Portfolio valuation of S$24.5 billion as at 31 December 2023 Driven by resilient Singapore market, offset by headwinds in overseas markets An annual independent valuation of CICT’s portfolio as at 31 December 2023 was conducted and the methodologies applied included the discounted cashflow method and/or the income capitalisation approach. The increase in CICT’s valuation was underpinned by the Singapore assets' positive performance, largely due to uplift in rents and the improved market conditions, supported by a resilient city-state. The values for Singapore Retail, Office and Integrated Development properties recorded a gain with unchanged capitaIisation rates compared to a year ago. Riding on the positive leasing momentum and active cost management, Singapore properties' operating performance remained steadfast and resilient, boasting an improved portfolio value of 2.0% against that of FY 2022. CQ @ Clarke Quay registered an increase in valuation due to its AEI and expected higher stabilised revenue. Tampines Mall's marked improvement was underpinned by positive rental reversion. Raffles City Singapore benefitted from the robust tourism performance and an expected further recovery lifted the hotel component value YoY. On the overseas front, the values of the Australia Office properties and the Germany Office properties declined largely due to expansion in capitalisation rates and terminal capitalisation rates respectively. The valuation of the overseas properties considered the geo-political headwinds, challenging economic conditions and the sharp rise in inflation. A further downward impact was due to the exchange rate as the Australian dollar weakened against the Singapore dollar in FY 2023 vis-a-vis that of FY 2022. PORTFOLIO VALUATION - RETAIL Valuation as at 31 Dec 23 Valuation as at 31 Dec 22 Variance Valuation as at 31 Dec 23 S$ million S$ million S$ million % S$ per sq ft NLA Bedok Mall 805.0 786.0 19.0 2.4 3,618 Bugis Junction 1,130.0 1,109.0 21.0 1.9 2,871 CQ @ Clarke Quay 410.0i 359.7 50.3 14.0 1,414 IMM Building 745.0 715.0 30.0 4.2 773 Junction 8 806.0 801.0 5.0 0.6 3,175ii Lot One Shoppers' Mall 558.0 551.0 7.0 1.3 2,865ii Tampines Mall 1,133.0iii 1,081.0 52.0 4.8 3,180 Westgate 1,100.0 1,095.0 5.0 0.5 2,749ii Bugis+ 358.0 354.0 4.0 1.1 1,854ii Bukit Panjang Plaza 360.0 344.0 16.0 4.7 2,715ii Total 7,405.0 7,195.7 209.3 2.9 Notes: i CQ @ Clarke Quay's valuation was higher due to its AEI and expected higher stabilised revenue. ii Excludes CSFS area. iii Tampines Mall's valuation was higher mainly due to higher rents. Key assumptions largely remain unchanged. Any change in assumptions are mainly attributed to change in valuers. Figures may not add up due to rounding. Overview Leadership Performance Framework Other Information ANNUAL REPORT 2023 45 PORTFOLIO VALUATION
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