CICT’s NPI dips by 0.8% in Q1

Blame it on the absence of income from 21 Collyer Quay.

CapitaLand Integrated Commercial Trust (CICT) registered a 0.8% year-on-year (YoY) decrease in net property income to $291.5m in the first quarter of 2025.

The company attributed this to the absence of income from 21 Collyer Quay, which was divested on 11 November 2024.

During the period, portfolio committed occupancy was 96.4%, with retail occupancy at 98.8% and office occupancy at 94.7%.

For the retail segment, average monthly tenants’ sales per square foot rose 17.5% YoY. This was due to the contribution from ION Orchard, partially offset by the ongoing asset enhancement initiatives at IMM Building.

As for the office portfolio, the company recorded a 5.4% increase in rent reversion with new and renewed leases at 203,500 square feet. The tenant retention rate stood at 75.7%.