Keppel REIT FY2025: MBFC Tower 3 Acquired, Top Ryde City Entry, Singapore Portfolio Resilient
Keppel REIT FY2025 Annual Report (year ended 31 Dec 2025) marks a landmark year of portfolio expansion — acquiring MBFC Tower 3 and entering the Australian retail sector via Top Ryde City Shopping Centre.
Keppel REIT FY2025 Annual Report (year ended 31 Dec 2025) marks a landmark year of portfolio expansion — acquiring MBFC Tower 3 and entering the Australian retail sector via Top Ryde City Shopping Centre. Portfolio AUM grew to S$11.7B with overall committed occupancy of 96.7%.
- ▸MBFC Tower 3 (Singapore): Acquired additional one-third interest in Marina Bay Financial Centre Tower 3 on 31 December 2025 for S$1,453M, increasing Keppel REIT's effective stake to 66.7%. T3 committed occ 98.4%. Strengthens position in Singapore's premier CBD.
- ▸Top Ryde City Shopping Centre (Sydney): Acquired 75% interest for A$393.8M (S$334.8M) on 19 December 2025 — Keppel REIT's first retail asset. 627,588 sf NLA; 195 tenants; anchored by Kmart, Coles, Woolworths. Occ 96.1%. NEW ACQUISITION FY2025.
- ▸255 George Street (Sydney): Full first year contribution from May 2024 acquisition (50% interest, A$363.8M). Occ improved sharply +5.7pp to 97.1%.
- ▸Ocean Financial Centre (79.9%): Occ -2.4pp to 96.0%; valuation +S$132.6M (+6.1%) to S$2,301.1M — strongest valuation gain in the portfolio.
- ▸One Raffles Quay (33.3%): Occ -1.6pp to 97.1%; valuation +S$76.6M (+5.8%) to S$1,393.3M.
- ▸Keppel Bay Tower (100%): Occ -5.5pp to 93.8%; valuation +S$10.0M to S$750.0M. Notable occ decline — 55.4% of leases expiring 2026.
- ▸8 Exhibition Street (Melbourne): Occ +2.7pp to 98.0%; positive momentum.
- ▸Victoria Police Centre: Occ 100% (government anchor); valuation -S$25.2M on AUD softening.
- ▸2 Blue Street (North Sydney): Occ stable 92.1%; valuation -S$16.3M to S$207.2M.
Keppel REIT's FY2025 story is bold expansion — MBFC Tower 3 deepens Singapore CBD dominance while Top Ryde City diversifies into resilient Australian suburban retail. Singapore office occupancies softened modestly but remain high; the bigger risk is Keppel Bay Tower's heavy 2026 lease expiry profile (55.4% of leases up). Portfolio NAV per unit S$1.26 (FY2024: S$1.26). AUM reached S$11.7B.