20 21 Annual Report 2025 CapitaLand Integrated Commercial Trust ▲ Greenfield Hougang Central Site from Google street view Development of the Commercial Component at Hougang Central Site C On 14 January 2026, CICT was awarded the Hougang Central GLS site as part of a consortium that includes CapitaLand Development. CICT will develop and own 100% of the commercial component, which will be the largest mall in Hougang with about 300,000 sq ft of NLA. The mall is part of a mixed‑use development that also includes approximately 830 residential units. The commercial component will be fully integrated with Hougang MRT, a new bus interchange and a town plaza. This marks a significant milestone for CICT as it reinforces its foothold in its core market of Singapore, while expanding its retail footprint into Singapore’s northeast region within an underserved catchment. The project offers an attractive expected yield on cost of over 5%¹, which compares favourably with recent transactions of operating assets in the market. Importantly, participating at the development phase allows CICT to shape the mall’s design, positioning, and leasing strategy from the outset, unlocking Hougang’s untapped potential given its relatively low private retail space per capita and sizeable population. 1 Based on the valuer’s estimated net income, assuming completion of the commercial component and taking into consideration the estimated total development cost of the commercial component. Overall Development Details: • Site Area: 504,820 sq ft • Land Use: Mixed-use development comprising a commercial and residential development integrated with a bus interchange • Plot Ratio: 2.5 • Tenure: 99-year leasehold • Tender Price: ~S$1.5 billion Commercial Component (100% interest held by CICT): • NLA: ~300,000 sq ft • Total Development Cost: ~S$1.1 billion • Yield on Cost: Over 5%1 • Funding: Internal funds and external borrowings • Expected Completion: 2030 / 2031 Ongoing AEI D Lot One Shoppers’ Mall Creating value through an increase in NLA, focusing on daily essentials and shopper convenience • Additional NLA from AEI: ~15,000 sq ft • Estimated cost: S$37 million • Target return on investment (ROI): >7% • Duration: 4Q 2025 to 1Q 2027 • Works: − Creation of NLA mainly from leveraging Urban Redevelopment Authority’s (URA) surplus carpark conversion scheme − Introducing curated daily essentials and convenience-focused offerings at Basement 2, anchored by FairPrice’s expansion from Basement 1 − Enhancing connectivity to Level 2 via a new sheltered bridge linking Keat Hong Community Club across Choa Chu Kang Avenue 4 to the mall • Mall remains open and operational throughout the AEI ▲ Artist’s impression of the new pedestrian overhead bridge at Level 2 linking to Keat Hong Community Club ▲ Artist’s impression of the new F&B units at Basement 2 Tampines Mall Uplifting asset value and enhancing asset potential • NLA undergoing works: ~50,000 sq ft • Estimated cost: S$24 million • Target ROI: ~7% • Duration: 4Q 2025 to 3Q 2026 ▲ Artist’s impression of the enhanced main entrance featuring a straight passage from the planned pedestrianised street along with refreshed offerings • Works: − Rejuvenate the main entrance for a seamless shopper journey, in conjunction with the Land Transport Authority plans to pedestrianise the street between the main entrance and MRT station − Refresh tenant mix and expand product offerings through improved space reconfiguration − Enhance shopper convenience with the inclusion of accessible changing room • Exciting mix of new tenants include: Casa Vostra, Yeah Gelato, Shiseido, Braun Buffel, Meilleur Moment • Existing tenants refreshing their fitout include: Breadtalk, Toastbox, L'Occitane, Running Lab, Goldheart and SK Jewellery • Mall remains open and operational throughout the AEI Value Creation
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