- CapitaLand Integrated Commercial Trust provided a business update for 1Q25 (see CICT's announcement on 25 Apr 2025).
1Q25 gross revenue and NPI both declined 0.8% y-o-y due to divestment of 21 Collyer Quay.
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- The decline was attributed to the absence of contribution from 21 Collyer Quay as the asset was divested on 11 Nov 2024. Excluding the asset’s contribution in 1Q24, CapitaLand Integrated Commercial Trust’s gross revenue and NPI would have increased by 1.1% and 1.4% y-o-y, respectively.
Retail rental reversions accelerated to 10.4%.
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- CapitaLand Integrated Commercial Trust expects its rental reversions to remain positive but this is expected to moderate to around the mid single digit level.
- Headline tenant sales on a per square foot per month (psf pm) basis jumped 17.5% y-o-y in 1Q25, but this was due to the inclusion of ION Orchard. On a like-for-like basis, tenant sales psf pm fell 0.5% y-o-y. Both downtown malls (-0.4% y-o-y excluding ION Orchard) and suburban malls (-0.3%) saw lower tenant sales.
- Shopper traffic increased 23.0% y-o-y or +2.7% if we exclude ION Orchard’s contribution.
Office rental reversion saw a moderation to 5.4%.
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