43 Annual Report 2025 Tenant Sales Portfolio tenant sales remained healthy, having exceeded 2019 levels since 2022. In FY 2025, tenant sales rose 14.9% by psf and 29.1% by quantum YoY, respectively. This was largely due to contribution from ION Orchard. Excluding ION Orchard, tenant sales recorded growth of 1.2% by psf and 1.4% by quantum YoY, respectively, supported by stronger domestic consumption in 2H 2025 and increased tourist arrivals, despite higher outbound travel by Singapore residents. Tenant sales in downtown malls recorded increases of 28.7% by psf and 58.0% by quantum YoY. Excluding ION Orchard, tenant sales for downtown malls grew 0.9% by psf and 0.8% by quantum YoY. Suburban malls continued to demonstrate resilient tenant sales growth of 1.3% by psf and 1.9% by quantum over the year. FY 2025 Tenant Sales by Quantum Retail Portfolio +29.1% YoY Suburban +1.9% YoY Downtown +58.0% YoY FY 2025 Tenant Sales Psf1 Retail Portfolio +14.9% YoY Suburban +1.3% YoY Downtown +28.7% YoY 1 Tenant sales psf adjusted for non-trading days. Performance of Tenant Sales by Trade Categories The top three retail trade categories of Beauty & Health, Fashion & Accessories, and Food & Beverages (F&B) accounted for 61.8% of FY 2025 retail GRI (including GTO). These categories saw a sales psf increase of 7.5% YoY in FY 2025. Beauty services were the key growth driver within the Beauty & Health trade category, supported by increasing demand for quality beauty and health offerings. The F&B trade category sales remained resilient despite elevated operating costs, underpinned by sustained consumer dine‑out activity. Conversely, the Fashion & Accessories trade category was constrained by evolving consumer spending behaviour amid market uncertainty and moderating wage growth. Notably, Hobbies was one of the top performing trade categories, driven by growing interest in collectibles among adult consumers. Healthy Occupancy Cost Occupancy cost is defined as the ratio of GRI (including GTO) to tenant sales. CICT actively monitors and balances the occupancy cost ratio, particularly in the current elevated cost environment. Occupancy cost also depends on various factors, including trade mix, tenant profile, and mall positioning. CICT’s occupancy cost for its Singapore retail portfolio was healthy at 17.0% in FY 2025. 17.1 2024 2025 17.0 Singapore Retail Portfolio Occupancy Cost (%)
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