Outlook According to the International Monetary Fund (IMF), global growth was estimated at 3.3% in 2025. It is projected to remain resilient at 3.3% in 2026. The latest forecast reflects the balancing of headwinds from shifting trade policies and tailwinds from surging technology investment, fiscal and monetary support, broadly accommodative financial conditions as well as adaptability of the private sector. Singapore The Singapore economy expanded by 5.0% in 2025, easing from the 5.3% growth in 2024 according to the Ministry of Trade and Industry (MTI). In February 2026, the MTI raised its GDP growth forecast for 2026 to ‘2.0% to 4.0%’ as the stronger-than-expected global growth momentum seen in the last quarter of 2025 is projected to carry into 2026. Singapore’s core inflation rate (excluding accommodation and private transport) held steady at 1.2% YoY in December 2025 as food and services inflation remained unchanged. In January 2026, the MAS maintained its monetary policy as growth in 2026 is expected to remain resilient following the strong performance in 2025. Singapore remains a cornerstone of CLAR’s portfolio, accounting for S$12.4 billion or 68% of the total portfolio value as at 31 December 2025. The multi-asset portfolio comprises Business Space & Life Sciences, Industrial & Data Centres and Logistics properties. The Manager will continue to identify opportunities to further strengthen the portfolio and optimise returns through acquisitions, redevelopments and asset enhancement initiatives, as well as divestments. Australia The Australian economy grew at a faster rate of 2.6% in 2025 compared to 1.2% in 2024 (source: Australian Bureau of Statistics). The IMF estimates Australia’s gross domestic product growth to be 2.1% in 2026. Australia’s All groups Consumer Price Index (CPI) rose 3.8% for the 12 months to December 2025, up from a 3.4% rise for the 12 months to November 2025 (source: Australian Bureau of Statistics). In February 2026, the Reserve Bank of Australia raised its cash rate target by 25 bps to 3.85% as inflation has picked up materially in 2H 2025 and is likely to stay above the 2%-3% target range for some time. As at 31 December 2025, CLAR’s Australia portfolio was valued at S$2.1 billion, comprising Business Space and Logistics properties. The healthy portfolio occupancy rate of 94.4% and WALE of 3.7 years will underpin the portfolio’s stable performance. 1 The identity of the tenant is not disclosed due to strict confidentiality obligations under the lease agreement. Top 10 Customers of CLAR by Monthly Gross Revenue (as at 31 December 2025) 1.5% 3.2% 2.0% 1.7% 1.7% 1.1% 1.4% 1.4% 1.2% 1.1% SEA Group DSO National Laboratories Global Technology Company1 Stripe, Inc. Entserv UK Limited Singapore Telecommunications Limited DHL Seagate Singapore DBS Bank Ltd. Citibank N.A. The Manager’s Review of FY 2025 CapitaLand Ascendas REIT 36
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