OFFICE CICT’s office properties are strategically located in the prime districts of Singapore, Frankfurt, Germany, and Sydney, Australia. Office: Committed Occupancy CICT’s overall office portfolio committed occupancy dropped to 94.8% as at 31 December 2024, compared to 96.7% a year ago. This was due to transitional vacancies in the Singapore and Germany portfolios. The occupancy rates of CICT’s office portfolio in Singapore, and Australia were above their respective markets’ 4Q 2024 occupancies. Demonstrating our continued commitment to proactive tenant management and leasing efforts, our Singapore office portfolio maintained a robust committed occupancy rate of 97.6% as at 31 December 2024. In Germany, while Gallileo is undergoing AEI, it has secured new leases with the European Central Bank, the City of Frankfurt (English Theatre Frankfurt) and a retail lease, aggregating to a committed occupancy rate of 97.4%. These leases will contribute income progressively from 2H 2025 after the completion of its AEI work. Active leasing is ongoing at Main Airport Center, where occupancy has eased to 81.8% from 91.4% a year ago, amidst a challenging market. Comparing YoY, the Australia portfolio occupancy rose to 89.6% from 88.5%. CICT achieved leasing success at 66 Goulburn Street, with committed occupancy increasing to 98.1% as at 31 December 2024 from 95.9% a year ago. To future-proof the office properties in Sydney, CICT is partnering with flexible workspace operators to lease and operate the communal spaces at 101 Miller Street and 100 Arthur Street. Office: Healthy Demand for Space The office occupancy was boosted by strong demand from the return of the office community, flight to quality, and expansion by some sectors. Approximately 1.4 million sq ft of new and renewed office leases were signed in FY 2024, including the leases committed for Gallileo of approximately 0.43 million sq ft which are largely contributed by the European Central Bank. CICT continued to attract new tenants from diverse trade sectors. The top three sectors of demand were 1) Banking, Insurance & Financial Services, 2) Distribution & Trading, and 3) Logistics & Supply Chain Management trade categories. COMMITTED OCCUPANCY (%) As at 31 Dec 2023 As at 31 Dec 2024 1 CBRE Singapore Core CBD market occupancy was 94.7% as at 4Q 2024. 2 Excludes Gallileo, Frankfurt, which is undergoing AEI works. Leasing in progress for vacancy in Main Airport Center, Frankfurt. 3 CBRE Frankfurt market occupancy was 90.5% as at 4Q 2024. 4 JLL Sydney CBD occupancy was 84.5% and North Sydney CBD market occupancy was 79.0% as at 4Q 2024. Singapore Germany Australia Portfolio 98.5 94.5 88.5 96.7 97.61 81.82,3 89.64 94.82 41 Annual Report 2024
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