CapitaLand Integrated Commercial Trust (SGX: C38U), known as CICT, is Singapore’s largest real estate investment trust by market capitalisation and assets under management. With a diversified portfolio spanning retail malls, office towers, and integrated developments across Singapore, Germany, and Australia, CICT offers Singapore investors exposure to high-quality commercial real estate with a steady distribution yield of approximately 4.8% as of May 2026.
This guide covers everything you need to know about CICT — its share price history, DPU track record, portfolio analysis, the landmark Paragon acquisition, financial metrics, and how to evaluate it as part of a dividend-focused Singapore portfolio.
Table of Contents
CICT Overview & Key Stats (2026)
CICT was formed in 2020 through the merger of CapitaLand Mall Trust and CapitaLand Commercial Trust, creating Singapore’s largest diversified S-REIT. It is managed by CapitaLand Investment, one of Asia’s leading real estate investment managers.
| Metric | Value (May 2026) |
|---|---|
| SGX Ticker | C38U |
| Share Price | S$2.31 (as of May 2026) |
| Market Cap | ~S$18.4 billion |
| FY2025 DPU | 11.58 Singapore cents |
| Indicative Dividend Yield | ~4.8% – 5.0% |
| AUM (Portfolio Value) | S$27.4 billion (Dec 2025) |
| Number of Properties | 26 (21 SG, 2 Germany, 3 Australia) |
| Portfolio Occupancy | 96.9% (Dec 2025) |
| Aggregate Leverage | ~39.2% (Sep 2025) |
| REIT Manager | CapitaLand Integrated Commercial Trust Management Ltd |
| Distribution Frequency | Semi-annual (1H & 2H) |
CICT Share Price History
CICT’s share price has been through several notable cycles since its listing as CapitaLand Mall Trust in 2002 (before the 2020 merger). Like most S-REITs, CICT was significantly impacted by the COVID-19 pandemic and the subsequent global rate-hiking cycle, before recovering as interest rates stabilised in 2024–2025.
| Period | Share Price Range (SGD) | Key Driver |
|---|---|---|
| Pre-COVID (2019) | S$2.20 – S$2.50 | Strong SG retail & office demand |
| COVID-19 Low (Mar 2020) | ~S$1.60 | Mall closures, office vacancies |
| Post-Merger High (2022) | ~S$2.30 | ION Orchard acquisition, recovery |
| Rate-Hike Trough (2023) | ~S$1.80 – S$2.00 | Fed rate hikes, higher financing costs |
| 2024 Recovery | S$1.90 – S$2.20 | Rate cut expectations, DPU growth |
| May 2026 | ~S$2.31 | Paragon acquisition, FY25 DPU growth |
Note: Share prices are approximate. Always check live prices on SGX or your broker platform. Past performance is not indicative of future returns.
CICT DPU & Dividend History
CICT pays distributions semi-annually — once for the first half (1H) and once for the second half (2H) of each financial year. FY2025 saw strong DPU growth, with 2H FY2025 DPU rising 6.0% year-on-year to 5.96 cents, bringing full-year FY2025 DPU to 11.58 Singapore cents — a new record for CICT.
| Financial Year | 1H DPU (¢) | 2H DPU (¢) | Full Year DPU (¢) | YoY Change |
|---|---|---|---|---|
| FY2021 | 4.17 | 5.23 | 9.40 | Recovery |
| FY2022 | 5.11 | 5.28 | 10.39 | +10.5% |
| FY2023 | 5.36 | 5.20 | 10.56 | +1.6% |
| FY2024 | 5.45 | 5.62 | 11.07 | +4.8% |
| FY2025 | 5.62 | 5.96 | 11.58 | +4.6% ✓ |
| 1Q FY2026 | 2.61 (interim) | — | — | Growth trajectory |
CICT’s consistent DPU growth over FY2021–FY2025 reflects the resilience of its Singapore-anchored portfolio. Even during the rate-hike headwinds of FY2023, DPU held stable. The ION Orchard income contribution and the improving rental reversion cycle have been key DPU drivers.
CICT Portfolio: Singapore, Germany & Australia
As at 31 December 2025, CICT’s portfolio comprised 26 properties worth S$27.4 billion across three geographies. Singapore remains the dominant market at approximately 84% of portfolio value, with Germany and Australia providing geographic diversification.
Singapore Portfolio (21 Properties)
CICT’s Singapore assets include some of the country’s most iconic retail and office addresses:
| Asset Type | Key Properties | Occupancy (Dec 2025) |
|---|---|---|
| Retail Malls | ION Orchard, Plaza Singapura, Bugis Junction, Raffles City, IMM, Westgate, Junction 8, Tampines Mall, Lot One | 98.7% |
| Office | CapitaSpring, Asia Square Tower 2*, 21 Collyer Quay | 95.7% |
| Integrated | Raffles City Singapore, Clarke Quay, Bugis+ | 97.7% |
*Asia Square Tower 2 is being divested for ~S$2.5 billion (announced Q1 2026) and will exit the portfolio upon deal completion.
