CapitaLand Integrated Commercial Trust

What CapitaLand Integrated Commercial Trust does

CapitaLand Integrated Commercial Trust (CICT) is a Singapore-domiciled real estate investment trust (REIT) listed on the SGX-ST under stock code C38U, with a market capitalization of S$18 billion that positions it as Asia-Pacific's largest REIT. The trust owns and operates 26 commercial properties across three segments — retail (e.g., ION Orchard, Plaza Singapura, Paragon pending acquisition, Bedok Mall, Westgate, Tampines Mall, CQ @ Clarke Quay), Grade A office (Singapore CBD assets including CapitaSpring, Capital Tower, Six Battery Road, CapitaGreen, CapitaSky; Frankfurt assets Gallileo and Main Airport Center; Sydney assets 66 Goulburn Street and 100 Arthur Street), and integrated developments (Funan, Raffles City Singapore, Plaza Singapura/The Atrium@Orchard, Hougang Central). Total property value stood at S$26.0 billion as of 31 December 2024, rising to approximately S$28.7 billion post-Paragon acquisition.

CICT's revenue model is anchored on recurring rental income from a diversified tenant base (base rent plus turnover rent), supplemented by transaction proceeds from active asset recycling and organic growth through asset enhancement initiatives (AEIs). In Q1 2026, the trust reported revenue of S$426.7 million (+8% YoY) and net property income of S$314.4 million (+7.9% YoY); FY2025 H2 revenue reached S$831.5 million (+4.7% YoY) with distributable income of S$449 million (+16.4% YoY). The trust is externally managed by CapitaLand Integrated Commercial Trust Management Limited (CICTML), a wholly-owned subsidiary of CapitaLand Investment Limited (CLI), which provides fund management, property management, and sustainability expertise.

Underlying the asset portfolio is a sustainability and digital platform layer: 100% of portfolio GFA holds at minimum BCA Green Mark certification; Cooling-as-a-Service (CaaS) systems have been deployed at Raffles City Singapore, Plaza Singapura, and The Atrium@Orchard to reduce energy consumption by over 30%; a SBTi-validated 1.5°C-aligned Scope 1+2 emissions reduction target (46% by 2030 from 2019) is in place; and the CapitaStar digital loyalty ecosystem integrates with airline, banking, and hospitality partners to drive shopper and tenant engagement across the retail and office portfolio. The chairman is Teo Swee Lian and CEO is Tan Choon Siang.

Name

CapitaLand Integrated Commercial Trust

Legal name

CapitaLand Integrated Commercial Trust

Website

https://cict.com.sg

Company type

Public

Founded year

2002

Operating status

Operating

Short description

CapitaLand Integrated Commercial Trust is Asia-Pacific's largest REIT, operating 26 commercial properties (retail, office, integrated developments) across Singapore, Frankfurt, and Sydney, generating recurring rental income and distributing to unitholders listed on the SGX under C38U.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Investment Trust

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Other Financial Vehicles (52599)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)

akta.pro secondary industries

Corporate & Institutional Trust Services (FSAAANAB), Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing) (BPAJANAE)

Keywords

• Commercial real estate
• Real estate investment trust
• Property leasing
• Retail property management
• Office property investment

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Others, Marketing or Sales

Revenue model

1. Retail Property Rentals: Rental income from retail mall tenants including base rent and turnover rent. Properties include ION Orchard, Plaza Singapura, Raffles City Singapore, Bugis Junction, and suburban malls.
2. Office Property Rentals: Rental income from office tenants in Singapore (Capital Tower, CapitaGreen, CapitaSky, Six Battery Road, Asia Square Tower 2, CapitaSpring), Frankfurt (Gallileo, Main Airport Center), and Sydney (66 Goulburn Street, 100 Arthur Street)
3. Asset Divestment Proceeds: Strategic divestment of assets including Asia Square Tower 2 (S$2.48 billion to IOI Properties) to fund acquisitions and optimize portfolio
4. Asset Enhancement Initiatives: Revenue growth through property enhancements including CQ @ Clarke Quay AEI and planned S$160 million revamp of Plaza Singapura and The Atrium@Orchard

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

CapitaLand Integrated Commercial Trust (CICT) owns, manages and leases a S$26 billion diversified portfolio of 26 commercial real estate assets across Singapore, Frankfurt and Sydney, comprising retail malls (ION Orchard, Plaza Singapura, Raffles City Singapore, Bedok Mall, Tampines Mall, Westgate, etc.), Grade-A CBD office towers (CapitaSpring, Capital Tower, Six Battery Road, CapitaGreen, CapitaSky), and integrated developments. Revenue is generated primarily through base rent and turnover rent paid by corporate retail and office tenants, supplemented by asset recycling through strategic acquisitions and divestments. The trust distributes periodic income to public unitholders and pursues distribution-per-unit growth through asset enhancement initiatives and yield-accretive acquisitions such as Paragon.

