a growing demand for flexible workspaces as they allow businesses to swiftly adapt to evolving needs. To support our tenants, we have providers like The Work Project (TWP) at our properties in Singapore and Australia, to offer flexible spaces. Tenants can lease core space and have flexible space as their agile workspace arrangements. Green-rated buildings With the global push towards carbon neutrality, corporations now consider green ratings a crucial criterion for their space requirements. They are keen to collaborate with like-minded partners to achieve their overall net zero ambitions. We are delighted to support these tenants with CICT’s green-rated portfolio comprising quality Grade A office properties and retail malls with good accessibility in prime locations. Most of CICT’s properties have achieved green ratings and currently, plans are underway to obtain a green rating for Greenwood Plaza in Australia. Activated for social hubs and community building Beyond green ratings, we actively foster collaboration to support sustainability goals such as the adoption of green leases and encourage tenants to adopt environmentally friendly and energy-efficient fit-outs. In addition, we continuously upgrade and rejuvenate our properties by incorporating modern amenities and digital innovations. Our workspace community is digitally enabled by leveraging the group’s all-in-one app, CapitaStar@Work. Through the app, tenants can enjoy contactless access to workspaces via facial recognition, smart lifts, QR code booking systems for meeting rooms and event spaces, and registration for tenant engagement activities such as lunchtime workshops, futsal tournaments, live performances and activities related to corporate social responsibility, wellness and sustainability. While we are comfortable with the current aggregate leverage, we aim to lower the REIT’s gearing where appropriate, to improve financial flexibility. As the AEI at CQ @ Clarke Quay nears completion, we expect meaningful income contribution from CQ @ Clarke Quay from 2H 2024. For 2024, we have also lined up AEIs at IMM Building in Singapore, Gallileo in Frankfurt, Germany and upgrading works at 101 Miller Street in North Sydney, Australia, aimed at strengthening our asset positioning. More information can be found under Value Creation in this AR. Going forward, CICT will remain predominantly Singapore focused with no more than 20% of CICT’s portfolio property value from overseas developed markets. We continue to assess potential accretive opportunities in the market and drive value creation efforts that align with our portfolio for growth. What trends do you see in the office space segment and how is CICT poised to leverage opportunities to grow the business? Organisational landscapes have undergone significant shifts accelerated by the COVID-19 pandemic. Corporate space requirements have evolved, brought about by trends of flexible working arrangements, a need for more group discussion areas, a push for environmentally friendly buildings to reduce carbon footprint and even considerations such as social impact of offices on health and well-being. Core-and-flex offerings Hybrid work arrangements have become a global norm. We anticipate that businesses will continue to assess and improve their office environments with the goal of attracting more employees to be back in the workplace. The increasing mobility of the workforce and changing business requirements have led to Q A 32 CAPITALAND INTEGRATED COMMERCIAL TRUST CONVERSATION WITH CEO
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