Operations Review Includes ION Orchard which was acquired on 30 October 2024. 1 Tenant sales are based on S$ psf per month. 2 Digital & Appliance is a new trade category made up of Electrical & Electronics and IT & Telecommunications trade category tenants. Multi-Concepts has replaced the Department Store trade category. 3 Includes gross turnover rent. Top five trade categories contributed >71% of total retail GRI3: 1.7% YoY Leisure & Entertainment 4.1 Jewellery & Watches Hobbies Education 31.5 Beauty & Health 2.6 Food & Beverages 2.3 7.8 Books, Stationery & Gifts 3.8 Fashion & Accessories 6.8 15.1 Supermarket 6.5 Home & Living Shoes & Bags -11.0 Digital & Appliance² 0.4 Multi-Concepts2 -7.3 -2.1 Sports -9.4 FY 2024 TENANT SALES¹ YOY PERFORMANCE BY TRADE CATEGORIES (%) Retail: Resilient Shopper Traffic Overall Singapore portfolio shopper traffic registered an increase of 8.7% YoY, due to increased tourist arrivals in Singapore, a refreshed and stronger trade mix in the portfolio, and new marketing initiatives, as well as the two-month contribution from ION Orchard, a downtown mall. Both suburban and downtown malls showed an upward trend compared to the previous year, increasing by 1.3% and 17.0% respectively. FY 2024 SHOPPER TRAFFIC Retail Portfolio +8.7% YoY Downtown +17.0% YoY Suburban +1.3% YoY Retail: Healthy Occupancy Cost Occupancy cost is defined as a ratio of GRI (including gross turnover rent) to tenant sales. CICT’s occupancy cost for Singapore retail properties was healthy at 17.1% in FY 2024, up from 16.3% in FY 2023. CICT is actively monitoring and balancing the occupancy cost ratio, especially as retailers face a heightened cost environment with inflationary pressures from high manpower and utility costs. Occupancy cost also depends on various factors, including trade mix, type of tenants in the portfolio, and mall positioning. SINGAPORE RETAIL PORTFOLIO OCCUPANCY COST (%) 2023 2024 16.3 17.1 40 CapitaLand Integrated Commercial Trust
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