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.

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 to 2025 bar chart

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.

CICT DPU history bar chart 2020 to 2025

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.

CICT peer yield comparison chart 2026

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.

CICT portfolio breakdown and occupancy chart

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)

CICT’soffice segment (approximately 30–35% of portfolio NPI) faces structural headwinds from hybrid work. Office occupancy at 95.7% is healthy, but Grade A Singapore office rents have softened in the 2024–2025 cycle. Negative rental reve��[ۜ�ۈٙ�X�HX\�H�[�]�[ɸ��[�ZY�ۈ�Hܛ�� ��P� ����]Y�Hو���\�[��ۈБܘYHH��\�Y\�8�%�\�H[X[����H�[�[��X[�\��X�\�[�X��[XZ[���\�[Y[�8�%Z]Y�]\�\��\����Y]�] � ���� ��[OH���܎��� �L��ȏ�ˈ\�Y�� �[\��ؘ[XXܛ��\��
[]�]Y\�]\�[ � ��O � ς��HT�\�Y��[���[��[Y[��[�\�[ � ��]�H[���X�Y[��\�Z[�H[���ؘ[�YH����[��ۜ�[Y\��ۙ�Y[��K��[H�[��\ܙI���]Z[�[�[��\��[XZ[�Y�\�[Y[��Y\�X�[KH��ۙ�Y�ؘ[����ۈ��[[\[��\�\�\��]�[�
�X��\ܝܘ�\���YX[�Z�HSӈܘ�\�
H[��XZ�[��ܜܘ]HX\�[��[X[��܈ٙ�X�H�X�K�[��\�ܜ���[[ۚ]܈�[��\ܙH�]Z[�[\�]H[�ٙ�X�H�[�[[�X�\�[�H��Z[��]X\�\�ˏ ���� ��[OH���܎��� �L��ȏ� ���\��ۈݙ\��X\�\��]�
��S[�\�]JO � �P� ��
�Hݙ\��X\�^��\�H[�]\��[XH[��\�X[�HYX[��Hܝ[ۈو[���YH\�[��Z[�]Y[�UQ[�UT��H��[��[�[������[�YX�H�[��]Y�]\��ˈ�P�\X�[HY�\�H��ܝ[ۈوݙ\��X\�[���YK�]\�\���H\��X�Y�K�HX]\�X[]H\�[Z]Y�]�[�H�X[ݙ\��X\���ܝ[ۋ� ���� ��[OH���܎��� �L��ȏ�K�\��]�[X][ۈ�\��
��O � ς���P� ��ܝ��[�\�X\��Y�X\��][��X[K�[�HX�[�H[���[Y\��X[��\�H�[X][ۜ�
�]�[��H�\�]H^[��[ۊH��[�YX�H�U�\�[�][��[�X[H\��X\�[��Y�\���]�[��P��\��[�H�Y\����H��U�
 ӐU� �M�
KH�YۚY�X�[��[X][ۈܚ]KY�ۈ��[\�H�����H\���[���U�8�%ܙX][��H�^Z[���ܝ[�]H�܈��YK�]�[�X[H�Y��\�[���ܘ�Y�[[���H�U�\�[��]]�H�[�ˏ �����]���^B���]�����[[�B���]��ܛ��B���]����X�[ۗB���]����X�[ۈ��؝Z[H�H�؝Z[\�ݙ\��[ۏH� ��ˌ��X��ܛ�[����܏H�ٙ������Y[����H� �Y[��؛��OH� �B��]��ܛ��؝Z[\�ݙ\��[ۏH� ��ˌ��YH�L H�X^��YH�L �B��]�����[[�\OH���؝Z[\�ݙ\��[ۏH� ��ˌ�B��]���^؝Z[\�ݙ\��[ۏH� ��ˌ�B� �YH��\�X���[OH���܎��XL�L�Nȏ��\�X���^K�܈�]�� � ������ۙϓ�\��Y]ΈP��SUSUH ��]�\��[��X�\�\��[�� �� � ���ۙϏ �����P�\���HY� ^ZY[�\�H^H8�%]\�H�YKX�\�Y����و[�H�[��\ܙH�RUܝ��[ˈ\�H\�H�[�\�N� ���[��O���ۙϖZY[ [ۋX����ܝ[�]N� ���ۙψ]� �� �P�ZY[��K� Hۈ�L� �HK�Y�Hܛ���H�\�\�
8�$�IH[��L� ��
H�X\�ۘX�H�\�H�\�H�]�[��ԐHZ[�[��[��[ ^YX\�Sӈܘ�\��۝�X�][ۊK�ܝ�\�ZY[ [ۋX���\��X�\�
��8�$͋�IH8�%�\�H]�X�]�H�܈H� N�[[ۈX\��]�\�RU�]\�]X[]Hو\��]ˏ �O��O���ۙϓ�X\�S�U�[��N� ���ۙψ�Y[��] �M��U�YX[��[�H\�HX�]Z\�[��� �ˍ�[[ۈو�[YH�[��\ܙH��[Y\��X[��\�H]H[�\�\���[� �\�ܚX�[K�P�\��YY] K�8�$�K�M^�U�\�[���[X\��]ˏ �O��O���ۙϐ�[[��H�Y]�\�[Y[��N� ���ۙψ �K��H�X\�[�� ˎK^YX\�X�X]\�]K�� H�^Y \�]HY�[�ˈۙHوH[ܙH�ۜ�\��]]�[HX[�Y�Y�[[��H�Y]�[�H�T�RU�X�܋� �O��O���ۙϓXXܛ�Z[�[�� ���ۙψ�ԐH�]HX�[�\�[� � �x�$̌ ���YX�H�P� ����][��\�]H[�\�\����ˈH�ԐH��Y�X^H�[�HZXYو\�8�%XX� �H�\�\��[��]Y�[�ܙ[Y[�[H�K� �O�� �[���H�X\��\�H�[��\�ۈ�ؘ[XXܛ�[��\�Z[�H����[��H\�[ � ��T�\�Y�������[�X[�[��\ܙHٙ�X�HX\��]�ٝ[�[��[�H�X�]�P� ��ZY[و
K� H\��[����YHY\�ˈ�܈[��\�ܜ�[�XYH�[���P� \�H\�]H�X\�ۈ��[]�\��[��X�\ˈ�܈�]�[��\�ܜ�H\�YX��[][][ۈ��]Y�H�]�Y[�� K�M8�$�� ��
H\X\���Y[� � ������ۙϕ\��]ZY[�[��N� ���ۙψ
K�x�$͋�IH
[\Z[��H�X�H�[��Hو\��[X][H� K��8�$�� ��L�\�Yۈ�L� �HJK� �����Y�\�H]�\��Y�YY�RU\��X���ۜ�Y\�\�[��H�Y�H�΋��Z��[��\˘��K��Y�K\�Y�\��[ X��Kȏ��Y�O �O��RU
�ܝ��[��X����P�\�ۙHو]���[���[�ٙ�\��]]�X]X��X�[[��[��[����Y\��܈�[��\ܙH�RU[��\�ܜˈ[\��]]�[K�YH�\�H�Y�H�΋��Z��[��\˘��K�\�X�\���\�Z]���\[ \�Z] Y]�Y[� L� ��ȏ��\[�RU]�Y[�[�[\�\� �O�Y�[�IܙH���[���܈H\�K\^HܘYHHٙ�X�H^��\�H�]Y�\�ZY[ � �����]���^B���]�����[[�B���]��ܛ��B���]����X�[ۗB���]����X�[ۈ��؝Z[H�H�؝Z[\�ݙ\��[ۏH� ��ˌ��X��ܛ�[����܏H�ٍY�Y�H�Y[����H� �Y[��؛��OH� �B��]��ܛ��؝Z[\�ݙ\��[ۏH� ��ˌ��YH�L H�X^��YH�L �B��]�����[[�\OH���؝Z[\�ݙ\��[ۏH� ��ˌ�B��]���^؝Z[\�ݙ\��[ۏH� ��ˌ�B� �YH��\H��[OH���܎��XL�L�Nȏ���\]Y[�H\��Y]Y\�[ۜ� � �����]���^B��]���X��ܙ[ۈ���W�X�]�WؘX��ܛ�[����܏H��XL�L�H����W�X�]�W�^���܏H�ٙ���������W�^���܏H��XL�L�H�X�ۗ���܏H��
L MȈ؝Z[\�ݙ\��[ۏH� ��ˌ�B��]���X��ܙ[ۗ�][H]OH��]\��P�]�Y[�\�YX\�Ȉ�[�H�ٙ��؝Z[\�ݙ\��[ۏH� ��ˌ�B��P�
�\]S[�[�Yܘ]Y��[Y\��X[�\�
H\��X�]Y LK�N�[��\�[�][��L� �K�X��\�\�[��H�[ ^YX\�HZY[����[ZKX[��X[[��[Y[��
 N�
K����[�� ��
K�M��[��K�]H[�]�X�Hو� �� \�\]X]\��HZY[و\��[X][H
K� K�H\�ܛ�ۈ���H ��H�[��[��L� �
�ՒQ Z[\X�Y
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?
As at April 2026, with CICT trading at approximately S$2.00 per unit and FY2025 DPU of 11.58 cents, the trailing yield is approximately 5.8%. If FY2026 DPU grows to approximately 12.0 cents (a ~3.6% increase), the forward yield at S$2.00 would be around 6.0%. All figures are estimates and not financial advice.
What is CICT's gearing ratio?
CICT’s aggregate leverage (gearing) ratio stood at 39.2% as at end-2025, comfortably within the MAS regulatory ceiling of 50%. This provides CICT with approximately S$2.9–3.2 billion in additional debt headroom for acquisitions or capital expenditure without requiring an equity fundraising at current asset values.
Can I use CPF to buy CICT?
