# CICT net property income rises 8.7%; rent reversions positive at 6.5% for office and 4% for retail

- **Source:** EdgeProp Singapore
- **Published:** 2026-08-12T03:01:58.000Z
- **Author:** Fiona Lam
- **Original:** https://www.edgeprop.sg/property-news/cict-net-property-income-rises-87-rent-reversions-positive-65-office-and-4-retail
- **Topics:** Commercial & Industrial, Government & Policy, Transactions & Deals

## Featured rationale

High occupancy and positive rental reversions signal healthy occupier demand, which may support portfolio income and confidence in upcoming asset enhancements across major commercial properties.

## AI summary

CICT’s 1H2026 net property income rose 8.7% year on year to $630.5 million, with positive rental reversions of 6.5% for offices and 4% for retail.

## Original article

For the first half of the year, CapitaLand Integrated Commercial Trust (CICT) saw gross revenue rising 7.5% y-o-y to $846.8 million while net property income increased by 8.7% to $630.5 million.

This was driven by income contributions from CapitaSpring’s commercial component in Singapore and the Gallileo commercial property in Germany, though partially offset by the sale of Bukit Panjang Plaza, the trust said on Aug 12.

CICT had acquired the remaining 55% stake in CapitaSpring in August last year. Meanwhile, Gallileo, located in Frankfurt’s CBD, has been largely handed over to tenants since its asset enhancement initiatives were completed. As for Bukit Panjang Plaza, the mall was divested to Hines this February for $428 million.

Read also: Frasers Property to connect rewards programme with NTUC Link and Shell for groceries, EV charging and more

Portfolio occupancy stood at 95.6% as at the end of June. This was led by retail at 97.7%, though it slipped by 0.1 percentage point q-o-q. Integrated developments were 95.5% occupied, down 0.5 percentage point. Offices saw improved occupancy of 94.4%, up 0.7 percentage point q-o-q.

Over 1 million sq ft of leases were renewed or newly committed during the first half of this year, achieving positive rental reversions of 6.5% for office and 4% for retail.

The rent reversions were calculated based on average committed rents for incoming leases, versus the average rents of expiring leases in the Singapore portfolio.

Tenant retention rates came in at 83.9% for retail properties in Singapore, and 70.8% for offices in Singapore, Germany and Australia.

Within the retail portfolio, CICT introduced new-to-market and first-in-portfolio concepts including a mix of F&B and lifestyle offerings.

These include plush collectible brand Softopia’s first Southeast Asia flagship at Funan, as well as homegrown restaurant Chimichanga and Cantonese congee specialist Mui Kee at Raffles City Singapore. CQ @ Clarke Quay also welcomed Zouk Group's all-day lifestyle destination concept, Rally Clubhouse.

Read also: Offices get pricier to rent and buy in 2Q2026, pipeline supply dwindles

In the office segment, CICT said demand remained healthy across a diverse range of occupiers.

It secured new and renewal office leases from tenants in sectors such as banking, insurance and financial services, legal and IT, and telecommunications.

Notable new or renewal leases signed include PGIM (Singapore) and Simpson Spence Young LLP at CapitaSpring, and Cambiaso Risso Asia at Six Battery Road.

As for its asset enhancement initiatives (AEIs), CICT noted that it made “steady progress” on the ongoing and planned upgrades.

At Tampines Mall, the AEI is “progressing well”, with committed occupancy (including leases under advanced negotiation) at around 96% for the AEI space and completion stated for the third quarter of 2026.

New openings at Tampines Mall so far have included Casa Vostra, Yeah Gelato, Judydoll, Elemis, and Shiseido. Additional brands — such as Chanel, Dior, Sephora, Yves Saint Laurent, Meilleur Moment, Paris Baguette, Braun Buffel, and Boarding Gate — are set to open progressively in the second half of 2026.

At Lot One Shoppers’ Mall in Choa Chu Kang, the AEI is on track for completion in the first quarter of 2027, while upgrading works at Raffles City Tower are expected to complete in the fourth quarter of 2026.