Germany (2 Properties)
CICT holds two Frankfurt office assets — Gallileo and Main Airport Center — providing Euro-denominated income and diversification. These properties are fully leased to investment-grade tenants on long-term leases.
Australia (3 Properties)
CICT’s Australian portfolio includes properties in Sydney’s CBD — 101 Miller Street, Olderfleet 477 Collins Street (Melbourne), and 66 Goulburn Street — providing AUD-denominated income exposure.
Paragon Acquisition & AST2 Divestment: A Game-Changer
The most significant news from CICT in 2026 is the landmark S$3.9 billion acquisition of Paragon, the premium retail and medical/office mall on Orchard Road. This deal — the largest single-asset acquisition in Singapore REIT history — is paired with the strategic divestment of Asia Square Tower 2 (AST2) for approximately S$2.5 billion.
| Transaction | Details | Impact |
|---|---|---|
| Paragon Acquisition | S$3.9 billion | Net yield ~3.9% | Adds ~1.9M sqft of prime Orchard Rd space |
| AST2 Divestment | ~S$2.5 billion | Exit yield ~3.0% | Capital recycling at premium valuation |
| Net Cost to CICT | ~S$1.4 billion (after AST2 proceeds) | Accretive to DPU on a yield-on-yield basis |
| Rationale | Paragon’s 3.9% yield > AST2’s 3.0% exit yield | Shifts mix toward resilient retail vs office |
The Paragon deal signals CICT’s confidence in Singapore’s prime retail sector — particularly Orchard Road — and management’s willingness to recycle mature, lower-yielding office assets into higher-quality retail. Paragon is anchored by Paragon Medical (a cluster of medical suites and specialist clinics), adding a defensive healthcare component to CICT’s retail portfolio.
Financial Metrics: Gearing, ICR & NAV
Understanding CICT’s balance sheet health is critical for any Singapore investor. As one of the largest S-REITs by assets, CICT has access to deep debt markets and maintains investment-grade credit ratings.
| Financial Metric | Value | Benchmark / Commentary |
|---|---|---|
| Aggregate Leverage (Gearing) | ~39.2% (Sep 2025) | MAS limit: 50% | Comfortable headroom |
| Portfolio Valuation | S$27.4 billion (Dec 2025) | Largest S-REIT portfolio in Singapore |
| Total Borrowings | ~S$10.1 billion (Sep 2025) | Diversified debt across SGD, EUR, AUD |
| Rental Reversion (FY25) | +6.6% (retail & office) | Strong positive reversions; moderate ahead |
| Portfolio Occupancy | 96.9% (Dec 2025) | Retail 98.7% | Office 95.7% |
| Distributable Income (2H FY25) | S$449 million (+16.4% YoY) | Strong growth driven by ION Orchard + CapitaSpring |
| Credit Rating | Investment Grade (Moody’s Baa1) | Enables low-cost debt funding |
CICT’s ~39% gearing gives it meaningful debt headroom under MAS’s 50% regulatory ceiling, which becomes particularly relevant as it funds the Paragon acquisition. The step-up acquisition of CapitaSpring’s commercial component and ION Orchard’s income contribution were primary drivers of the record FY2025 distributable income of S$449 million in 2H alone — up 16.4% year-on-year.
Q1 FY2026 Business Update
CICT released its Q1 FY2026 business update on 24 April 2026. Key highlights included:
- Q1 2026 interim DPU of S$0.0261 per unit, payable on 15 May 2026, reflecting the ongoing growth trajectory
- Portfolio occupancy remained robust at approximately 96.9% across retail, office, and integrated developments
- Rental reversions remained positive across both retail and office sub-portfolios, though expected to moderate to mid-single digits for FY2026
- The Hougang Central integrated development (total development cost ~S$1.1 billion, expected yield-on-cost just over 5%) remains on track for a 2030–2031 completion, adding a future DPU growth catalyst
- Paragon acquisition progress: transaction structuring and regulatory approvals ongoing as of Q1 2026 update
The Q1 2026 DPU of 2.61 cents, if annualised at approximately the same pace as prior years, suggests full-year FY2026 DPU could be in the range of 11.5–12.0 cents, implying a yield of approximately 5.0–5.2% at the current share price of S$2.31.
Is CICT a Good Buy in 2026?
CICT is not a high-yield REIT — its approximately 4.8–5.0% yield is below the S-REIT sector average of around 5.5–6.5% for industrial and diversified REITs. However, CICT compensates with quality, scale, and DPU growth consistency — qualities that matter for long-term dividend investors.
