in sales. Shopper traffic recovered 3.7% y-o-y in 9M24 (suburban: 1.9%, downtown: 5.7%).
- - Read this at SGinvestors.io -
Office: Maintained stable occupancy.
- Read more at SGinvestors.io.