Latest news with #CICT
Business Times
5 hours ago
- Business
- Business Times
Despite softer retail outlook, most S-Reits with Singapore retail assets record double-digit positive rent reversions
[SINGAPORE] Seven Singapore-listed real estate investment trusts (S-Reits) with local retail assets have recorded improvements in revenue and net property income (NPI), supported by improved operating metrics, positive rental reversions and robust occupancy rates. They are: CapitaLand Integrated Commercial Trust (CICT), Frasers Centrepoint Trust (FCT), Lendlease Global Commercial Reit (L-Reit), Mapletree Pan Asia Commercial Trust (MPACT), OUE Reit , Starhill Global Reit and Suntec Reit . Here is a look at their recent business updates and financials. CICT reported a slight 0.8 per cent year-on-year (yoy) decline in both revenue and NPI for the first quarter of 2025, due to the absence of income from 21 Collyer Quay, which was divested in November 2024. Excluding the divested asset, revenue and NPI were up by 1.1 per cent and 1.4 per cent, respectively. CICT's retail portfolio recorded a 17.5 per cent yoy growth in tenant sales, with shopper traffic rising by 23 per cent. The portfolio's rent reversion was 10.4 per cent, with higher rates in downtown malls compared with suburban ones. The trust expects positive rent reversions signed in FY2023 and FY2024 leases to contribute to FY2025 revenue, along with the full-year distribution income from Ion Orchard, acquired in September 2024. FCT reported increases in revenue and NPI of 7.1 per cent and 7.3 per cent, respectively, for the first half of 2025, driven by higher rental income from renewed and new leases. Its portfolio maintained a committed occupancy of 99.5 per cent. Shopper traffic and tenant sales were up by 1 per cent and 3.3 per cent, respectively, yoy. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Overall rent reversion for the period was positive at 9 per cent. FCT's Hougang Mall property commenced asset-enhancement initiative (AEI) works in April 2025, which are expected to be completed by Q3 2026. The expected return on investment is around 7 per cent, on S$51 million in capital expenditure. At present, 64 per cent of the AEI spaces have been pre-committed. L-Reit reported that its Singapore portfolio, comprising around 90 per cent of its total portfolio by valuation, achieved positive retail rent reversion of 10.4 per cent despite a softer retail landscape. Committed occupancy for Jem and 313@somerset remained high at 99.9 per cent and 98.9 per cent, respectively. MPACT recorded lower revenue and NPI for FY2024/2025, down by 5.1 per cent and 6.1 per cent, respectively, yoy. However, revenue and NPI from MPACT's Singapore portfolio rose by 1 per cent and 1.1 per cent, respectively, driven by VivoCity. Despite disruptions from ongoing AEI works, the mall recorded full-year tenant sales that crossed the S$1 billion mark for a third consecutive year. MPACT achieved 89.6 per cent committed occupancy as at Mar 31, and it recorded a 3.6 per cent rental uplift overall, with VivoCity alone seeing a robust 16.8 per cent rent reversion. OUE Reit's retail segment contributes 16.8 per cent of its overall revenue. Its Mandarin Gallery asset maintained a 99.5 per cent committed occupancy as at Mar 31, and recorded 4.9 per cent positive rent reversion in Q1. Starhill Global Reit reported full occupancy as at Mar 31 for its Singapore retail portfolio. Its overall portfolio has a weighted average lease term expiry of 7.2 years by net lettable area, with more than 64 per cent of leases expiring beyond FY2027/2028. The Reit's Singapore retail properties include a 71.49 per cent stake in Wisma Atria and a 27.23 per cent stake in Ngee Ann City. The Reit renewed its master lease with Takashimaya manager Toshin Development Singapore – which commenced on Jun 8 – for an initial term of 12 years, with further renewal options. The new master lease includes built-in rent escalations and an annual profit-sharing arrangement, providing upside for the Reit. Suntec Reit's Singapore retail portfolio recorded improved committed occupancy of 98.2 per cent as at Mar 31, compared to 95.8 per cent in the year-ago period. Rent reversion for its Singapore retail properties was 10.3 per cent, with a 91 per cent retention rate. The writer is a research analyst at SGX. For more research and information on Singapore's Reit sector, visit for the S-Reits & Property Trusts Chartbook.
