Thomson Plaza retail space sold for $250 million
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Swing By @ Thomson Plaza has a net lettable area of 10,206 sq m, taking up about 56 per cent of the total space in the mall.
PHOTO: MERCATUS CO-OPERATIVE
SINGAPORE – Hong Kong-listed Link Real Estate Investment Trust (REIT) is selling its retail space on the first and third levels of Thomson Plaza for $250 million.
The buyers of Swing By @ Thomson Plaza are Jack Investment, which owns Leisure Park Kallang, and Pangjwee Development, Link REIT’s manager announced on April 8.
The sale price is 45 per cent higher than the $172.5 million that Link REIT paid when it bought the property in 2022 from NTUC unit Mercatus Co-operative. It is also at a 23 per cent premium to the property’s most recent book valuation of $202.6 million.
Link REIT said the divestment forms part of its ongoing portfolio strategy, which “aims to recycle assets, where appropriate, in order to create value for unit holders”. The transaction is expected to be completed in the second quarter of 2026.
The REIT, which also owns Jurong Point, was reported in June 2025 to be considering a listing in Singapore that would include some of its properties outside China and Hong Kong.
Mr John Saunders, executive director and chief investment officer of Link REIT’s manager, said that the REIT is continuing to “focus on its core strength of retail malls in Asia-Pacific and is keen to increase its exposure in Singapore”.
Still, asset recycling “remains an integral part” of its portfolio optimisation strategy, he added. “We regularly screen our assets to assess whether we believe we have maximised near-term value, with a decision to hold being effectively a decision to buy again at today’s price.”
Mr Saunders said that since Link REIT’s acquisition, Swing By @ Thomson Plaza has “performed well”, supported by “targeted asset-management initiatives”.
The property has a net lettable area of 10,206 sq m, taking up about 56 per cent of the total space in the mall. It houses more than 60 tenants, including foodcourt Koufu, casual dining restaurant chain Aston Specialities and Japanese retail chain Daiso.
For its first half ended Sept 30, 2025, Link REIT recorded a distribution per unit of HK$1.2688, down 5.9 per cent from HK$1.3489 for the same period a year earlier. Distributable income fell 5.6 per cent to HK$3.3 billion (S$537 million) from HK$3.5 billion before.
Net property income slipped 3.4 per cent to HK$5.2 billion in financial year 2026, from HK$5.4 billion a year earlier. Revenue dipped 1.8 per cent to about HK$7 billion.
The declines came amid “persistent macroeconomic headwinds” and sector challenges, particularly in Hong Kong and mainland China. Still, the REIT continued to record “healthy occupancy” across its portfolio. THE BUSINESS TIMES
