COMMERCIAL PROPERTY | Staff Reporter, Singapore

CICT net property income up 66.6% to $247m

CapitaLand Integrated Commercial Trust is optimistic about the gradual easing of safe management measures.

CapitaLand Integrated Commercial Trust (CICT) has posted a net property income of $247.1m for the first quarter of 2021.

In a bourse disclosure, CICT said this is a 66.6% increase from last year's figures.

Retail spaces of CICT have been 97.1% occupied as of March 31, with a 75.3% recovery in shopper traffic compared to last year's levels.

CICT has office assets in both Singapore and Germany, which was 94.9% occupied as of end-March. For Singapore office spaces alone, office occupancy was at 94.8% with an average rate of $10.28 per square foot.

It plans to complete its CapitaSpring redevelopment project by the second half of the year.

It expects the limited new supply in the retail and office markets to mitigate any softening demand as the pandemic continues. CICT is likewise optimistic that the vaccination rollout would improve economic activity and consumer/business sentiment.

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