CapitaLand Integrated Commercial Trust NPI edges down 0.4% in H1

Still, DPU rose 3.5% to 5.62 cents.

CapitaLand Integrated Commercial Trust (CICT) reported a slight 0.4% year-on-year drop in net property income (NPI) to $579.9m for the first half of 2025, as divestments and ongoing asset enhancement works weighed on performance.

The group's gross revenue also decreased 0.5% to $787.6m.

The decline was mainly due to the absence of income from 21 Collyer Quay, divested in November 2024, and Gallileo, which has been under asset enhancement since February 2024. Adjusting for the lost contribution from 21 Collyer Quay, NPI would have grown 1.7%.

Meanwhile, distributable income rose 12.4% to $411.9m, supported by contributions from ION Orchard, acquired in October 2024, stronger performance from existing assets, and lower interest costs.

Distribution per unit (DPU) rose 3.5% to 5.62 cents.

Unitholders will receive the DPU on 18 September 2025, with the record date on 13 August 2025. Based on the closing price of $2.17 on 30 June, the annualised yield is 5.2%.

CEO Tan Choon Siang said the results reflect effective portfolio rebalancing and disciplined cost control. Proceeds from recent asset sales, including the serviced residence component of CapitaSpring, were used to reduce debt.

He added that AEI works at IMM are complete and Gallileo is nearing handover, whilst new upgrades at Lot One and Tampines Mall will begin in Q4 2025 to improve asset value and tenant offerings.

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia