CapitaLand Integrated Commercial Trust reported third-quarter gross revenue of S$464.5 million, an increase of 15% from the corresponding period of 2025. Net property income rose 13.8% to S$334.9 million. The improvement primarily reflected contributions from Paragon, the enhanced Gallileo commercial property in Frankfurt and CICT’s step-up acquisition of the remaining office and retail interests in CapitaSpring. These additions were partly offset by the February divestment of Bukit Panjang Plaza and the September sale of Asia Square Tower 2.
For the first nine months of 2026, gross revenue increased 10% to S$1.31 billion, while net property income grew 10.4% to S$965.4 million. The integrated-development portfolio produced S$169.6 million in quarterly revenue and S$123.5 million in net property income, compared with S$120.9 million and S$87.7 million respectively a year earlier. Office net property income increased from S$98.2 million to S$111.8 million. Retail net property income declined from S$108.5 million to S$99.6 million, partly because the portfolio no longer included income from Bukit Panjang Plaza.
Committed portfolio occupancy stood at 96.1% at the end of September, including retail occupancy of 97.3%, office occupancy of 95.4% and integrated-development occupancy of 96.4%. Rental reversions for the first nine months were positive at 4.6% for retail properties and 7.1% for offices.
CICT’s aggregate leverage increased from 37.4% at the end of June to 39.7% after the S$3.9 billion Paragon acquisition. Total borrowings rose to S$11.1 billion, although the average cost of debt eased to 2.8%. About 76% of borrowings were on fixed rates, while interest coverage stood at 3.8 times.
The S$24 million enhancement of Tampines Mall was completed during the quarter, with approximately 97% of the renovated area committed or in advanced negotiations. CICT expects an approximately 7% return on the project. Other works include Lot One Shoppers’ Mall and the larger Plaza Singapura–The Atrium@Orchard programme, which is scheduled for completion in 2028.
