CICT Dividend 2026: CapitaLand Integrated Commercial Trust DPU History, Yield & Deep-Dive
Singapore’s largest REIT offers a ~5.8% forward yield at current prices. Here’s everything you need to know about CICT’s dividend track record, portfolio quality, and whether it belongs in your passive income portfolio.
CapitaLand Integrated Commercial Trust — better known as CICT (SGX: C38U) — is Singapore’s largest real estate investment trust by asset value, with a portfolio worth S$27.4 billion spanning 26 properties across Singapore, Australia, and Germany.
At a unit price of approximately S$2.00 in April 2026, CICT’s FY2025 Distribution Per Unit (DPU) of 11.58 cents translates to a forward yield of around 5.8% — making it one of the more attractive blue-chip income options on the SGX.
In this deep-dive, we break down CICT’s DPU history, financial health, portfolio quality, and peer comparison so you can decide whether it deserves a spot in your S-REIT portfolio.
This article is for informational purposes only and does not constitute financial advice. All data is as at April 2026 unless otherwise stated. Please conduct your own due diligence before investing.
Table of Contents
CICT Fast Facts at a Glance
Here are the key numbers for CapitaLand Integrated Commercial Trust as at April 2026:
| Metric | Details |
|---|---|
| SGX Ticker | C38U.SI |
| Sector | Integrated Commercial (Retail + Office) |
| Manager | CapitaLand Integrated Commercial Trust Management Ltd |
| Unit Price (Apr 2026) | ~S$2.00 |
| NAV Per Unit | S$2.09 |
| P/NAV | ~0.96x (slight discount to book value) |
| Market Capitalisation | ~S$18.2 billion |
| FY2025 DPU | 11.58 cents (+6.4% YoY) |
| Forward Yield (at S$2.00) | ~5.8% |
| Distribution Frequency | Semi-annual (H1 + H2) |
| Gearing Ratio | 39.2% (MAS ceiling: 50%) |
| PortFolio Value | S$27.4 billion |
| Number of Properties | 26 (21 in Singapore, 5 overseas) |
| Portfolio Occupancy | 96.9% committed (as at Dec 2025) |
CICT DPU History (2020–2025)
CICT was formed on 21 October 2020 through the merger of CapitaLand Mall Trust (CMT) — Singapore’s first and largest retail REIT — and CapitaLand Commercial Trust (CCT), the office REIT. The 2020 DPU of 8.69 cents reflects both the partial-year impact of the merger and COVID-19 rental relief measures.
Since 2021, CICT has delivered steady DPU growth, culminating in a 6.4% year-on-year increase in FY2025 to 11.58 cents — driven by improved occupancy, contributions from the ION Orchard acquisition, and lower interest costs as SORA declined through 2025.
| Period | H1 DPU (¢) | H2 DPU (¢) | Full Year DPU (¢) | YoY Change |
|---|---|---|---|---|
| FY2020 | — | — | 8.69 | –27.4%* |
| FY2021 | 5.18 | 5.22 | 10.40 | +19.7% |
| FY2022 | 5.22 | 5.36 | 10.58 | +1.7% |
| FY2023 | 5.30 | 5.45 | 10.75 | +1.6% |
| FY2024 | 5.39 | 5.45 | 10.84 | +0.8% |
| FY2025 | 5.62 | 5.96 | 11.58 | +6.4% |
*FY2020 decline vs CMT’s FY2019 of ~S$11.97 cents, reflecting COVID impact and partial-year merger. Source: CICT SGX filings, annual reports FY2020–FY2025.
The FY2025 step-up to 11.58 cents is particularly noteworthy. Key drivers included: (1) full-year contribution from the ION Orchard 50% stake acquisition completed in 2024; (2) declining SORA rates reducing interest expenses; and (3) robust Singapore retail occupancy holding above 98%.
This marks CICT’s fifth consecutive year of DPU growth since the 2020 COVID trough — a strong signal of the portfolio’s resilience and the manager’s active capital recycling strategy.
Looking for exposure to S-REITs via a fund structure? See our Singapore REIT ETF guide for a comparison of REIT ETFs that include CICT as a top holding.