Read also: Frasers Property aims to raise $200,000 for inclusive causes in walk, run, cycle campaign open to public

CICT said it is preparing to start AEIs at Capital Tower, as well as Plaza Singapura and The Atrium@Orchard in the third quarter of 2026.

Check out the latest listings for Capitaspring, Funan properties

## Chinese translation

> Translation model: grok_cli

### 凯德综合商用信托净物业收入升8.7%；租金调整为正，办公6.5%、零售4%

凯德综合商用信托亦将于2026年第三季度启动Capital Tower、Plaza Singapura及The Atrium@Orchard的资产提升计划

今年上半年，凯德综合商用信托（CapitaLand Integrated Commercial Trust，CICT）总收入同比增长7.5%至新币8.468亿元，净物业收入则增长8.7%至新币6.305亿元。

信托于8月12日表示，这主要受新加坡CapitaSpring商业部分及德国Gallileo商业物业的收入贡献推动，惟部分被武吉班让广场（Bukit Panjang Plaza）的出售所抵消。

CICT于去年8月收购CapitaSpring余下55%股权。位于法兰克福中央商务区的Gallileo在资产提升计划完成后，已大体移交予租户。至于武吉班让广场，该商场于今年2月以新币4.28亿元出售予Hines。

另读：星狮地产将奖励计划与职总优乐（NTUC Link）及壳牌（Shell）对接，涵盖杂货、电动车充电等

截至6月底，投资组合出租率为95.6%。其中零售以97.7%领先，惟环比下滑0.1个百分点；综合发展项目出租率为95.5%，下滑0.5个百分点；办公出租率改善至94.4%，环比上升0.7个百分点。

今年上半年，超过100万平方英尺租约获续签或新签，实现正向租金调整：办公为6.5%，零售为4%。

租金调整按新加坡投资组合中，新租约的平均承诺租金相对到期租约的平均租金计算。

租户续租率方面，新加坡零售物业为83.9%；新加坡、德国及澳大利亚办公为70.8%。

在零售投资组合中，CICT引入了多个市场首发及投资组合首店概念，涵盖餐饮与生活方式业态。

其中包括毛绒收藏品牌Softopia在Funan开设的东南亚首家旗舰店，以及新加坡本土餐厅Chimichanga与粤式粥品专家Mui Kee进驻Raffles City Singapore。CQ @ Clarke Quay亦迎来Zouk Group的全天生活方式目的地概念Rally Clubhouse。

另读：2026年第二季度办公租购价格上升，供应管道收窄

在办公板块，CICT表示各类租户需求保持健康。

其新签与续签办公租约来自银行、保险与金融服务、法律、IT及电信等行业租户。

值得注意的新签或续签租约包括CapitaSpring的PGIM（Singapore）与Simpson Spence Young LLP，以及Six Battery Road的Cambiaso Risso Asia。

至于资产提升计划（AEI），CICT指出，正在进行与计划中的升级取得“稳步进展”。

淡滨尼广场（Tampines Mall）的AEI“进展顺利”，AEI空间的承诺出租率（含处于后期谈判中的租约）约96%，预计于2026年第三季度完工。

淡滨尼广场迄今新开业品牌包括Casa Vostra、Yeah Gelato、Judydoll、Elemis及Shiseido。更多品牌——如Chanel、Dior、Sephora、Yves Saint Laurent、Meilleur Moment、Paris Baguette、Braun Buffel及Boarding Gate——将于2026年下半年陆续开业。

位于蔡厝港的Lot One Shoppers’ Mall的AEI按计划于2027年第一季度完工，而Raffles City Tower的提升工程预计于2026年第四季度完成。

另读：星狮地产旨在通过向公众开放的步行、跑步、骑行活动，为包容性公益筹款新币20万元

CICT表示，正准备于2026年第三季度启动Capital Tower以及Plaza Singapura与The Atrium@Orchard的AEI。

查看Capitaspring、Funan物业最新挂牌