C38U.SI
SGX50SESCapitaLand Integrated Commercial Trust
Real Estate · REIT - Retail · Singapore
CapitaLand Integrated Commercial Trust (CICT or the Trust) is the first and largest real estate investment trust (REIT) listed on Singapore Exchange Securities Trading Limited (SGX-ST). CapitaLand Integrated Commercial Trust has a market capitalization of US14.2 billion dollars or S18.2 billion dollars as at 31 December 2025. It debuted on SGX-ST as CapitaLand Mall Trust in July 2002 and was renamed CICT in November 2020 following the merger with CapitaLand Commercial Trust. As the largest proxy for Singapore commercial real estate, CICT owns and invests in quality income-producing assets primarily used for commercial (including retail and/or office) purposes, located predominantly in Singapore. CICT's portfolio comprises 20 properties in Singapore, two properties in Frankfurt, Germany, and three properties in Sydney, Australia with a total property value of S27.0 billion dollars or US21.0 billion dollar based on valuations of its proportionate interests in the portfolio as at 31 December 2025. CICT is managed by CapitaLand Integrated Commercial Trust Management Limited (CICTML or the Manager), a wholly owned subsidiary of CapitaLand Investment Limited, a leading global real asset manager with a strong Asia foothold. CapitaLand Integrated Commercial Trust was established in October 29, 2001 and incorporated in Singapore.
www.cict.com.sg ↗Shares trade at a moderate 18.5× trailing earnings, easing to 19.5× on forward estimates. Profitability shows a net margin of 57.9% and return on equity of 5.9%. Leverage is high at 9.4× net debt/EBITDA. Revenue grew 4.7% year-on-year. It yields 6.7% in dividends. The mean analyst target of SGD2.69 sits 11.9% above the current price (Buy, 16 analysts).
business model
CapitaLand Integrated Commercial Trust (CICT) is Singapore's largest REIT by market capitalisation, formed from the 2020 merger of CapitaLand Mall Trust and CapitaLand Commercial Trust. It owns a portfolio of retail malls and office/commercial buildings, mostly in Singapore's central area and suburbs with some assets in Germany and Australia, and is sponsored by CapitaLand Investment. As a Singapore REIT it distributes at least 90% of taxable income to unitholders to maintain tax transparency, paying regular distributions funded by rental income.
revenue segments
Revenue comes chiefly from rent on integrated developments, shopping malls and Grade A offices, split across retail and commercial/office components, with the large majority of income from Singapore and a smaller overseas contribution. Anchor assets include prominent downtown and suburban malls and CBD office towers.
key dependencies
Distributions depend on portfolio occupancy, rental reversions and retail tenant sales, plus interest rates, which affect borrowing costs, refinancing and asset valuations/cap rates. The CapitaLand Investment sponsor pipeline and asset-enhancement initiatives support growth, while aggregate leverage limits and the cost of hedging debt are important. Overseas assets add currency exposure.
competitors
It competes for tenants and for acquisitions with other Singapore commercial and retail REITs and landlords such as Mapletree Pan Asia Commercial Trust, Frasers Centrepoint Trust, Suntec REIT, Keppel REIT and private commercial owners. It also competes with private-equity buyers for prime Singapore assets.
moat
The moat rests on scale, index heavyweight status, a portfolio of dominant, well-located Singapore malls and CBD offices, and a strong sponsor in CapitaLand Investment providing pipeline and management expertise. Size gives it lower funding costs and access to large transactions.
risks
Rising or elevated interest rates increase financing costs and can compress valuations, pressuring distributions. Office demand faces structural questions around hybrid work, retail is exposed to consumer spending and e-commerce, and lease expiries, refinancing and any equity fund-raising for acquisitions are ongoing risks.
Financials & metrics
as of 04 Jul 2026Price is around the middle of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
Tap any metric for an explanation.● provider● computedN/A not available from source
Income-statement history isn't available for this security.
Dividends
This company does not currently pay a dividend.
Analyst assessment
as of 04 Jul 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.