Business Times
5 days ago
- Business
- Business Times
Singapore shares rise even as exports in May fall; STI up 0.6%
[SINGAPORE] Shares on the local bourse ended higher on Tuesday (Jun 17), even as Singapore's key exports declined 3.5 per cent year on year in May, reversing sharply from April's surge. The benchmark Straits Times Index (STI) rose 0.6 per cent or 22.18 points to close at 3,930.64. Across the broader market, advancers edged out decliners 275 to 210, after 1.2 billion securities worth S$993.8 million were traded. The top gainer on the STI was CapitaLand Integrated Commercial Trust (CICT) , which rose 1.9 per cent or S$0.04 to S$2.17. Telco giant Singtel was the biggest decliner, slipping 0.5 per cent or S$0.02 to S$3.93. The trio of local banks finished in positive territory. DBS rose 0.7 per cent or S$0.30 to S$44.46, UOB edged up 0.4 per cent or S$0.13 to S$34.95, and OCBC climbed 0.4 per cent or S$0.07 to S$16.09. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Elsewhere in Asia, markets ended on a mixed note. Hong Kong's Hang Seng Index slipped 0.3 per cent, Malaysia's FTSE Bursa Malaysia KLCI declined 0.6 per cent, and Australia's ASX 200 edged down 0.1 per cent. In contrast, South Korea's Kospi inched up 0.1 per cent, while Japan's Nikkei 225 gained 0.6 per cent. In Singapore, data released on Tuesday showed that its latest non-oil domestic exports (NODX) print reversed from the preceding month's 12.4 per cent jump and disappointed market expectations of 7.8 per cent growth. Exports to most major trading partners declined, with both electronics and non-electronics shipments weakening. The data suggests some softening in earlier front-loading activity, noted UOB's global economics and markets research team in a report. The bank's associate economist Jester Koh wrote: 'The sluggish NODX outturn in May did not come as a huge surprise given that there was some evidence that export activity to trading partners were slowing, such as the month-on-month contraction in South Korea's and Taiwan's imports from Singapore for the month of May.' In light of the weaker showing, UOB adjusted its full-year 2025 NODX forecast downward to a range of 1 to 3 per cent growth, from the earlier projection of 2 to 4 per cent growth, to reflect recent developments. The bank noted reduced confidence in its projections, citing a fluid situation and heightened market attention on the potential impact of 'new' unilateral tariff rates. Koh also cautioned that the payback from earlier front-loading could result in 'a more protracted downturn in trade activity' in the second half of 2025 while 'escalating geopolitical tensions in the Middle East could further dampen business and consumer confidence'.
