CapitaLand Integrated Commercial Trust (CICT) has announced a 6.4% year-on-year increase in distributable income, reaching S$385.7 million for the second half of 2024. This growth is attributed to the acquisition of a 50% stake in ION Orchard and improved performance of existing properties, despite the divestment of 21 Collyer Quay. The Trust’s distribution per unit (DPU) remained stable at 5.45 cents, with a total DPU of 10.88 cents for the full year 2024, marking a 1.2% increase from the previous year.
Gross revenue for CICT rose by 1.2% year-on-year to S$794.4 million in the second half of 2024, while net property income increased by 1.3% to S$571.1 million. The portfolio’s property value also saw a 6.2% uplift, reaching S$26.0 billion by the end of 2024, largely due to strategic acquisitions and enhanced performance in Singapore.
Ms Teo Swee Lian, Chair of CICT Management Limited, highlighted the Trust’s strategic moves, stating, “CICT’s positive performance in FY 2024 reflects its portfolio strength, bolstered by the timely acquisition of the iconic destination mall ION Orchard and the divestment of 21 Collyer Quay, despite market uncertainties.”
CEO Tony Tan emphasised the Trust’s proactive leasing efforts, which resulted in a high overall portfolio occupancy of 96.7% and positive rent reversions. “We will continue to prioritise leasing initiatives to retain tenants and attract new ones,” he said.
Looking ahead, CICT plans to focus on sustainable growth through active portfolio management and disciplined cost strategies, while exploring new growth opportunities. The Trust’s commitment to enhancing its market positioning in Singapore, Australia, and Germany through asset enhancement initiatives remains a priority.
