CapitaLand Integrated Commercial Trust - Annual Report 2021

1. What are your plans to grow CICT? Our diversified, quality portfolio of well-located assets provides resilience and stability across different market cycles. Amidst the reopening, we will focus on reconstituting our portfolio and driving growth. Singapore remains an attractive business location. As the economy recovers, our office portfolio will benefit from the expected upturn in this sector and the limited gross new completions coming on stream in 2022 and 2023. Meanwhile, on the ground, we address the evolving needs of our tenants through relevant workspace solutions and optimising our operational efficiency. The reopening will immediately benefit our retail assets. Our focus has been partnering our tenants to drive sales, while optimising our retail offerings and refreshing shopper experience. Our retail portfolio also stands to benefit from the limited gross new retail supply entering the market in 2022 and 2023. We are exploring possible AEIs to enhance value. The ongoing rejuvenation of Raffles City Singapore will enhance retail offerings, while plans are underway for the repositioning of Clarke Quay. The AEIs and redevelopment will contribute in the later part of 2022. These include Six Battery Road, 21 Collyer Quay and our 45.0% interest in CapitaSpring. Concurrently, we are committed to growing inorganically and have commenced our portfolio reconstitution journey. We recycled the divestment capital to partially fund the acquisition of three higher yielding office properties in Sydney, Australia. Following that, we divested JCube for S$340.0 million at an NPI yield of less than 4% while we explore strategic acquisition opportunities in Singapore. CICT remains committed to developing more growth engines and diversifying our income base, with the flexibility to acquire assets in key developed markets overseas not exceeding 20% of our total portfolio value. 2. What is CICT doing with the the future of office? More companies are likely to embrace a hybrid workplace model. Already, demand for flexible space is growing. In catering to our tenants’ evolving needs, we plan to ensure every commercial building infuses core office space with flexible workspace solutions – a prime example is CapitaSpring which caters for this increasing demand. CICT’s Chief Executive Officer Tony Tan at a past annual general meeting with unitholders Annual Report 2021 21 Conversation with CEO