Business Times
5 days ago
- Business
- Business Times
Singapore shares rise despite unexpected fall in exports; STI up 0.6%
[SINGAPORE] Shares on the local bourse ended higher on Tuesday (Jun 17), even as Singapore's key exports declined 3.5 per cent year on year in May, reversing sharply from April's surge. The benchmark Straits Times Index (STI) rose 0.6 per cent or 22.18 points to close at 3,930.64. Across the broader market, advancers edged out decliners 275 to 210, after 1.2 billion securities worth S$993.8 million were traded. The top gainer on the STI was CapitaLand Integrated Commercial Trust (CICT) , which rose 1.9 per cent or S$0.04 to S$2.17. Telco giant Singtel was the biggest decliner, slipping 0.5 per cent or S$0.02 to S$3.93. The trio of local banks finished in positive territory. DBS rose 0.7 per cent or S$0.30 to S$44.46, UOB edged up 0.4 per cent or S$0.13 to S$34.95, and OCBC climbed 0.4 per cent or S$0.07 to S$16.09. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Elsewhere in Asia, markets ended on a mixed note. Hong Kong's Hang Seng Index slipped 0.3 per cent, Malaysia's FTSE Bursa Malaysia KLCI declined 0.6 per cent, and Australia's ASX 200 edged down 0.1 per cent. In contrast, South Korea's Kospi inched up 0.1 per cent, while Japan's Nikkei 225 gained 0.6 per cent. In Singapore, data released on Tuesday showed that its latest non-oil domestic exports (NODX) print reversed from the preceding month's 12.4 per cent jump and disappointed market expectations of 7.8 per cent growth. Exports to most major trading partners declined, with both electronics and non-electronics shipments weakening. The data suggests some softening in earlier front-loading activity, noted UOB's global economics and markets research team in a report. The bank's associate economist Jester Koh wrote: 'The sluggish NODX outturn in May did not come as a huge surprise given that there was some evidence that export activity to trading partners were slowing, such as the month-on-month contraction in South Korea's and Taiwan's imports from Singapore for the month of May.' In light of the weaker showing, UOB adjusted its full-year 2025 NODX forecast downward to a range of 1 to 3 per cent growth, from the earlier projection of 2 to 4 per cent growth, to reflect recent developments. The bank noted reduced confidence in its projections, citing a fluid situation and heightened market attention on the potential impact of 'new' unilateral tariff rates. Koh also cautioned that the payback from earlier front-loading could result in 'a more protracted downturn in trade activity' in the second half of 2025 while 'escalating geopolitical tensions in the Middle East could further dampen business and consumer confidence'.
Business Times
15-06-2025
- Business
- Business Times
Diversified S-Reits' operating performance remains resilient amid market uncertainties
[SINGAPORE] Diversified real estate investment trusts (Reits) hold a mixture of assets across multiple sub-sectors such as industrial, retail, office and hospitality, offering investors the prospect of portfolio stability and flexibility. The larger diversified Reits in the Singapore market, or S-Reits, include Straits Times Index (STI) counters such as CapitaLand Integrated Commercial Trust (CICT), Mapletree Pan Asia Commercial Trust (MPACT) and Frasers Logistics & Commercial Trust (FLCT), as well as Suntec Reit , which is currently on the STI reserve list. Amid trade tensions and geopolitical uncertainties, business updates from these S-Reits for the first quarter ended March highlighted their ability to withstand headwinds. Most showed growth in revenue and net property income (NPI), driven by robust operating performance from existing properties and new acquisitions. Suntec Reit's revenue for Q1 2025 rose 3.4 per cent year on year (yoy) to S$113.5 million, due to stronger operating performance across all properties. Its joint venture income also grew. It reported a distribution per unit of S$0.01563 for the period, up 3.4 per cent yoy. CICT's Q1 2025 revenue was also higher, at S$395.3 million, by 1.1 per cent yoy on a like-for-like basis. Its NPI grew 1.4 per cent over the same period. For the first half of FY2025, FLCT's revenue was S$232.3 million, up 7.5 per cent yoy, while adjusted NPI rose 1.6 per cent to S$161.3 million. The growth was due mainly to full contributions from completed and acquired properties. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up In terms of operating performance, the larger diversified S-Reits have demonstrated resilience. For its retail portfolio, CICT reported strong momentum in rent reversion at 10.4 per cent for Q1 2025. It expects rent reversion to remain positive, although at a more moderate pace, in the next few quarters. The Reit's office portfolio also had positive rent reversion, at 5.4 per cent. Overall portfolio occupancy was stable, at 96.4 per cent as at end-March, with the occupancy standing at 98.8 per cent for retail assets and 94.7 per cent for office properties. The manager of MPACT noted that the trust's Singapore properties continued to buffer overseas headwinds. These assets contributed to higher revenue and NPI on a comparable basis in FY2025 ended March. MPACT also reported positive rent reversion from its local properties during the year, ranging from 2.2 per cent at Mapletree Business City to 16.8 per cent at VivoCity. Similarly, Suntec Reit and OUE Reit achieved positive rent reversions from their Singapore office and retail portfolios as well. Occupancy rates across their portfolios also remained stable. Suntec Reit's Singapore office portfolio had 98.7 per cent committed occupancy, down slightly from 99.4 per cent in the year-ago period. Occupancy for its local retail assets, meanwhile, improved to 98.2 per cent from 95.8 per cent over the same period. OUE Reit saw its office committed occupancy grow 1.7 percentage points quarter on quarter to 96.3 per cent as at end-March, while committed occupancy at Mandarin Gallery climbed to 99.5 per cent. These diversified S-Reits have also been reporting improvements in terms of capital management. Suntec Reit has completed a refinancing of S$730 million due in 2025 and 2026, which would result in interest savings of about S$1.8 million each year. The manager also noted it has pared down debt with proceeds from the divestment of strata office units. Meanwhile, CICT's average cost of debt as at end-March was 3.4 per cent, down 0.2 percentage point from the level in December. OUE Reit has also reported that its proactive capital management in 2024 reduced its weighted average cost of debt to 4.2 per cent a year as at end-March, from 4.7 per cent in December. The Reit managers noted that their portfolios are well-positioned to navigate economic and geopolitical uncertainties. CICT said it remains focused on asset-enhancement initiatives and portfolio-reconstitution efforts. It will continue to monitor the market for opportunities with an eye on Singapore, which offers stability, for inorganic growth. The chief executive officer of Suntec Reit's manager, Chong Kee Hiong, said continual improvement in operating performance highlights the strong fundamentals of the Reit's assets. 'In light of the global macroeconomic uncertainties, we remain focused on strengthening the operating performance of our properties,' he added. The writer is a research analyst at SGX. For more research and information on Singapore's Reit sector, visit for the S-Reits & Property Trusts Chartbook.
Hans India
02-06-2025
- Politics
- Hans India
Stalin to lead ‘Semmozhi Day' celebrations on Karunanidhi's birth anniversary
Chennai: Tamil Nadu Chief Minister M.K. Stalin is set to lead a series of commemorative events on June 3, marking the birth anniversary of former Chief Minister and DMK patriarch M. Karunanidhi. The state government has officially designated the day as 'Semmozhi Day' to honour Karunanidhi's lifelong contributions to the Tamil language and literature. According to an official release, Stalin will begin the day by paying floral tributes to Karunanidhi's statue located at the Omandurar Government Estate campus on Anna Salai. The tribute ceremony is scheduled for 9:30 a.m. The main event of the day will be held at Kalaivanar Arangam in Chennai, where a grand function has been organised by the Central Institute of Classical Tamil (CICT). As part of the celebration, Chief Minister Stalin will release a new set of Tamil scholarly books published by the institute. In line with the government's commitment to promoting the Tamil language and academic excellence, Stalin will also distribute certificates to scholars who have completed their doctoral studies in classical Tamil. This is seen as part of a broader push to encourage higher education and research in Tamil linguistics and heritage. Further underscoring the state's focus on preserving Tamil culture and recognising contributions to the language, the Chief Minister will hand over enhanced financial assistance to senior Tamil scholars. This aid is aimed at supporting elderly language experts who have spent their lives promoting and enriching Tamil literature. Additionally, prizes will be awarded to school and college students who emerged victorious in various Tamil-related competitions conducted in connection with 'Semmozhi Day'. These competitions were designed to increase student engagement with the language and to inspire a deeper appreciation for Tamil classical and modern literature. The state government's decision to observe June 3 as 'Semmozhi Day' annually reflects Karunanidhi's enduring legacy as a scholar, writer, and passionate advocate for Tamil. Officials stated that the day would continue to be marked with programs that promote Tamil language, literature, and culture across the state. With these initiatives, the government aims to keep alive the ideals that Karunanidhi stood for and to inspire future generations to take pride in their linguistic heritage.