Peer Comparison: CICT vs Other S-REITs
How does CICT stack up against comparable S-REITs in the commercial and retail space? The table below compares CICT against five peers on yield, gearing, price-to-NAV, and market cap, based on prices as at April 2026.
| REIT | Yield | Gearing | P/NAV | Mkt Cap |
|---|---|---|---|---|
| CICT (C38U) | 5.8% | 39.2% | 0.96x | S$18.2B |
| Frasers Centrepoint Trust (J69U) | 5.5% | 38.5% | 0.95x | ~S$4.0B |
| Keppel REIT (K71U) | 6.0% | 41.0% | 0.82x | ~S$4.0B |
| MPACT (N2IU) | 6.5% | 40.3% | 0.78x | ~S$8.0B |
| Suntec REIT (T82U) | 6.5% | 43.0% | 0.74x | ~S$4.5B |
| Lendlease REIT (JYEU) | 7.5% | 37.8% | 0.80x | ~S$1.0B |
Data as at April 2026. Approximate figures based on prevailing unit prices and latest reported metrics. Not investment advice.
CICT offers the lowest yield in the peer group — but this is the “quality premium” that comes with Singapore’s largest REIT. It commands a near-book valuation (P/NAV 0.96x), the deepest liquidity, and a diversified 26-property portfolio anchored by Orchard Road trophy assets.
Investors seeking higher yield with more risk can look at Suntec REIT or Lendlease REIT. Those prioritising stability and blue-chip quality will find CICT hard to beat. For more context on which S-REITs offer the best risk-adjusted returns, see our Best S-REITs Singapore 2026 comparison.
Financial Health: Gearing, ICR & Debt Profile
CICT’s balance sheet is one of the stronger ones in the S-REIT universe. Here is a breakdown of its key financial metrics as at end-2025:
Gearing Ratio: 39.2%
CICT’s aggregate leverage of 39.2% is comfortably below the MAS 50% regulatory ceiling. This gives CICT approximately S$2.9–3.2 billion in additional debt headroom before hitting the cap — enough for a meaningful acquisition without requiring an equity fundraising. At the current SORA rate (approximately 1.07% as at early 2026), the all-in cost of debt has eased from 2023–2024 peaks, supporting improving DPU.
Interest Coverage Ratio (ICR): ~3.5x
CICT’s ICR — net property income divided by interest expense — is estimated at approximately 3.5x. This is well above the MAS minimum of 1.5x and is in line with CICT’s historical average. A higher ICR signals that income comfortably covers debt servicing costs even if NPI dips temporarily.
Debt Profile & Maturity
| Metric | Value |
|---|---|
| Average Cost of Debt | 3.3% per annum |
| Average Debt Maturity | 3.9 years |
| Fixed Rate Debt Proportion | ~70% |
| Gearing Ratio | 39.2% |
| ICR (estimated) | ~3.5x |
| Unencumbered Asset Ratio | >70% |
With ~70% of debt on fixed rates and an average maturity of 3.9 years, CICT is well-insulated from near-term interest rate volatility. The declining SORA trajectory through 2025 has allowed the floating-rate portion to reprice lower, contributing to the FY2025 DPU uplift.
As SORA declined from ~3.0% in 2023 to ~1.07% by early 2026, every 50 basis point reduction in SORA translates to approximately 0.1–0.2 cents per unit improvement in DPU for CICT — a meaningful tailwind going into FY2026. For more on how SORA affects S-REIT distributions, see our SORA rate and S-REIT DPU recovery analysis.
Portfolio Analysis: Properties, Occupancy & Tenants
Portfolio Overview
CICT’s S$27.4 billion portfolio spans 26 properties across Singapore (21 properties, ~94% by value), Australia (3 properties, ~3%), and Germany (2 properties, ~3%). It is the product of the 2020 merger between CapitaLand Mall Trust and CapitaLand Commercial Trust, creating a diversified commercial REIT with exposure to both Singapore’s dominant suburban retail malls and Grade A CBD office towers.