Product overview

CapitaLand Integrated Commercial Trust (CICT) is Asia-Pacific's largest REIT and Singapore's largest commercial REIT, with a S$18 billion market cap and portfolio valued at approximately S$28.7 billion following the Paragon acquisition. The trust operates a multi-segment commercial real estate portfolio comprising: (1) Retail properties including Orchard Road malls (ION Orchard, Paragon pending acquisition) and suburban malls (Bedok Mall, Bugis Junction, Bugis+, IMM Building, Junction 8, Lot One, Tampines Mall, Westgate, CQ @ Clarke Quay); (2) Office properties in Singapore CBD (CapitaSpring, Capital Tower, Six Battery Road, CapitaGreen, CapitaSky), Germany (Gallileo, Main Airport Center Frankfurt), and Australia (66 Goulburn Street, 100 Arthur Street); (3) Integrated developments (Funan, Plaza Singapura, Raffles City Singapore, The Atrium@Orchard, 101-103 Miller Street Sydney); and (4) Digital loyalty platform (CapitaStar). CICT's growth strategy combines bold acquisitions, asset recycling, and asset enhancement initiatives (AEIs) to drive distribution per unit growth.

Differentiator

Problem solved

Functional benefit

Products and services

• ION Orchard Premium Orchard Road luxury retail mall with 98% occupancy, featuring upscale retail and medical suites for luxury brand tenants and high-end shoppers.
• Paragon Premier freehold Orchard Road integrated development acquired for S$3.9 billion, featuring luxury retail and premium medical suites with future redevelopment potential under URA incentive scheme.
• Plaza Singapura Major integrated development on Orchard Road featuring retail and residential components, subject to S$160 million AEI programme to drive organic growth.
• The Atrium@Orchard Integrated development adjacent to Plaza Singapura on Orchard Road, included in the S$160 million AEI programme alongside Plaza Singapura.
• Bugis Junction Suburban retail mall in the Bugis area featuring underground shopping directly connected to Bugis MRT station.
• Bedok Mall Suburban retail mall in the Bedok residential area serving eastern Singapore.
• Westgate Suburban retail mall in the west of Singapore serving the Jurong East area.
• Tampines Mall Suburban retail mall in the Tampines residential area serving eastern Singapore.
• Junction 8 Suburban retail mall in the Bishan area serving central-north Singapore.
• Lot One Shoppers' Mall Suburban retail mall in the Choa Chu Kang area serving north-western Singapore.
• IMM Building Retail mall in the Jurong East area featuring factory outlet concepts.
• Bugis+ Youth-oriented retail mall in the Bugis area featuring fashion and lifestyle tenants.
• CQ @ Clarke Quay Lifestyle retail and entertainment precinct along the Singapore River featuring the Zouk nightclub flagship, with AEI delivering 1.03 million kWh annual energy savings.
• CapitaSpring Premium Grade-A office tower in Singapore's CBD; CICT completed a step-up acquisition to 100% interest driving Q1 2026 revenue growth.
• Capital Tower Grade-A office tower in Singapore's CBD, subject to asset enhancement initiatives; also serves as CICTML's headquarters at 168 Robinson Road.
• Six Battery Road Premium Grade-A office building in Singapore's CBD financial district.
• Asia Square Tower 2 Premium office tower in Singapore's Marina Bay; asset recycling via S$2.48 billion divestment to IOI Properties Group to partially fund Paragon acquisition.
• CapitaGreen Grade-A office building in Singapore's CBD featuring sustainable design.
• CapitaSky Office development at 79 Robinson Road, 70% owned by CICT; current tenant Allianz relocating to Shaw Tower with lease reduction.
• Gallileo, Frankfurt Office building in Frankfurt, Germany, contributing income to CICT's diversified portfolio.
• Main Airport Center, Frankfurt Office building located near Frankfurt Airport in Germany, part of CICT's overseas office portfolio.
• 66 Goulburn Street, Sydney Office building in Sydney's CBD, Australia, part of CICT's overseas office portfolio.
• 100 Arthur Street, Sydney Office building in Sydney, Australia, part of CICT's overseas office portfolio.
• Funan Lifestyle-driven integrated development in Singapore's civic district featuring retail, workspace and cinema.
• Raffles City Singapore Major integrated development in Singapore's CBD featuring retail, office and residential components; CICT's second-largest unitholding at 14% as of end-2024.
• 101-103 Miller Street and Greenwood Plaza, Sydney Integrated development in Sydney, Australia, featuring retail and office components.
• Hougang Central Mixed-Use Development Mixed-use development at Hougang Central where CICT is developing and fully owning the commercial component (~300,000 sq ft NLA, S$1.1 billion total development cost, expected yield on cost exceeding 5%, completion 2031).
• CapitaStar Loyalty Ecosystem Digital loyalty programme for CICT's retail properties enabling two-way points conversion with KrisFlyer/KrisPay, Ascott Star Rewards, UOB UNI$, and DBS rewards, plus mobile app CapitaStar@Work for office tenant engagement.

