Operations Review RETAIL With a leading position in Singapore private retail space, CICT’s retail portfolio of 4.6 million sq ft by NLA is about 54.9% in downtown and about 45.1% in the suburban regions. SINGAPORE RETAIL: SUBURBAN VS DOWNTOWN PROPORTION BY NLA AS AT 31 DECEMBER 2024 Downtown1 54.9% Suburban2 45.1% 1 Comprises Bugis Junction, Bugis+, CQ @ Clarke Quay, ION Orchard (50.0% interest), Plaza Singapura, and the retail components of Funan, Raffles City Singapore and The Atrium@Orchard. 2 Comprises Bedok Mall, Bukit Panjang Plaza, Junction 8, Lot One Shoppers’ Mall, Tampines Mall, Westgate and the retail component of IMM Building. Retail: Stable and Healthy Retail Occupancy CICT’s retail portfolio maintained a healthy occupancy rate of 99.3% as at 31 December 2024 which outperformed the previous year’s occupancy rate of 98.5%. The occupancy for the AEI space for IMM Building was excluded. Due to our proactive leasing strategy and active asset management, the occupancy was above Urban Redevelopment Authority of Singapore’s Singapore island wide retail space occupancy rate of 93.8% for 4Q 2024. COMMITTED OCCUPANCY (%) As at 31 Dec 2023 As at 31 Dec 2024 1 Excludes AEI areas in IMM Building. 2 Includes ION Orchard. Retail Portfolio 98.5 99.31,2 Downtown 97.2 98.82 Suburban 99.7 99.91 Retail: Positive Leasing Trends Retail leases typically have rental step-ups during the lease term. On an average gross rent basis, rents of incoming leases registered an increase of 8.8% against rents of outgoing leases. In FY 2024, average rents for suburban and downtown malls have recovered with positive rent reversions of 9.0% and 8.6%, respectively. This was largely led by healthy leasing demand from both new and existing brands. CICT’s retail portfolio achieved a healthy tenant retention rate of 84.5% in FY 2024 with downtown and suburban retail portfolios achieving 87.3% and 80.7% respectively. Retail rents comprise gross rents and gross turnover rents. The overall average retail portfolio gross turnover rent was about 7% for FY 2024, and within the range of 4% and 15% of the respective mall’s retail GRI. Renewed and New Retail Leases for FY 2024 Singapore Properties Net Lettable Area Rent Reversion for FY 2024 No. of Renewals/ New Leases Retention Rate (%) Area (sq ft) Percentage of Retail Portfolio (%) Average Incoming Rents vs Average Outgoing Rents Suburban 306 80.7 360,035 7.3 +9.0 Downtown 252 87.3 497,386 10.1 +8.6 CICT Retail Portfolio 558 84.5 857,421 17.4 +8.8 38 CapitaLand Integrated Commercial Trust
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