---
endpoint: analytics
pattern: Property
status: done
latency_ms: 123367
conversation_id: 73ad7f3c-7bd7-4c01-9186-d85fabb5d7ec
citations: 6
created: 2026-05-31 19:44:59Z
---

# Who are the key customers and suppliers of CapitaLand Integrated CT?

# CapitaLand Integrated Commercial Trust (CICT, SGX: C38U) — Key Customers and Suppliers

CICT is a Singapore-listed commercial REIT (the largest by market cap in Singapore), so its commercial relationships break down into two distinct buckets: (1) **customers = tenants** that pay rent across its retail, office and integrated developments portfolio; and (2) **suppliers / service providers = the external manager, property managers, trustee, and sponsor** that operate the trust. There are NO internal CLSA / sell-side research notes in this organization's RMS archive that profile CICT's customer/supplier base directly — the available coverage in CLSA's *Realty Times* and *Singapore strategy* notes focuses on REIT metrics rather than the tenant/supplier roster. The data below therefore comes from CICT's own disclosed filings (annual reports and quarterly business updates).

---

## 1. Key Customers (Tenants)

CICT's portfolio holds approximately **3,457 tenants** (as at 31 Dec 2025) with **no single tenant contributing above 5% of gross rental income (GRI)** — concentration risk is structurally low [1]. The top 10 collectively contribute only ~16.0% of GRI.

### Top 10 Tenants — most recent disclosed snapshot (March 2026)

| # | Tenant | % of Total GRI | Trade Sector |
|---|---|---|---|
| 1 | **RC Hotels (Pte) Ltd** | 4.6% | Hotel (Raffles City master lessee) |
| 2 | **GIC Private Limited** | 1.6% | Financial Services |
| 3 | **The Work Project Group** | 1.6% | Real Estate & Property Services (co-working) |
| 4 | **Temasek Holdings** | 1.6% | Financial Services |
| 5 | **NTUC Enterprise Co-Operative Ltd** | 1.3% | Supermarket / Beauty & Health / F&B / Education / Warehouse |
| 6 | **BreadTalk Group Pte Ltd** | 1.2% | Food & Beverages |
| 7 | **JPMorgan Chase Bank, N.A.** | 1.2% | Banking & Financial Services |
| 8 | **KPMG Services Pte. Ltd.** | 1.0% | Business Consultancy |
| 9 | **UNIQLO (Singapore) Pte. Ltd.** | 1.0% | Fashion & Accessories |
| 10 | **Mizuho Group** | 0.9% | Financial Services |
| | **Total Top 10 Contribution** | **16.0%** | |

Source: CICT 1Q 2026 Business Update [2]. Note: **Europäische Zentralbank (European Central Bank / ECB)** is expected to enter the Top 10 by monthly rent once progressive handover at Gallileo, Frankfurt is fully completed [2].

### Historical context — Top 10 Tenants as at Dec 2020 (post CCT-CMT merger)

| # | Tenant | % of GRI | Trade Sector |
|---|---|---|---|
| 1 | RC Hotels (Pte) Ltd | 5.7% | Hotel |
| 2 | NTUC Enterprise Co-operative | 2.1% | Supermarket / Beauty & Health / F&B / Education |
| 3 | Temasek Holdings | 2.0% | Financial Services |
| 4 | Commerzbank AG | 1.8% | Banking |
| 5 | GIC Private Limited | 1.7% | Financial Services |
| 6 | BreadTalk Group | 1.7% | F&B |
| 7 | Cold Storage Singapore | 1.7% | Supermarket / Beauty & Health |
| 8 | Al-Futtaim Group | 1.6% | Department Store / Fashion |
| 9 | Mizuho Bank | 1.6% | Banking |
| 10 | JPMorgan Chase Bank | 1.2% | Banking |

Source: CICT 2020 Annual Report [3]. Concentration was higher in 2020 — top 10 = 21.1% of GRI vs 16.0% today [3][1].

### Customer Diversification Observations
- **RC Hotels** (Raffles City master lessee, an arm of the Far East / Capitol Investment group historically tied to Raffles City) is the only tenant materially above 2% of GRI and has been the #1 tenant consistently since at least 2016.
- **Anchor financial-services cluster**: GIC, Temasek, JPMorgan, Mizuho, KPMG — concentrated in CICT's Grade-A CBD office assets (Capital Tower, Asia Square Tower 2, CapitaSpring, Six Battery Road).
- **Anchor retail cluster**: NTUC FairPrice (under NTUC Enterprise), Cold Storage, BreadTalk, UNIQLO — drive footfall in suburban malls (IMM, Tampines Mall, Lot One, Bugis Junction, Plaza Singapura) and integrated developments.
- **Co-working tenant**: The Work Project Group has structurally replaced WeWork (which was #2 tenant at 2.6% in 2022 but exited / restructured).
- **Tenant count growth**: from 3,205 (Dec 2023) → 3,501 (Dec 2024) [6] → 3,457 (Dec 2025) [1], reflecting active churn and the addition of ION Orchard (50% stake acquired Oct 2024).
- **Exits**: Commerzbank (1.8% of GRI in 2020) ended its Gallileo Frankfurt lease in Jan 2024, replaced by the ECB pipeline [2].

