If the higher occupancy, coupled with higher footfall and tenant sales, can be as robust as they were on the evening of April 26, CQ @ Clarke Quay’s lift in valuation would help to bring CICT’s aggregate leverage to below 40%.
CapitaLand Integrated Commercial Trust (CICT) (SGX:C38U
) has had a spate of better news in March and April. CQ @ Clarke Quay reopened on April 26 with a committed occupancy of 93% compared to 85% as at end-December 2023. The refreshed tenant mix comprises more than 50% new concepts from international and homegrown brands.
Since the valuation of CQ @ Clarke Quay at end-December was $410 million when occupancy was just 85%, there is a likelihood that the property could command a higher valuation by the end of the this year. According to CICT's FY2023 presentation, the valuation of CQ @ Clarke Quay was uplifted due to an increase in value post-AEI, rents and higher occupancy.
