CapitaLand Group
With a solid business ecosystem, we deliver long-term sustainable value to our stakeholders.
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CapitaLand Group
With a solid business ecosystem, we deliver long-term sustainable value to our stakeholders.
CapitaLand Group
With a solid business ecosystem, we deliver long-term sustainable value to our stakeholders.
CICT delivers 7.1% growth in 1H 2026 distribution per unit to 6.02 cents
12 Aug 2026
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Singapore, 12 August 2026 – Asia’s largest listed REIT, CapitaLand Integrated Commercial Trust (CICT or the Trust), today announced a 7.1% year-on-year (YoY) increase in distribution per unit (DPU) to 6.02 cents for the six months ended 30 June 2026 (1H 2026). The strong DPU growth was achieved despite an enlarged unit base following the private placement in April 2026. The 6.02 cents includes the advanced distribution of 3.98 cents per unit for the period from 1 January 2026 to 28 April 2026, which was paid on 8 June 2026. Unitholders on record as at 20 August 2026 will receive the remaining 1H 2026 DPU of 2.04 cents on 25 September 2026. Based on the closing price of S$2.37 per unit on 30 June 2026, CICT’s annualised distribution yield is 5.1%.
Gross revenue grew 7.5% YoY to S$846.8 million in 1H 2026, while net property income rose 8.7% YoY to S$630.5 million, driven by income contributions from CapitaSpring’s commercial component1 and Gallileo2, partially offset by the divestment of Bukit Panjang Plaza3. Supported by stronger operating performance and lower interest expenses, distributable income grew 13.3% YoY to S$466.7 million for 1H 2026.
Tan Choon Siang, CEO and Executive Director of CICTML
Mr Tan Choon Siang, CEO and Executive Director of CICTML, said: “CICT delivered a robust set of results for the first half of 2026 despite a challenging macroeconomic environment. Healthy leasing demand across our retail and office portfolios translated into positive rental reversions and high portfolio occupancy, while the acquisition of CapitaSpring in August 2025 and proactive asset management enabled us to capture new opportunities and support sustainable income growth.”
"CICT's growth trajectory remains firmly on track. Key income drivers, including lease commencement at Gallileo, the acquisition of Paragon, and the continued flow-through of positive rental reversions will continue to drive CICT’s growth. Together with lower financing costs, these provide greater income visibility and support a strong growth outlook. Backed by a strong balance sheet and a diversified portfolio of high-quality assets, we remain well-positioned to navigate market uncertainties and deliver sustainable returns and long-term value for our unitholders,” added Mr Tan.
Summary of CICT's Results |
1H 2026 |
1H 2025 |
Change % |
FY 2025 |
FY 2024 |
Gross Revenue (S$’000) |
846,753 |
787,646 |
7.5 |
1,619,174 |
1,586,329 |
Net Property Income (S$'000) |
630,488 |
579,865 |
8.7 |
1,189,749 |
1,153,478 |
Distribution Income from Joint Ventures (S$'000)1 |
16,748 |
20,811 |
(19.5) |
52,328 |
21,918 |
Amount Available for Distribution (S$'000)2 |
470,915 |
416,525 |
13.1 |
869,957 |
761,592 |
Distributable Income (S$'000) 2,3 |
466,669 |
411,889 |
13.3 |
860,874 |
752,211 |
DPU (cents) |
6.024 |
5.62 |
7.1 |
11.58 |
10.88 |
Notes:
1. Distribution income from joint ventures comprised CapitaSpring’s 45% interest and ION Orchard’s 50% interest in 1H 2025, and ION Orchard’s 50% interest in 1H 2026.
2. Amount includes distribution income from joint ventures.
3. The following sums were retained for general corporate and working capital purposes:
4. For 1H 2026, advanced distribution of 3.98 cents for 1 January 2026 to 28 April 2026 was paid on 8 June 2026. The distribution of DPU of 2.04 cents for the period from 29 April 2026 to 30 June 2026 will be paid on 25 September 2026.
Active asset and portfolio management
CICT delivered resilient operating performance, underpinned by proactive asset and portfolio management. Portfolio occupancy remained high at 95.6%, led by retail (97.7%), integrated development (95.5%) and office (94.4%). In 1H 2026, over one million square feet of leases were renewed or newly committed, achieving positive rental reversions of 4.0% for retail and 6.5% for office, with healthy tenant retention rates of 83.9% and 70.8%, respectively.
Within the retail portfolio, active tenant curation and strategic leasing initiatives continued to enhance the vibrancy and appeal of CICT's malls. New-to-market and first-in-portfolio concepts introduced during the period span a diverse mix of F&B and lifestyle offerings. These include premium plush collectible brand Softopia’s first Southeast Asia flagship at Funan, home-grown restaurant “Sing-Mex” concept Chimichanga and Cantonese congee specialist Mui Kee at Raffles City Singapore, while CQ @ Clarke Quay introduced the all-day lifestyle destination concept Rally Clubhouse by Zouk.
Office demand remained healthy across a diverse range of occupiers. Leveraging the quality and strategic locations of its assets, CICT secured new and renewal leases from tenants in sectors such as Banking, Insurance & Financial Services, Legal and IT & Telecommunications. Notable new or renewal leases signed include Pgim (Singapore) Pte. Ltd. and Simpson Spence Young LLP at CapitaSpring, and Cambiaso Risso Asia Pte. Ltd. at Six Battery Road.
Advancing asset enhancement initiatives (AEIs)
CICT made steady progress on its ongoing and planned AEIs to enhance portfolio resilience. At Tampines Mall, the AEI is progressing well to uplift asset value and enhance asset potential, with committed occupancy (including leases under advanced negotiation) at around 96% for the AEI space. The AEI will introduce a curated mix of fashion, beauty, lifestyle and dining concepts to enhance the mall’s appeal and refresh its tenant offering. New openings include Casa Vostra, Yeah Gelato, Judydoll, ELEMIS and SHISEIDO, with additional brands set to open progressively in 2H 2026. AEI works are expected to complete in 3Q 2026.
The AEI at Lot One Shoppers’ Mall is also on track for completion in 1Q 2027, while upgrading works at Raffles City Tower are slated to complete in 4Q 2026. CICT is preparing to commence AEIs at Capital Tower, as well as Plaza Singapura and The Atrium@Orchard in 3Q 2026. These initiatives are undertaken with a phased approach to minimise income and operational disruption, while enhancing the quality and relevance of the portfolio to support sustainable growth.
Proactive and agile capital management
CICT continued to strengthen its balance sheet through proactive and agile capital management, maintaining diversified funding sources to support long-term financial resilience. As at 30 June 2026, aggregate leverage was 37.4%, taking into account the effects of temporary loan repayments with the proceeds from the private placement in April 2026, while average cost of debt held steady at 2.9%. Approximately 78% of total borrowings were on fixed interest rates. CICT's debt maturity profile remained well-staggered, with an average term-to-maturity of 4.1 years, mitigating refinancing risk in any single year.
As at 30 June 2026, CICT's net asset value (NAV) per unit stood at S$2.15, while adjusted NAV per unit (excluding distributable income) was S$2.13. These were 0.5% and 1.9% higher, respectively, than the corresponding figures as at 31 December 2025.
Artist’s impression of two-storey, multi-tenanted pavilion at Capital Tower
Artist’s impression of floating gardens on Level 3 and 5 of Plaza Singapura
