CapitaLand Ascendas REIT NPI down 0.9% to $523.4m in H1

DPU also fell 0.6% to 7.477 cents.

CapitaLand Ascendas REIT (CLAR) reported net property income (NPI) of $523.4m for the first half of 2025, down 0.9% from a year ago.

The decline was mainly due to the sale of five properties in Singapore, Australia, and the US, and the redevelopment of a UK asset. These were partially offset by contributions from new acquisitions, including a logistics property in the US.

Gross revenue dropped 2% year-on-year to $754.8m. Distributable income remained stable at $331.1m, up 0.1%, whilst distribution per Unit (DPU) fell 0.6% to 7.477 cents due to a larger unit base after a private placement in May.

CLAR added the DHL Indianapolis Logistics Center to its US portfolio for $153.4m.

It also secured unitholder approval for the acquisitions of 9 Tai Seng Drive and 5 Science Park Drive in Singapore, totaling $724.6m, with completion expected in the second half of 2025. Both properties are fully leased and income-generating.

In Singapore, the redevelopment of 1 Science Park Drive was completed at a cost of $883m. The asset is already 95% committed or under negotiation, mainly by life sciences and tech firms.

AEIs were completed at 80 Bendemeer Road (Singapore) and Perimeter Two (US), costing $4.6m. Six more projects are ongoing, with a combined investment of $498.4m, and will complete between Q3 2025 and Q1 2028.

CLAR also sold Parkside, a US business space asset, for $26.5m, 45% above its end-2024 valuation, as part of its capital recycling strategy.

As of 30 June 2025, CLAR's portfolio stood at $16.8b, with 225 properties across Singapore, Australia, the US, and Europe.

Portfolio occupancy was 91.8%, with strong rental reversions of +9.5% in 1H 2025. The weighted average lease expiry (WALE) was 3.7 years, and 8.9% of rental income is due for renewal in the rest of FY2025.

Singapore remains CLAR’s core market, accounting for 65% of the portfolio. With the two new acquisitions, this will rise to 67%.

A NOTE FROM SINGAPORE BUSINESS REVIEW

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia