1 Includes CICT's proportionate interests in CapitaSky (70.0%), ION Orchard (50.0%) and CapitaSpring (45.0%). The values for Singapore Retail, Office and Integrated Development properties recorded a gain with largely unchanged capitalisation rates compared to a year ago, while Six Battery Road's value rose largely due to a 25 basis points capitalisation rate compression, aligned with the recent sales transactions. Riding on the positive leasing momentum and active cost management, Singapore properties’ operating performance remained steadfast and resilient, boasting an improved portfolio value by 7.2%1 year-on-year (YoY). In Germany, interest rate easing helped stabilise the sentiment in the office market. Gallileo saw an improvement in value with the progressive completion of asset enhancement initiative (AEI) expected from 2H 2025, which offset Main Airport Center's drop in value largely due to lower occupancy. Australia portfolio valuation saw a 15.2% YoY drop largely due to an expansion in capitalisation rates and discount rates as rate cuts are deferred. A further downward impact was due to the exchange rate as the Australian dollar weakened against the Singapore dollar in FY 2024 vis-a-vis that of FY 2023. The progressive completion of AEI and high precommitment of leases post-AEI lifted the valuation of IMM Building. Marked operational efficiencies and positive rental reversions saw year-on-year growth for Bukit Panjang Plaza, Westgate, Funan, Plaza Singapura and Raffles City Singapore. An annual independent valuation of CICT’s Singapore properties as at 31 December 2024 was conducted by CBRE Pte. Ltd. (CBRE), Colliers International Consultancy & Valuation (Singapore) Pte Ltd (Colliers), Cushman & Wakefield VHS Pte. Ltd. (Cushman), Jones Lang LaSalle Property Consultants Pte Ltd (JLL), Knight Frank Pte Ltd (Knight Frank), and Savills Valuation and Professional Services (S) Pte Ltd (Savills). For Germany properties, by CBRE GmbH and for Australia properties, by Cushman & Wakefield (Valuations) Pty Ltd (Cushman AUS). None of the valuers has assessed a property for more than two consecutive financial years. The methodologies applied included the discounted cash flow analysis and/or the income capitalisation method. The increase in CICT’s valuation was underpinned by the Singapore assets’ positive performance, largely due to improved operating efficiencies and continued rental growth, as well as a positive investment outlook as rate cut cycle commences. The acquisition of a 50.0% interest in ION Orchard and ION Orchard Link (ION Orchard) also provided an uplift to the overall valuation. Valuation By Geography Portfolio as at 31 Dec 2024 S$ million as at 31 Dec 2023 S$ million Variance S$ million Variance % Range of Capitalisation Rates as 31 Dec 2024 % Singapore 24,607.4 22,965.0 1,642.4 7.2 Retail: 4.35 - 6.20¹ Office: 3.15 - 3.80 Hospitality: 4.00 - 4.75 Australia 749.2 883.7 (134.5) (15.2) Retail: 6.50 Office: 6.50 - 7.25 Germany 678.4 655.2 23.2 3.5 Office: 4.60 - 5.45² Total 26,034.93 24,503.8 1,531.1 6.2 Figures may not add up due to rounding. 1 Excludes warehouse. 2 Refers to exit capitalisation rate at the end of discounted cash flow period. 3 Portfolio property value as at 31 December 2024. Includes CICT’s proportionate interests in CapitaSky (70.0%), ION Orchard (50.0%), CapitaSpring (45.0%), Gallileo and Main Airport Center (94.9% respectively), and 101-103 Miller Street & Greenwood Plaza (50.0%). Excludes 21 Collyer Quay which was divested on 11 November 2024. 27 Annual Report 2024
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