Link REIT Divests Thomson Plaza Retail Space for S$250M — 23% Premium to Book, Singapore Portfolio Narrows to AMK Hub & Jurong Point

Hong Kong-listed Link Real Estate Investment Trust (Link REIT) has agreed to sell the retail space on the first and third levels of Thomson Plaza — branded Swing By @ Thomson Plaza — for S$250 million. The buyer is Jack Investment and Pangjwee Development, an entity linked to Han Chee Juan, chairman of Jack Investment, which also owns Leisure Park Kallang near the Singapore National Stadium. Savills and Cushman & Wakefield brokered the transaction.

The S$250M divestment price represents a 23% premium to the property's most recent book valuation of S$202.6M, and is approximately 45% above Link REIT's original S$172.5M acquisition price when it bought Swing By @ Thomson Plaza from NTUC unit Marcatus Co-op in 2022. Completion is expected in Q2 2026. The disposal is consistent with Link REIT's ongoing portfolio optimisation strategy — John Saunders, executive director and CIO, described asset recycling as 'an integral part' of the strategy, adding that the manager regularly assesses whether assets have maximised near-term value.

Swing By @ Thomson Plaza is a multi-concept retail and dining enclave with a net lettable area of 10,206 sq m, occupying approximately 56% of the total mall space. It houses over 60 tenants including food court Koufu, casual dining chain Aston Specialities, and Japanese retailer Daiso. The property has a remaining lease tenure of 49 years. The manager noted the property has 'performed well' since acquisition, supported by targeted asset-management initiatives.

Following the divestment, Link REIT's Singapore portfolio will consist of two assets: AMK Hub and Jurong Point — both large-format suburban retail malls. Singapore retail assets recorded an occupancy rate of 99.8%, and the Singapore portfolio delivered a positive rental reversion of 12.9% in H1 FY2026. Saunders noted that Link REIT remains focused on its core strength in retail malls in Asia-Pacific and is keen to increase Singapore exposure, signalling potential re-deployment of proceeds locally.

FY2026 H1 FINANCIALS (PERIOD ENDED 30 SEP 2025)

Distribution per unit: HK$1.2688 (-5.9% from HK$1.3489 in the prior corresponding period). Distributable income fell 5.6% to HK$3.3 billion (S$551.6M) from HK$3.5 billion. Net property income slipped 3.4% to HK$5.2 billion (from HK$5.4B). Revenue dipped 1.8% to approximately HK$7 billion. The declines were attributed to persistent macroeconomic headwinds and sector challenges in Hong Kong and mainland China, partially offset by healthy Singapore and Australia performance.

Link REIT was reported in June 2025 to be considering a REIT listing in Singapore that would include some of its properties outside China and Hong Kong — a move that could deepen its Singapore capital market presence alongside the Thomson Plaza divestment proceeds.

The Thomson Plaza disposal crystallises meaningful book value upside (+23% to valuation, +45% to cost) and is a clean strategic exit from a non-core community mall. Post-sale, Link REIT's Singapore footprint consolidates around two large-format suburban malls (AMK Hub and Jurong Point), both of which are performing strongly at near-full occupancy with positive rental reversions. The transaction also demonstrates continued institutional appetite for well-located Singapore suburban retail at premium-to-book pricing — a constructive signal for the sector.