$CapLand IntCom T(C38U.SI)$ would be my first choice among the Orchard Road S-REITs. I like its scale, diversified portfolio and blue-chip quality, while exposure to ION Orchard, Plaza Singapura and Paragon gives it a strong position in Singapore’s prime retail market. At around book value, I also think the valuation is reasonable for a REIT of this quality.
What attracts me most is the combination of income and potential DPU growth. The Paragon acquisition should provide additional contribution, while lower interest rates could gradually reduce financing costs. With much of its debt already fixed, CICT is also well positioned to benefit from rate cuts without taking excessive refinancing risk.
I would still watch gearing and its overseas office assets, but overall I prefer CICT for its stability and long-term growth potential. If I were building an Orchard Road REIT position, CICT would be my core holding.
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