CICT’s downtown malls to benefit from return-from-office workers

The recovery of China’s economy will also woo visitors in the malls.

The CapitaLand Integrated Commercial Trust (CICT) will see more benefits for its downtown malls due to office workers and China’s border reopening, UOBKayHian said.

Aside from this, CICT is starting to benefit from Singapore’s stable economy. Its retail properties posted positive rental reversion, which already sped up to 6% in the first quarter of 2023. 

The occupancy of Singapore office enhanced 0.5 percentage points quarter-on-quarter to 96.7% and new leases will also boost cash flow starting the second quarter of this year.

UOBKayHian maintains buy call for CICT, which has a target price of $2.29.

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