Quantifiable outcome

• Q1 2026 NPI increased 7.9% to S$314.4 million with revenue up 8% to S$426.7 million
• +5 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature3 records

Partnerships

Three partnerships are on record, tiered core.

• Cuscaden Peak ConsortiumcoreStrategic or Co-development Partner · 20 April 2026Temasek Holdings consortium including Cuscaden Peak, Cuscaden Peak Two, Times Properties, and Paragon Trust Management sold Paragon mall to CICT for S$3.9 billion. The transaction was well advanced with S$300-600 million AEI plans already developed.
• UOL Group and CapitaLand DevelopmentcoreStrategic or Co-development Partner · 27 January 2026Consortium won government land sale tender for Hougang Central mixed-use site with S$1.5 billion top bid. UOL and CapitaLand Development developing residential component in 50-50 split while CICT handles commercial portion.
• CapitaLand Investment (CLI)coreStrategic or Co-development PartnerCLI is the sponsor and parent company of CICTML, the REIT manager. CICTML is a wholly owned subsidiary of CapitaLand Investment Limited. CLI provides fund management, property management, and sustainability expertise.

Scale indicators15 records

Recent moves3 records

Expansion highlights6 records

Broad incumbents

• Link REIT: Hong Kong-listed retail and office REIT, one of Asia's largest REITs. Comparable as a regional commercial REIT peer with similar scale, though focused on Hong Kong and mainland China retail.
• Mapletree Industrial Trust: Singapore-listed industrial REIT sponsored by Mapletree Investments. Sister peer within the Mapletree REIT family with comparable institutional sponsor support and SGX-listed scale.
• CapitaLand Ascendas Trust: Largest Singapore business space and industrial REIT, also sponsored by CapitaLand Investment. Comparable as a sister CapitaLand-managed REIT with overlapping investor base and SGX-listed scale.
• CapitaLand China Trust: Singapore-listed REIT investing in retail and commercial properties across China. Comparable as a sister CapitaLand-managed REIT with similar retail/office commercial focus, though with a different geographic focus.

Direct peers

• Frasers Centrepoint Trust: Singapore-listed retail REIT anchored by suburban malls such as Causeway Point and Northpoint. Directly comparable on the retail mall leasing model and suburban footprint, though with retail-only exposure.
• Suntec REIT: Singapore REIT holding Suntec City integrated development plus office and retail assets. Direct peer on the diversified commercial/office thesis and Singapore CBD concentration.
• Mapletree Pan Asia Commercial Trust: Singapore-listed diversified REIT (formerly Mapletree Commercial Trust) focused on office and retail properties including VivoCity and Mapletree Business City. Directly comparable to CICT given similar office/retail mix and Singapore-centric strategy.
• Keppel REIT: Singapore-listed office REIT with CBD assets including Marina Bay Financial Centre and Ocean Financial Centre. Direct peer on Singapore office leasing and capital recycling strategy.
• Starhill Global REIT: Singapore-listed REIT focused on retail and office assets including Ngee Ann City and Wisma Atria on Orchard Road. Direct competitor in the Orchard Road retail corridor and comparable in scale.

Emerging players

• Lendlease Global Commercial REIT: Singapore-listed REIT focused on retail assets including Jem and Parkway Parade. Comparable on Singapore retail mall exposure with a similar suburban/regional mall strategy.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/CapitaLand
• YouTubeyoutube.com/user/CapitaLandGroup
• Facebookfacebook.com/capitaland
• LinkedInlinkedin.com/company/capitaland-limited
• Instagraminstagram.com/capitaland

Compliance11 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CapitaLand Integrated Commercial Trust