---

## 2. Key Suppliers / Service Providers

CICT is an **externally managed REIT** — it has no direct employees. Its commercial counterparty stack is dominated by entities within the **CapitaLand Investment (CLI) / Temasek** group:

### Sponsor & REIT Manager
- **CapitaLand Investment Limited (CLI)** — Sponsor and controlling unitholder. Wholly owns the REIT Manager and Property Managers [4]. Temasek Holdings is the ultimate controlling shareholder of CLI (and of the Manager) [4].
- **CapitaLand Integrated Commercial Trust Management Limited (CICTML)** — the external REIT Manager, a wholly-owned CLI subsidiary. Sets strategy, raises capital, supervises property managers, and handles unitholder communications [5].

### Property Managers (the day-to-day operating "suppliers")
- **CapitaLand Retail Management Pte Ltd** — manages CICT's retail malls (Plaza Singapura, IMM, Tampines Mall, Bugis Junction, Lot One, Westgate, Junction 8, Bukit Panjang Plaza, Funan retail, Clarke Quay, Bedok Mall) [5].
- **CapitaLand Commercial Management Pte. Ltd.** — manages CICT's office and integrated development assets (Capital Tower, Asia Square Tower 2, Six Battery Road, CapitaSpring, 21 Collyer Quay, Funan office, The Atrium@Orchard, CapitaSky, Main Airport Center, Gallileo) [5].
- **CapitaLand (RCS) Property Management Pte. Ltd.** — held jointly by the above two entities; provides property management for **Raffles City Singapore** specifically [5].

### Trustee
- **HSBC Institutional Trust Services (Singapore) Limited** — Trustee. FY 2023 trustee fees totaled S$3.186m [4].

### Quantified related-party (supplier) spend — FY 2023 disclosure
Per the Interested Person Transactions in the 2023 Annual Report [4]:
- **Management fees to CLI** (REIT manager fee): **S$92.6m**
- **Property management fees, reimbursables, leasing/marketing and accounting fees to CLI** (Property Managers): **S$1,188.1m** (this large figure reflects estimated total property management fees for a 10-year term under the New Property Management Agreement effective 1 June 2023)
- **General services from CLI**: S$17.5m
- **Trustee fees to HSBC**: S$3.2m
- **Feasibility studies, project management & incentive fees to Temasek and its subsidiaries**: S$3.2m

### Other Material Counterparties
- **Joint Venture / Asset partners**: CapitaLand Mall Trust Investments (Raffles City Singapore JV — CICT owns 60%); JV partners on **ION Orchard** (50% stake co-owned with Sun Hung Kai Properties from Oct 2024); Frankfurt office JVs (94.9% interest in Gallileo).
- **Banking syndicate** (financing suppliers — recurring counterparties for green/sustainability-linked loans, MTNs, perpetuals): DBS, OCBC, UOB and other Singapore + offshore banks (per medium-term notes and ~S$1.25bn green/sustainability loans referenced in the 2020 report context).
- **Auditor**: KPMG LLP — noted in interested-person disclosures, also a top-10 tenant in its capacity as office occupier (separate commercial relationship).

---

## Why the "customers + suppliers" structure looks this way

CICT is a **landlord, not an operator**, so:
- "Customers" are exclusively **tenants paying rent** — concentration is deliberately diversified (top 10 = 16% of GRI, vs typical operating-company concentration of 30–50%+) to insulate cash flows from any single tenant default [1][3].
- "Suppliers" are dominated by the **sponsor ecosystem (CLI / Temasek-linked entities)**, which is the standard externally-managed S-REIT structure. This creates significant interested-person transactions but also a strategic pipeline of properties (CICT has acquired ION Orchard, CapitaSpring, and other assets directly from the CLI group) [4][5].

---

**Sources**
[1] CapitaLand Integrated Commercial Trust — Annual Report 2025 ("Portfolio: Top 10 Tenants — Dec 2025")
[2] CICT — Slides: Q1 2026 Business Update ("Portfolio Top 10 Tenants — Mar 2026")
[3] CICT — Annual Report 2020 ("10 Largest Tenants of CICT — As at 31 December 2020")
[4] CICT — Annual Report 2023 ("Interested Person Transactions": CLI, Temasek, HSBC counterparty disclosures)
[5] CICT — Annual Report 2022 (Corporate Governance: Property Managers — CapitaLand Retail Management, CapitaLand Commercial Management, CapitaLand (RCS) Property Management; Sponsor = CLI)
[6] CICT — Annual Report 2024 ("Portfolio: Top 10 Tenants — December 2024"; tenant count ~3,501)

No relevant internal RMS research notes in CLSA's archive contained a CICT-specific customer/supplier roster — the CICT mentions in CLSA's Singapore *Realty Times* and strategy notes (latest 29-Jun-2025) cover REIT-level metrics (yield, gearing, DPU) rather than the underlying tenant/supplier base.

## Citations

- [1] **Annual Reports and Related Documents** · external
- [2] **CapitaLand Integrated Commercial Trust Slide 1: Q1 2026 Sales and Revenue Call** · external
- [3] **Annual Reports and Related Documents** · external
- [4] **Annual Reports and Related Documents** · external
- [5] **Annual Reports and Related Documents** · external
- [6] **Annual Reports and Related Documents** · external