Yes — CICT (C38U.SI) is eligible for investment using CPF Ordinary Account (OA) funds under the CPF Investment Scheme (CPFIS-OA). However, there are limits: you can invest up to 35% of your investible savings in shares and up to 10% in REITs. You should be aware that CPF OA currently earns a guaranteed 2.5% per annum — investing in CICT involves market risk and you could receive less than the guaranteed CPF rate. Read our CPF investment strategy guide before using CPF funds for REIT investing.
Is CICT a good investment for passive income?
CICT is one of Singapore’s most widely held REITs for passive income investors. It offers a 5.8% yield at current prices, semi-annual distributions, and exposure to Singapore’s premier commercial real estate including ION Orchard, Raffles City, and Plaza Singapura. As Singapore’s largest REIT by asset size, it benefits from institutional liquidity, professional management, and a diversified income base. However, like all REITs, CICT’s unit price and distributions are not guaranteed. Past performance of DPU growth is not indicative of future results.
What happened to CapitaLand Mall Trust (CMT)?
CapitaLand Mall Trust (CMT) merged with CapitaLand Commercial Trust (CCT) on 21 October 2020 to form CapitaLand Integrated Commercial Trust (CICT). CMT unitholders received 1.0 CICT unit for each CMT unit held. CCT unitholders received 0.72 CICT units per CCT unit plus a cash consideration. The merger created Singapore’s largest REIT and provided investors with combined retail-plus-office exposure under a single listed vehicle.
How does CICT compare to Mapletree REITs?
CICT and the Mapletree family (MPACT, MLT, MINT) are both blue-chip S-REIT sponsors but operate in different segments. CICT focuses on Singapore retail malls and Grade A offices; MPACT covers Pan-Asian retail and commercial; MLT is logistics-focused; MINT covers industrial and data centres. In terms of yield, MPACT and MLT typically offer higher yields (6–7%) than CICT (~5.8%) but come with more overseas asset exposure. CICT is generally considered the higher-quality/lower-yield option given its dominant Singapore commercial portfolio. See our Best S-REITs Singapore 2026 comparison for a full cross-REIT analysis.
[/et_pb_accordion]

Start Investing in S-REITs Today

Looking for the easiest way to gain diversified S-REIT exposure? Singapore’s leading robo-advisors give you access to REIT portfolios with low fees and no stock-picking required.

References

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.