Bull Case for CICT
- Singapore’s #1 REIT by AUM: Deep institutional ownership, index inclusion, and CapitaLand backing provide stability
- Paragon accretion: Adding Singapore’s most premium Orchard Road mall at a yield premium to the divested AST2 is a DPU-accretive capital recycling move
- Consistent DPU growth: 4 consecutive years of DPU growth (FY2022–FY2025), including through the rate-hike cycle
- Hougang Central pipeline: A future S$1.1 billion integrated development adds long-term growth visibility
- Retail resilience: Singapore suburban malls (IMM, Junction 8, Tampines Mall, Lot One) have near-100% occupancy, anchored by essential services and F&B
Bear Case / Risks
- Gearing increase: The Paragon acquisition will temporarily push gearing higher, reducing debt headroom and flexibility
- Office softness: Singapore Grade A office vacancy has risen slightly; rental reversion moderation expected in FY2026
- FX risk: Euro (Germany) and AUD (Australia) income introduces currency volatility in SGD terms
- Lower yield vs peers: Investors seeking 6–7% yields may prefer industrial S-REITs like Mapletree Industrial Trust or Keppel DC REIT over CICT
CICT vs Other Singapore REITs (Yield Comparison)
| REIT | SGX Ticker | Indicative Yield (2026) | Sector |
|---|---|---|---|
| CICT | C38U | ~4.8–5.0% | Retail + Office |
| Mapletree Industrial Trust | ME8U | ~6.5% | Industrial / Data Centre |
| Frasers Centrepoint Trust | J69U | ~6.0% | Suburban Retail |
| Suntec REIT | T82U | ~5.5% | Office + Retail |
| Keppel DC REIT | AJBU | ~4.5–5.0% | Data Centre |
| ParkwayLife REIT | C2PU | ~4.3% | Healthcare |
Yields are indicative based on May 2026 prices and recent DPU. Not a recommendation. Always verify current prices and DPU before investing. See our Best S-REITs Singapore 2026 guide for a full comparison.
How to Buy CICT (C38U) in Singapore
CICT is listed on the Singapore Exchange (SGX) under the ticker C38U. You can buy CICT units through any SGX-connected brokerage account. Minimum board lot size is 100 units (approximately S$231 at the current share price).
If you want to invest in S-REITs broadly — including CICT — through a single ETF, the Lion-Phillip S-REIT ETF (CLR) holds CICT as one of its top positions. Alternatively, robo-advisors like Endowus and Syfe offer diversified REIT income portfolios that may include CICT exposure.
CPF Investment in CICT
CICT is an approved CPF Investment Scheme (CPFIS) investment for both Ordinary Account (OA) and Special Account (SA) funds. This makes CICT particularly attractive for Singaporeans looking to put their CPF OA funds — currently earning 2.5% p.a. — to work in a higher-yielding asset. Use our CPFIS Calculator to see the potential impact on your CPF portfolio.
Frequently Asked Questions (FAQ)
]
What is the current CICT share price?
As of May 2026, CICT (SGX: C38U) trades at approximately S$2.31 per unit. Share prices change daily — check the SGX website or your broker app for live prices. At this price, CICT’s indicative forward yield is approximately 4.8–5.0% based on recent DPU trends.
What is CICT's DPU for 2025?
CICT’s full-year FY2025 DPU was 11.58 Singapore cents per unit — comprising 5.62 cents (1H) and 5.96 cents (2H). The 2H FY2025 DPU of 5.96 cents was up 6.0% year-on-year, driven by income contributions from ION Orchard, CapitaSpring, and a lower interest expense environment.
Is CICT a good investment for dividend income?
CICT offers a relatively lower yield (~4.8%) compared to higher-yielding S-REITs in the industrial and logistics sectors (~6–7%). However, CICT compensates with consistent DPU growth, Singapore’s best-quality retail and office assets, and strong institutional backing from CapitaLand Investment. It suits dividend investors who prioritise quality and stability over maximum yield.
What is the Paragon acquisition?
In Q1 2026, CICT announced the acquisition of Paragon — a premium mixed-use retail and medical mall on Orchard Road — for S$3.9 billion. This is the largest single-asset REIT acquisition in Singapore’s history. Simultaneously, CICT is divesting Asia Square Tower 2 for ~S$2.5 billion, effectively recycling capital into a higher-yielding retail asset from a lower-yielding office asset.
Can I buy CICT with my CPF money?
Yes. CICT is an approved CPF Investment Scheme (CPFIS) investment for both OA and SA funds. This allows Singapore citizens and PRs to invest their CPF savings in CICT units via their CPF Investment Account. Note that CPFIS investments carry risk, and you could lose more than you contribute if the REIT price falls. Use our CPFIS Calculator to model your scenario.
What is CICT's gearing ratio?
As of September 2025, CICT’s aggregate leverage (gearing ratio) was approximately 39.2%. This is comfortably below the MAS regulatory ceiling of 50% for S-REITs, giving CICT debt headroom for future acquisitions. Note: following the Paragon acquisition, gearing is expected to increase temporarily until AST2 divestment proceeds are received.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. S-REIT investments involve risk, including potential loss of capital. Past distributions are not indicative of future payouts. Always conduct your own due diligence or consult a licensed financial adviser before making investment decisions. The Kopi Notes is not a licensed financial adviser.