CapitaLand Integrated Commercial Trust (CICT) will be giving Plaza Singapura and The Atrium@Orchard a $160 million revamp, and has also reported strong rental reversion momentum for both its retail and office portfolios.

In an 1Q2026 business update on April 24, CICT also highlighted the $2.48 billion divestment of Asia Square Tower 2 and the $3.9 billion acquisition of Paragon, which it had announced earlier on April 20.

The asset enhancement initiative (AEI) works at Plaza Singapura and The Atrium@Orchard will be carried out in phases from 3Q2026 to 4Q2028, with the mall remaining open and operational.

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The Atrium@Orchard is an integrated development comprising two office towers and a retail podium that is connected to the Plaza Singapura mall.

CICT said the AEI will focus on infrastructure upgrades and a refreshed tenant mix aimed at both locals and tourists.

The revamp will transform key spaces at the properties into multi-sensory destinations, featuring immersive and experiential entertainment concepts alongside thematic dining experiences.

Also, in line with the URA Master Plan to pedestrianise the Orchard Road stretch fronting the mall and expand Istana Park, the mall will be “uplifted” to extend the park experience indoors, creating a connection between nature and retail, CICT said.

Socially inclusive design features will be integrated with greenery, with the Handy Road sheltered drop-off getting a new contemporary facade. The basement connection with Dhoby Ghaut MRT Station will see new kiosk designs with improved circulation and upgraded floor and ceiling finishes.

As for the existing sky bridges on levels three and five of the mall, they will be transformed into floating gardens and anchored by new gastronomic concepts.  The target return on investment on the AEI for Plaza Singapura and The Atrium@Orchard is about 6% to 7%, according to the business update.

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In addition, AEIs are already underway at other assets — Lot One Shoppers’ Mall, Raffles City Tower and Tampines Mall.

CICT’s business update stated that portfolio committed occupancy stood at 95.2% as at March 31, with retail occupancy at 97.8% and office occupancy at 93.7%.

The retail portfolio posted 4.4% rent reversion in the first quarter this year, with the tenants’ average monthly sales psf rising 2.2% y-o-y amid seasonal promotions, increase in tourist arrivals and new openings.

As for the Singapore office portfolio, CICT reported a 6.1% rent reversion during the quarter. New and renewed leases totalled 121,300 sq ft for 1Q2026, with top leasing interest coming from sectors such as banking, insurance and financial services, IT and telecommunications, and energy and commodities.

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