Key Properties
| Property | Type | Location | CICT Stake |
|---|---|---|---|
| ION Orchard | Retail | Orchard Road | 50% |
| Raffles City Singapore | Integrated | City Hall | 100% |
| Plaza Singapura | Retail | Dhoby Ghaut MRT | 100% |
| CapitaSpring | Grade A Office | Raffles Place | 45% |
| Funan | Integrated | City Hall MRT | 100% |
| Bugis Junction | Retail | Bugis MRT | 100% |
| IMM Building | Retail (Outlet) | Jurong East | 100% |
Occupancy Rates (as at December 2025)
| Segment | Committed Occupancy |
|---|---|
| Retail (Singapore) | 98.7% |
| Office (Singapore) | 95.7% |
| Integrated Development | 97.7% |
| Overall Portfolio | 96.9% |
CICT’s retail occupancy at 98.7% is exceptionally high — testament to the strength of its mall locations (predominantly MRT-connected) and tenant mix anchored by essential services, food & beverage, and experience retail. The office segment at 95.7% is also healthy given hybrid work headwinds globally.
WALE & Tenant Diversification
CICT’s Weighted Average Lease Expiry (WALE) stands at approximately 3.2 years across the portfolio (retail leases typically shorter at 2–3 years; office leases longer at 3–5+ years). The top five tenants by gross rental income are estimated to account for less than 20% of total rental income — a well-diversified base that reduces single-tenant concentration risk.
Major anchor tenants include government agencies in the office segment, national retailers (Cold Storage, FairPrice), and international F&B and fashion chains at the flagship malls. ION Orchard benefits from Orchard Road’s status as Singapore’s premium luxury shopping belt, attracting high-spending tourist and local traffic.
Geographic Breakdown
Singapore accounts for approximately 94% of portfolio value, with the remaining 6% split between Australian suburban offices (~3%) and Frankfurt commercial properties (~3%). The overseas exposure is modest and provides geographic diversification without introducing significant FX risk — Singapore dollar income dominates the distribution profile.
Planning to invest in CICT via your CPF OA? Find out how to optimise your CPF before investing with our CPF investment strategy guide. You can also use a robo-advisor like Endowus to access CICT through a professionally managed REIT portfolio via CPF, SRS, or cash.
Key Risks to Watch
No investment is without risk. Here are the five key risks CICT unitholders should monitor:
1. Interest Rate Risk (Moderate)
Despite SORA declining to ~1.07% by early 2026, CICT still carries approximately S$10.7 billion in total borrowings. With ~30% of debt on floating rates, any reversal in rate cuts (e.g., if US inflation re-accelerates following the April 2026 tariff announcements) could increase interest expense and pressure DPU. However, CICT’s ~70% fixed-rate hedge and 3.9-year average debt maturity limit near-term exposure.
2. Office Market Uncertainty (Moderate)
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H�LK�N�[��[��L��K����]���X��ܙ[ۗ�][WB��]���X��ܙ[ۗ�][H]OH�w often does CICT pay dividends?” open=”off” _builder_version=”4.27.0″]
CICT pays distributions semi-annually — once for the first half of the financial year (typically paid in September) and once for the second half (typically paid in March). The record date and payment date for each distribution are announced via SGX. As a unitholder, you must hold CICT units on the ex-dividend date to be entitled to that distribution.[/et_pb_accordion_item]
What is CICT's current yield in 2026?
What is CICT's gearing ratio?
Can I use CPF to buy CICT?
Is CICT a good investment for passive income?
What happened to CapitaLand Mall Trust (CMT)?
How does CICT compare to Mapletree REITs?
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References
- CICT Investor Relations — Financial Results
- SGX — C38U CICT Stock Information
- MAS — REITs Regulatory Framework
- CapitaLand Group — Newsroom (CICT announcements)
- SGX Filing — CICT FY2025 Full Year Financial Results
Disclaimer: This article is for informational purposes only and does not constitute financial advice. All data cited is as at April 2026 unless otherwise stated. The Kopi Notes is not a licensed financial adviser. Please consult a qualified financial adviser before making investment decisions.